Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0259%/8h= −28.4% APRpaid last 24h −0.101%

Price spread now: Arcus against SunX+0.140%7-day average −0.100% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$630.632% of the position

Long on SunX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.134%−$13 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now +0.140%, 7d avg −0.100%

Together, before fees−0.131%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Arcus is 0.240% dearer against SunX than usual: you sell high and buy low (spread +0.140% now, against its 7-day average of −0.100%): +$24 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.1 days. At the pace of the last 4 days (−0.134% in total) that is about 6.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	94.893	0.0100	pay 0.0050% / 4h	2h 59m	$32K	$1.5M	20x
Short	Arcus HYPE-USD	95.026	−0.0159	pay 0.0020% / 1h	59m 23s	$1.0M	$3.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee SunXbpFee ArcusbpOrdersPrice spread, now +0.140%Rate

Funding earned: −$54.42
Price spread: +0.140% → −0.100%: $24
Slippage, 4 orders: −$50.71
Fee SunX: 4 bp × 2 orders: −$8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$93.63
Costs to cover: 0.632%
Break-even: never at this rate

Slippage from SunX: live order book, 6 min ago; Arcus: live order book, 5 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy SunX live order book, 6 min ago	19.34 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Arcus live order book, 5 min ago	0.05 bp	3.9 bp −$4	8.6 bp −$86	28.7 bp −$2,867	doesn't fit

HYPE on 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.1064%	1h	94.977	+0.088%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0752%	1h	94.980	+0.092%	$79K	$147K	20x	as long as short
Bullet HYPE-USD	−0.0405%	1h	95.025	+0.139%	$113K	$580K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	95.035	+0.150%	$18.8M	$35.7M	50x	as long as short
01 Exchange HYPEUSD	−0.0224%	1h	95.071	+0.188%	$91K	$354K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0203%	1h	95.169	+0.290%	$22K	$19K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0190%	1h	95.020	+0.134%	$695K	$1.3M	10x	as long as short
Phemex HYPEUSDT	−0.0164%	8h	95.003	+0.116%	$13.0M	$2.8M	50x	as long as short
Arcus HYPE-USDshort	−0.0159%	1h	95.026	+0.140%	$1.0M	$3.1M	10x
dYdX HYPE-USD	−0.0096%	1h	95.080	+0.197%	$130K	$93K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERP	−0.0080%	1h	95.045	+0.160%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0078%	4h	95.007	+0.120%	$53.1M	$53.5M	75x	as long as short
Vest HYPE-PERP	−0.0038%	1h	95.094	+0.212%	—	$88K	5x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	95.030	+0.144%	$4.7M	$5.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.979	+0.091%	$148K	$669K	20x	as long as short
Bybit HYPEUSDT	−0.0005%	8h	95.005	+0.118%	$319.5M	$282.1M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.120	+0.239%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.054	+0.169%	$19K	$271K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.218%	$86K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	95.013	+0.126%	—	$50.5M	—	as long as short
SoDEX HYPE-USD	+0.0005%	1h	95.008	+0.121%	$2.1M	$1.5M	10x	as long as short
Phoenix HYPE	+0.0008%	1h	95.157	+0.278%	$203K	$1.0M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0027%	8h	95.001	+0.114%	$118.7M	$321.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0041%	8h	95.060	+0.176%	$340K	$38K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0045%	1h	95.094	+0.212%	$7.5M	$4.4M	50x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	95.012	+0.125%	$228.3M	$93.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0052%	1h	95.020	+0.134%	$7.4M	$10.2M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0060%	1h	95.082	+0.199%	$499K	$2.6M	20x	as long as short
Aster HYPEUSDT	+0.0069%	4h	95.003	+0.116%	$9.0M	$36.4M	300x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	95.022	+0.136%	$5.0M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.024	+0.138%	$16.2M	$60.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.031	+0.145%	$3.2M	$9.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.070	+0.187%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.030	+0.144%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.007	+0.121%	$7.3M	$55.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.169	+0.291%	$2.10B	$674.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.060	+0.176%	$10.2M	$14.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.007	+0.120%	$381.8M	$908.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.298%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.014	+0.128%	$86.8M	$85.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.045	+0.160%	$47.4M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.987	+0.100%	$30.1M	$55.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.063	+0.179%	$7.7M	$43.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.023	+0.137%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.056	+0.172%	$691K	$2.7M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	94.893	long leg	$32K	$1.5M	20x
HTX HYPE-USDT	+0.0100%	4h	95.179	+0.301%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.979	+0.090%	$18.2M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.067	+0.183%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	95.045	+0.160%	$3.2M	$6.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.988	+0.100%	$85K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.106	+0.224%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.018	+0.132%	$17.2M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.619%	$31K	$335K	12x	as long as short