Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.014%

Price spread now: Bitget against SunX−0.004%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$720.720% of the position

Long on SunX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.084%−$8 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now −0.004%, 7d avg −0.085%

Together, before fees−0.124%−$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.080% dearer against SunX than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.704	0.0100	pay 0.0050% / 4h	2h 21m	$33K	$1.6M	20x
Short	Bitget HYPEUSDT	93.700	0.0100	get 0.0050% / 4h	2h 21m	$227.5M	$102.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.004%Rate

Funding earned: $0
Price spread: −0.004% → −0.085%: $8.03
Slippage, 4 orders: −$51.95
Fee SunX: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$63.92
Costs to cover: 0.720%
Break-even: never at this rate

Slippage from SunX: live order book, 3 min ago; Bitget: live order book, 2 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, 3 min ago	19.36 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	0.05 bp	8.3 bp −$8	13.6 bp −$136	doesn't fit	doesn't fit

HYPE on 55 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	−0.1008%	1h	93.647	−0.061%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0291%	1h	93.660	−0.047%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0238%	1h	93.630	−0.079%	$702K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.679	−0.027%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.677	−0.029%	$90K	$343K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.638	−0.070%	$111K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.599	−0.112%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.018%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.651	−0.057%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.684	−0.022%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0029%	4h	93.672	−0.034%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.685	−0.020%	$44.1M	$57.1M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.677	−0.029%	$326.2M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0063%	4h	93.644	−0.064%	$175K	$536K	20x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.639	−0.069%	$57K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.041%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.707	+0.003%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.689	−0.016%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.687	−0.018%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.690	−0.015%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.638	−0.070%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.757	+0.057%	$2.04B	$669.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.680	−0.026%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.668	−0.038%	$386.4M	$888.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.661	−0.046%	$115.0M	$316.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.627	−0.082%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.695	−0.010%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.668	−0.038%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.700	−0.004%	$227.5M	$102.4M	75x
BingX HYPE-USDT	+0.0100%	4h	93.684	−0.021%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.688	−0.017%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.056%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.097%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.170%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.752	+0.051%	$678K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.698	−0.006%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.685	−0.020%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.644	−0.064%	$76K	$168K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.704	long leg	$33K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.650	−0.058%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.631	−0.078%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.158%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.636	−0.072%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.656	−0.052%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.160%	$5.1M	$29.5M	30x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0124%	1h	93.741	+0.039%	$7.4M	$4.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.740	+0.038%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.700	−0.004%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.639	−0.070%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.100%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0308%	4h	93.825	+0.129%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.686	−0.019%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.715	+0.012%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.710	+0.006%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.757	+0.056%	$19.2M	$26.0M	50x	as long as short