Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against SunX−0.092%7-day average −0.017% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$670.665% of the position

Long on SunX Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.177%+$18 · spread now −0.092%, 7d avg −0.017%

Together, before fees+0.178%+$18 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: Bulk is 0.075% cheaper against SunX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	92.330	0.0100	pay 0.0050% / 4h	40m 47s	$31K	$1.6M	20x
Short	Bulk HYPE-USD	92.245	0.0100	get 0.0013% / 1h	40m 47s	$201K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.092%Rate

Funding earned: $0
Price spread: −0.092% → −0.017%: −$7.54
Slippage, 4 orders: −$51.53
Fee SunX: 4 bp × 2 orders: −$8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$74.07
Costs to cover: 0.665%
Break-even: never at this rate

Slippage from SunX: live order book, 4 min ago; Bulk: live order book, 18 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, 4 min ago	19.35 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 18 min ago	1.08 bp	4.9 bp −$5	6.3 bp −$63	12.0 bp −$1,198	35.1 bp −$17.5K

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
Arcus HYPE-USD	−0.0948%	1h	92.226	−0.113%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0520%	1h	92.314	−0.017%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0170%	1h	92.291	−0.042%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	92.308	−0.024%	$85K	$355K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.305	−0.027%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0069%	4h	92.270	−0.065%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0062%	1h	92.271	−0.064%	$110K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0007%	4h	92.349	+0.020%	$8.7M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.312	−0.019%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.261	−0.075%	$22K	$310K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.296	−0.037%	$61K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0020%	1h	92.240	−0.097%	$695K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.400	+0.076%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.246	−0.091%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0052%	8h	92.390	+0.065%	$316.0M	$281.2M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	92.417	+0.094%	$44.3M	$54.9M	75x	as long as short
Phemex HYPEUSDT	+0.0066%	8h	92.321	−0.010%	$12.5M	$2.7M	50x	as long as short
Derive HYPE-PERP	+0.0070%	1h	92.270	−0.065%	$16.0M	$7.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	92.403	+0.079%	$113.0M	$302.4M	50x	as long as short
MEXC HYPE_USDT	+0.0080%	4h	92.411	+0.088%	$87.2M	$80.5M	100x	as long as short
Binance HYPEUSDT	+0.0081%	4h	92.411	+0.088%	$370.5M	$900.1M	75x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.287	−0.046%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.331	+0.001%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.320	−0.010%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.310	−0.022%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.298	−0.035%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.260	−0.076%	$29K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.291	−0.042%	$6.1M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.449	+0.129%	$2.01B	$665.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.320	−0.011%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	92.245	−0.092%	$201K	$13K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	92.375	+0.049%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.398	+0.074%	$224.2M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.320	−0.011%	$7.4M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.258	−0.078%	$28.3M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.209	−0.131%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.186	−0.156%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.325	−0.005%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.324	−0.006%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.292	−0.041%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.271	−0.064%	$78K	$169K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	92.330	long leg	$31K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.306	−0.026%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.404	+0.080%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.387	+0.061%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.275	−0.060%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.726%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.380	+0.054%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0255%	8h	92.333	+0.003%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.266	−0.070%	$79K	$138K	15x	as long as short
BloFin HYPE-USDT	+0.0321%	4h	92.305	−0.027%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.301	−0.031%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.355	+0.027%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0487%	1h	92.391	+0.066%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.374	+0.048%	$3.1M	$6.4M	20x	as long as short