Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.030%

Price spread now: dYdX against SunX+0.044%7-day average −0.056% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on SunX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$15 on $10k

Price spread, last 4 days (all we have)−0.101%−$10 · spread now +0.044%, 7d avg −0.056%

Together, before fees−0.246%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.100% dearer against SunX than usual: you sell high and buy low (spread +0.044% now, against its 7-day average of −0.056%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	94.221	0.0100	pay 0.0050% / 4h	1h 01m	$32K	$1.6M	20x
Short	dYdX HYPE-USD	94.263	0	get 0.0000% / 1h	1m 18s	$129K	$26K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$21
Price spread: +0.044% → −0.056%: $10.04
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$28.96
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 4 min ago; dYdX: live order book, 43 min ago. Net counts fees only.

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	29.28 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 43 min ago	21.17 bp	26.2 bp −$26	58.6 bp −$586	136.4 bp −$13.6K	328.3 bp −$164.2K

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	−0.1088%	1h	94.149	−0.076%	$201K	$235K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0164%	1h	94.256	+0.037%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0098%	1h	94.130	−0.097%	$709K	$1.2M	10x	as long as short
Bluefin HYPE-PERP	−0.0096%	1h	94.092	−0.137%	$80K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0080%	1h	94.141	−0.085%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.214	−0.007%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	94.143	−0.083%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.109	−0.119%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0007%	8h	94.080	−0.150%	$317.0M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.140	−0.086%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USDshort	0.0000%	1h	94.263	+0.044%	$129K	$26K	5x
Kalshi KXHYPEPERP	0.0000%	8h	94.188	−0.035%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.158	−0.066%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	−0.118%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.170	−0.054%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.035%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	94.087	−0.142%	$226.3M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.140	−0.086%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0063%	8h	94.200	−0.022%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.160	−0.065%	$5.0M	$30.8M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.129	−0.098%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0091%	8h	94.083	−0.146%	$116.8M	$321.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.135	−0.091%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.143	−0.083%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.137	−0.089%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	−0.065%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.136	−0.090%	$7.3M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.245	+0.025%	$2.07B	$688.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.139	−0.087%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.197	−0.026%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.119	−0.108%	$376.7M	$932.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	−0.040%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.131	−0.096%	$49.4M	$57.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.089	−0.140%	$89.5M	$85.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.095	−0.134%	$46.8M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.177	−0.047%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	+0.019%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.203	−0.019%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.175	−0.049%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.233	+0.013%	$681K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.163	−0.062%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	94.221	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	94.123	−0.104%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.300	+0.084%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.224	+0.003%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.096	−0.133%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.172	−0.052%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.230	+0.010%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.195	−0.027%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.349%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0228%	1h	94.227	+0.006%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.126	−0.101%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.122	−0.105%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.194	−0.029%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.175	−0.048%	$3.2M	$6.4M	20x	as long as short