Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0185%/8h= +20.2% APRpaid last 24h +0.056%

Price spread now: Injective against SunX+0.591%61s7-day average +0.116% · you sell dearer than you buy

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

Long on SunX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+2.303%+$230 on $10k

Price spread, last 3 days (all we have)−0.575%−$57 · spread now +0.591%, 7d avg +0.116%

Together, before fees+1.728%+$173 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Injective is 0.475% dearer against SunX than usual: you sell high and buy low: +$48 more if the spread goes back to its 7-day average of +0.116%. The two prices were read 61 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.358	0.0100	pay 0.0050% / 4h	2h 08m	$32K	$1.6M	20x
Short	Injective HYPE/USDC PERP	93.910	0.0285	get 0.0036% / 1h	8m 01s	$31K	$291K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.591%Rate

Funding earned: $38.78
Price spread: +0.591% → +0.116%: $47.53
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $78.29
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: SunX: live order book, 7 min ago; Injective: live order book, 16 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, 7 min ago	19.35 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Injective live order book, 16 min ago	15.46 bp	doesn't fit	doesn't fit	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	−0.0896%	1h	93.344	−0.015%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0254%	1h	93.424	+0.071%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0230%	1h	93.240	−0.126%	$700K	$931K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.323	−0.037%	$90K	$356K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.296	−0.066%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0035%	1h	93.258	−0.107%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0022%	1h	93.304	−0.058%	$110K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	+0.027%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.278	−0.086%	$23K	$334K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.340	−0.019%	$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	+0.0009%	4h	93.300	−0.062%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.310	−0.051%	$324.9M	$287.2M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.299	−0.063%	$43.9M	$57.8M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.305	−0.057%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0054%	4h	93.327	−0.033%	$165K	$539K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.265%	$216K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0090%	1h	93.304	−0.058%	$2.0M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.341	−0.018%	$18.6M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.333	−0.027%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.323	−0.038%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	−0.041%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	−0.057%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.390	+0.034%	$2.03B	$670.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.321	−0.040%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.309	−0.052%	$385.1M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.291	−0.072%	$114.6M	$315.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.284	−0.079%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	−0.078%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.306	−0.056%	$93.1M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.316	−0.045%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.321	−0.040%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.294	−0.069%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.334	−0.026%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	−0.102%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.311	−0.051%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.267	−0.097%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.324	−0.036%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.330	−0.030%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.341	−0.018%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.299	−0.063%	$75K	$168K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.358	long leg	$32K	$1.6M	20x
Phemex HYPEUSDT	+0.0100%	8h	93.343	−0.016%	$12.7M	$2.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0101%	8h	93.395	+0.040%	$1.9M	$5.2M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.292	−0.070%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.311	−0.050%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0115%	4h	93.290	−0.073%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.034%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.304	−0.058%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERPshort	+0.0285%	1h	93.910	+0.591%	$31K	$291K	12x
HTX HYPE-USDT	+0.0292%	4h	93.469	+0.119%	$1.5M	$7.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.420	+0.066%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.346	−0.013%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.271	−0.093%	$17.1M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.369	+0.012%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.430	+0.077%	$19.1M	$26.2M	50x	as long as short