Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0238%/8h= −26.0% APRpaid last 24h −0.029%

Price spread now: Ondo Perps against SunX−0.041%7-day average −0.144% · you buy dearer than you sell

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

Long on SunX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 3 days (all we have)−0.118%−$12 · spread now −0.041%, 7d avg −0.144%

Together, before fees−0.254%+ Points / potential airdropOndo Perps: Active · farm board−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.103% dearer against SunX than usual: you sell high and buy low (spread −0.041% now, against its 7-day average of −0.144%): +$10 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 35 hours. At the pace of the last 7 days (−0.136% in total) that is about 5.3 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.136% in total (about -7.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.178	0.0100	pay 0.0050% / 4h	2h 41m	$32K	$1.6M	20x
Short	Ondo Perps HYPE-USD.P	93.140	−0.0138	pay 0.0017% / 1h	41m 28s	$696K	$977K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

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

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$49.9
Price spread: −0.041% → −0.144%: $10.3
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$52.6
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 4 min ago; Ondo Perps: no order-book sample. 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	18.56 bp	23.3 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0968%	1h	93.103	−0.080%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.079	−0.106%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0163%	1h	93.316	+0.149%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0138%	1h	93.140	−0.041%	$696K	$977K	10x
Backpack HYPE_USDC_PERP	−0.0100%	1h	93.147	−0.033%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.209	+0.033%	$84K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.185	+0.008%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	93.193	+0.016%	$44.1M	$54.1M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.107	−0.076%	$155K	$652K	20x	as long as short
Aster HYPEUSDT	−0.0038%	4h	93.188	+0.011%	$8.8M	$36.2M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0023%	1h	93.083	−0.102%	$79K	$173K	20x	as long as short
Phemex HYPEUSDT	−0.0023%	8h	93.218	+0.043%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.166	−0.013%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.192	+0.014%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.129	−0.053%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0005%	8h	93.170	−0.009%	$318.4M	$283.6M	75x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.185	+0.008%	—	$54.2M	—	as long as short
Bullet HYPE-USD	+0.0038%	1h	93.176	−0.002%	$111K	$579K	20x	as long as short
Binance HYPEUSDT	+0.0039%	4h	93.196	+0.019%	$379.2M	$905.9M	75x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.205	+0.029%	$87.9M	$82.5M	100x	as long as short
edgeX HYPEUSDC	+0.0056%	4h	93.325	+0.157%	$5.1M	$29.8M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.266	+0.094%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	93.181	+0.003%	$114.8M	$314.9M	50x	as long as short
Derive HYPE-PERP	+0.0065%	1h	93.091	−0.093%	$16.2M	$7.6M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.094	−0.090%	$396K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.219	+0.044%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.167	−0.012%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.166	−0.013%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.205	+0.029%	$66K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	+0.077%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.199	+0.023%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.277	+0.106%	$2.04B	$676.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.210	+0.034%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.242%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.196	+0.019%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.202	+0.026%	$225.5M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.241	+0.067%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	+0.040%	$7.5M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	+0.190%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.389	+0.226%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.234	+0.060%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.216	+0.041%	$466K	$2.5M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.178	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.155	−0.025%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.183	+0.005%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.240	+0.067%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.330	+0.163%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.246%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.242	+0.069%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0241%	4h	93.300	+0.131%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.186	+0.009%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0260%	8h	93.223	+0.048%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.137	−0.044%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0437%	1h	93.225	+0.050%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.248	+0.075%	$20.8M	$30.0M	50x	as long as short