Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0333%/8h= +36.4% APRpaid last 24h +0.050%

Price spread now: SunX against Arcus+0.076%7-day average +0.099% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$640.637% of the position

Long on Arcus Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.074%+$7 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.076%, 7d avg +0.099%

Together, before fees+0.061%+$6 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.023% cheaper against Arcus than usual: you would sell low and buy high (spread +0.076% now, against its 7-day average of +0.099%). If the spread goes back, that is −$2 on $10k: about 6 hours of funding at the current rate (+$10 a day). At the pace of the last 3 days (+0.074% in total) that is about 26 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.074% in total (about 7.9% 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	Arcus HYPE-USD	93.677	−0.0233	get 0.0029% / 1h	20m 31s	$1.2M	$3.8M	10x
Short	SunX HYPE-USDT	93.748	0.0100	get 0.0050% / 4h	20m 31s	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Arcus. 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 ArcusbpFee SunXbpOrdersPrice spread, now +0.076%Rate

Funding earned: $69.83
Price spread: +0.076% → +0.099%: −$2.32
Slippage, 4 orders: −$51.19
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee SunX: 4 bp × 2 orders: −$8
Net: $3.82
Costs to cover: 0.637%
Break-even: 6.6 days

Slippage from Arcus: live order book, 4 min ago; SunX: live order book, 5 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 Arcus live order book, 4 min ago	0.54 bp	3.3 bp −$3	8.1 bp −$81	25.8 bp −$2,577	doesn't fit
Sell SunX live order book, 5 min ago	19.35 bp	33.0 bp −$33	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	−0.0992%	1h	93.602	−0.081%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0396%	1h	93.644	−0.035%	$22K	$22K	10x	as long as short
Arcus HYPE-USDlong	−0.0233%	1h	93.677	long leg	$1.2M	$3.8M	10x
Ondo Perps HYPE-USD.P	−0.0090%	1h	93.710	+0.035%	$704K	$913K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.690	+0.014%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.760	+0.089%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0001%	4h	93.700	+0.025%	$168K	$586K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.737	+0.065%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.700	+0.024%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.727	+0.053%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.610	−0.072%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.787	+0.117%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.780	+0.110%	$322.4M	$283.8M	75x	as long as short
Derive HYPE-PERP	+0.0030%	1h	93.653	−0.026%	$16.4M	$7.1M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	93.768	+0.097%	$88.7M	$82.0M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	93.781	+0.111%	$382.9M	$896.4M	75x	as long as short
Phemex HYPEUSDT	+0.0067%	8h	93.708	+0.033%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	93.483	−0.207%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0074%	4h	93.762	+0.091%	$44.0M	$59.7M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.776	+0.106%	$59K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.824	+0.156%	$18.9M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.794	+0.125%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.710	+0.035%	$399K	$318K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0098%	8h	93.787	+0.117%	$115.6M	$321.7M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.797	+0.128%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.740	+0.067%	$15K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.775	+0.105%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.793	+0.124%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.056%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.772	+0.101%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.784	+0.114%	$227.2M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.770	+0.099%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.762	+0.091%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.672	−0.005%	$31.1M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.549	−0.137%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.489	−0.201%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.696	+0.020%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.717	+0.043%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.706	+0.031%	$491K	$2.4M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.698	+0.023%	$113K	$576K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.698	+0.022%	$76K	$171K	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.748	+0.076%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.698	+0.022%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.782%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.758	+0.086%	$18.4M	$42.8M	50x	as long as short
Hyperliquid HYPE	+0.0129%	1h	93.808	+0.140%	$2.04B	$677.5M	10x	as long as short
Kalshi KXHYPEPERP	+0.0138%	8h	93.775	+0.105%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.790	+0.121%	$4.9M	$5.7M	50x	as long as short
BloFin HYPE-USDT	+0.0197%	4h	93.704	+0.029%	$17.0M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0204%	4h	93.848	+0.183%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.694	+0.018%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.823	+0.155%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.725	+0.051%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0433%	1h	93.798	+0.129%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.795	+0.126%	$20.9M	$29.5M	50x	as long as short