Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h −0.013%

Price spread now: SunX against Bluefin+0.006%7-day average +0.067% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$860.856% of the position

Long on Bluefin Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.117%+$12 on $10k

Price spread, last 4 days (all we have)+0.087%+$9 · spread now +0.006%, 7d avg +0.067%

Together, before fees+0.204%+$20 on $10k · with fees, hour by hour

Funding pays, the price is against you. SunX is 0.061% cheaper against Bluefin than usual: you would sell low and buy high (spread +0.006% now, against its 7-day average of +0.067%). If the spread goes back, that is −$6 on $10k: about 2.4 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	94.389	0.0016	pay 0.0002% / 1h	23m 19s	$80K	$156K	20x
Short	SunX HYPE-USDT	94.395	0.0100	get 0.0050% / 4h	1h 23m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Bluefin. 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 BluefinbpFee SunXbpOrdersPrice spread, now +0.006%Rate

Funding earned: $17.67
Price spread: +0.006% → +0.067%: −$6.07
Slippage, 4 orders: −$70.64
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$74.05
Costs to cover: 0.856%
Break-even: 36.3 days

Slippage from Bluefin: live order book, 21 min ago; SunX: live order book, 12 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 Bluefin live order book, 21 min ago	3.63 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 12 min ago	19.38 bp	33.1 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	−0.1048%	1h	94.204	−0.196%	$200K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0210%	1h	93.921	−0.495%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.347	−0.044%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0068%	1h	94.220	−0.179%	$705K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0053%	1h	94.398	+0.010%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.373	−0.017%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.360	−0.031%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.322	−0.071%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.360	−0.031%	$318.8M	$288.5M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.378	−0.011%	$20K	$289K	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 −0.0001%	1h	94.048	−0.361%	$83K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−1.151%	$16.2M	$7.5M	10x	as long as short
Bluefin HYPE-PERPlong	+0.0016%	1h	94.389	long leg	$80K	$156K	20x
Phoenix HYPE	+0.0017%	1h	93.715	−0.714%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.378	−0.012%	$227.4M	$99.6M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.284	−0.111%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.385	−0.004%	$337K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.620	−0.815%	$5.0M	$30.5M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.328	−0.065%	$1.0M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.349	−0.042%	$16.3M	$64.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.361	−0.030%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.338	−0.054%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.330	−0.063%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.335	−0.057%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.491	+0.108%	$2.08B	$685.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.415	+0.027%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.380	−0.009%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.399	+0.011%	$377.7M	$932.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.386	−0.003%	$116.3M	$318.2M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.390	+0.001%	$49.0M	$56.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.390	+0.001%	$89.6M	$84.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.390	+0.001%	$46.7M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.376	−0.014%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.382	−0.007%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	−0.403%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.696	−0.734%	$7.6M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.663	−0.769%	$357K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.224	−0.175%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.430	+0.044%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.401	+0.013%	$474K	$2.8M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	94.395	+0.006%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	94.343	−0.049%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.450	+0.065%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−1.007%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.354	−0.037%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.393	+0.004%	$399K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0107%	8h	94.317	−0.076%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.340	−0.052%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.334	−0.059%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.234%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0206%	1h	94.431	+0.044%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.357	−0.033%	$78K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.202	−0.198%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.423	+0.036%	$21.1M	$29.5M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.389	+0.001%	$3.2M	$6.3M	20x	as long as short