Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0068%/8h= +7.5% APRpaid last 24h +0.021%

Price spread now: SunX against Bybit+0.119%7-day average +0.085% · you sell dearer than you buy

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

Long on Bybit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.070%+$7 on $10k

Price spread, last 4 days (all we have)−0.074%−$7 · spread now +0.119%, 7d avg +0.085%

Together, before fees−0.004%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and SunX is 0.033% dearer against Bybit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.085%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	92.630	0.0032	pay 0.0032% / 8h	3h 22m	$314.9M	$282.9M	75x
Short	SunX HYPE-USDT	92.740	0.0100	get 0.0050% / 4h	3h 22m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Bybit. 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 BybitbpFee SunXbpOrdersPrice spread, now +0.119%Rate

Funding earned: $14.36
Price spread: +0.119% → +0.085%: $3.35
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SunX: 4 bp × 2 orders: −$8
Net: −$1.29
Costs to cover: 0.190%
Break-even: 7.6 days

Slippage unknown: Bybit: live order book, 1 min ago; SunX: live order book, 12 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 Bybit live order book, 1 min ago	0.54 bp	6.5 bp −$7	7.9 bp −$79	16.4 bp −$1,636	50.8 bp −$25.4K
Sell SunX live order book, 12 min ago	29.33 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	−0.1696%	1h	92.615	−0.016%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0309%	1h	92.806	+0.190%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.682	+0.056%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.789	+0.172%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0060%	4h	92.702	+0.078%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0002%	1h	92.701	+0.077%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.661	+0.034%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.733	+0.111%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.738	+0.116%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0009%	1h	92.670	+0.043%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.721	+0.098%	$87K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.314%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDTlong	+0.0032%	8h	92.630	long leg	$314.9M	$282.9M	75x
Popdex HYPEUSDT	+0.0048%	1h	92.711	+0.087%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	92.629	−0.001%	$224.3M	$98.8M	75x	as long as short
Phemex HYPEUSDT	+0.0055%	8h	92.716	+0.093%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	92.651	+0.023%	$45.0M	$54.4M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.223%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.653	+0.025%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.664	+0.037%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.674	+0.047%	$338K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.690	+0.065%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.721	+0.099%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.677	+0.051%	$2.02B	$665.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.650	+0.021%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.669	+0.042%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.639	+0.010%	$372.6M	$905.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.644	+0.015%	$113.7M	$302.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	+0.085%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.638	+0.009%	$91.0M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.660	+0.032%	$46.0M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.659	+0.031%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.716	+0.093%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.149%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.192%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.233%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.783	+0.165%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.771	+0.152%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.746	+0.125%	$481K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.704	+0.080%	$78K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.703	+0.079%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	92.740	+0.119%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.706	+0.082%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.291%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.639	+0.010%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.698	+0.074%	$392K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	92.786	+0.168%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.730	+0.108%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.773	+0.155%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.640	+0.011%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.698	+0.073%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.739	+0.118%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0332%	1h	92.799	+0.182%	$7.5M	$4.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.682	+0.056%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.790	+0.172%	$3.1M	$6.4M	20x	as long as short