Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0329%/8h= −36.0% APRpaid last 24h −0.030%

Price spread now: SunX against Deribit−0.076%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$730.729% of the position

Long on Deribit Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 4 days (all we have)+0.067%+$7 · spread now −0.076%, 7d avg +0.016%

Together, before fees+0.100%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and SunX is 0.093% cheaper against Deribit than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.016%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.033% in total (about 1.7% 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	Deribit HYPE_USDC-PERPETUAL	92.869	0.0429	pay 0.0054% / 1h	18m 43s	$7.5M	$4.5M	50x
Short	SunX HYPE-USDT	92.798	0.0100	get 0.0050% / 4h	18m 43s	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Deribit. 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 DeribitbpFee SunXbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$69.09
Price spread: −0.076% → +0.016%: −$9.29
Slippage, 4 orders: −$57.86
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SunX: 4 bp × 2 orders: −$8
Net: −$151.24
Costs to cover: 0.729%
Break-even: never at this rate

Slippage from Deribit: live order book, just now; SunX: live order book, 6 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 Deribit live order book, just now	1.51 bp	7.5 bp −$8	11.4 bp −$114	doesn't fit	doesn't fit
Sell SunX live order book, 6 min ago	19.35 bp	32.7 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
Arcus HYPE-USD	−0.0948%	1h	92.709	−0.172%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.721	−0.160%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0239%	1h	92.706	−0.175%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.765	−0.112%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.751	−0.127%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.813	−0.060%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	−0.106%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.785	−0.091%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.790	−0.086%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	92.726	−0.154%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0032%	1h	92.767	−0.110%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.700	−0.182%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.691	−0.192%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	−0.056%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0044%	4h	92.733	−0.147%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDT	+0.0048%	8h	92.690	−0.193%	$316.5M	$281.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	92.689	−0.194%	$113.6M	$303.9M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.706	−0.176%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.794	−0.081%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.715	−0.166%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.713	−0.168%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.784	−0.092%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.760	−0.117%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.761	−0.116%	$7.1M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.739	−0.140%	$2.02B	$663.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.790	−0.085%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.698	−0.184%	$372.3M	$903.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.711	−0.170%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.740	−0.139%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.700	−0.182%	$224.4M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.760	−0.117%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.195%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	−0.174%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.749	−0.129%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.772	−0.104%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.822	−0.050%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.790	−0.085%	$466K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.757	−0.121%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.762	−0.116%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	92.798	−0.076%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.771	−0.106%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.915	+0.050%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.181%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.669	−0.215%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.775	−0.101%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	−0.218%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.141%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.810	−0.064%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0239%	8h	92.825	−0.047%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.773	−0.104%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.784	−0.091%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.843	−0.028%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.775	−0.101%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0429%	1h	92.869	long leg	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0687%	1h	92.842	−0.029%	$3.2M	$6.4M	20x	as long as short