Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0098%/8h= +10.7% APRpaid last 24h +0.029%

Price spread now: SunX against gTrade (Gains Network)+0.022%126s7-day average — · you sell dearer than you buy

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

Long on gTrade (Gains Network)Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and SunX is 0.022% dearer against gTrade (Gains Network) than usual: you sell high and buy low: +$2 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 126 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) HYPE/USD	94.290	L +0.0002% / S −0.0001%	pay 0.0000% / 1h	19m 21s	$84K	—	150x
Short	SunX HYPE-USDT	94.311	0.0100	get 0.0050% / 4h	1h 19m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee SunXbpOrdersPrice spread, now +0.022%Rate

Funding earned: $20.6
Price spread: +0.022% → 0.000%: $2.2
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: $4.79
Costs to cover: 0.180%
Break-even: 5.4 days

Slippage unknown: gTrade (Gains Network): no order-book sample; SunX: live order book, 6 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell SunX live order book, 6 min ago	19.31 bp	32.6 bp −$33	doesn't fit	doesn't fit	doesn't fit

gTrade (Gains Network): 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 54 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	−0.1072%	1h	94.168	−0.130%	$200K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0186%	1h	94.134	−0.166%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.264	−0.028%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0063%	1h	94.140	−0.159%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0059%	1h	94.278	−0.013%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.314	+0.025%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.259	−0.033%	$146K	$686K	20x	as long as short
Bluefin HYPE-PERP	−0.0004%	1h	94.282	−0.009%	$80K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.292	+0.002%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.260	−0.032%	$317.3M	$289.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	94.265	−0.027%	$19K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USDlong	L +0.0002% / S −0.0001%	1h	94.290	long leg	$84K	—	150x
Phoenix HYPE	+0.0017%	1h	94.378	+0.093%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.279	−0.012%	$227.2M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.162	−0.136%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.318	+0.030%	$337K	$157K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.249	−0.044%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.344	+0.057%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.260	−0.033%	$16.3M	$64.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.267	−0.025%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.259	−0.033%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	−0.022%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.258	−0.034%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.365	+0.079%	$2.07B	$687.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.279	−0.012%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.297	+0.007%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.279	−0.012%	$377.2M	$933.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.270	−0.022%	$116.3M	$316.9M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.274	−0.017%	$48.9M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.264	−0.028%	$89.8M	$85.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.271	−0.020%	$46.9M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.278	−0.013%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.223	−0.071%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.229	−0.066%	$29.0M	$56.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.424	+0.142%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.205	−0.090%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.221	−0.073%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.344	+0.057%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.287	−0.003%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	94.311	+0.022%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	94.291	+0.001%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.405	+0.122%	$1.4M	$6.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.016%	$218K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0103%	8h	94.317	+0.028%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.265	−0.027%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.306	+0.017%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.330	+0.042%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.326	+0.038%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.339%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0227%	1h	94.370	+0.085%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.249	−0.044%	$78K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.264	−0.028%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.354	+0.068%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.310	+0.021%	$3.2M	$6.4M	20x	as long as short