Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0180%/8h= +19.7% APRpaid last 24h +0.054%

Price spread now: SunX against Hotstuff+0.167%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and SunX is 0.167% dearer against Hotstuff than usual: you sell high and buy low: +$17 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff HYPE-PERP	94.016	−0.0080	get 0.0010% / 1h	20m 10s	$3K	$331	25x
Short	SunX HYPE-USDT	94.173	0.0100	get 0.0050% / 4h	20m 10s	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Hotstuff. 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 HotstuffbpFee SunXbpOrdersPrice spread, now +0.167%Rate

Funding earned: $37.8
Price spread: +0.167% → 0.000%: $16.7
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee SunX: 4 bp × 2 orders: −$8
Net: $41.5
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Hotstuff: no order-book sample; SunX: live order book, 5 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 Hotstuff no order-book sample	—	—	—	—	—
Sell SunX live order book, 5 min ago	19.14 bp	32.7 bp −$33	doesn't fit	doesn't fit	doesn't fit

Hotstuff: 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 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	−0.1712%	1h	94.057	+0.043%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0413%	1h	94.235	+0.233%	$80K	$152K	20x	as long as short
Bullet HYPE-USD	−0.0224%	1h	94.218	+0.215%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0223%	1h	93.910	−0.113%	$710K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0145%	1h	94.169	+0.162%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.209	+0.205%	$87K	$367K	20x	as long as short
Hotstuff HYPE-PERPlong	−0.0080%	1h	94.016	long leg	$3K	$331	25x
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.056%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.129	+0.120%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0040%	1h	94.247	+0.246%	$16.3M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.247	+0.246%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.240	+0.238%	$316.8M	$289.3M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.221	+0.218%	$147K	$686K	20x	as long as short
Polymarket Perps HYPE-USD	−0.0006%	1h	94.233	+0.231%	$497K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.061	+0.048%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.272	+0.272%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.232	+0.230%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.169	+0.163%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.275	+0.276%	$124K	—	150x	as long as short
Paradex HYPE-USD-PERP	+0.0030%	8h	94.140	+0.132%	$336K	$154K	20x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.242	+0.240%	$226.4M	$100.1M	75x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.195	+0.190%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0040%	1h	94.250	+0.249%	$2.1M	$1.9M	10x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	94.234	+0.232%	$12.9M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.260	+0.260%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.237	+0.235%	$117.6M	$324.1M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.221	+0.218%	$50.0M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.024%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.249	+0.248%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.175	+0.169%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	+0.089%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.134	+0.126%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.268	+0.268%	$2.07B	$687.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.248	+0.247%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.153	+0.146%	$10.1M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.244	+0.243%	$377.4M	$933.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.240	+0.238%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.249	+0.248%	$89.1M	$83.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.241	+0.239%	$46.8M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.209	+0.205%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	+0.067%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.122	+0.113%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	+0.013%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.093	+0.082%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	94.173	+0.167%	$32K	$1.6M	20x
HTX HYPE-USDT	+0.0100%	4h	94.350	+0.355%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.219	+0.215%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.233	+0.231%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.288	+0.289%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.770%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.296	+0.298%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0248%	1h	94.338	+0.342%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.165	+0.158%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.199	+0.195%	$85K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.094	+0.083%	$17.1M	$12.3M	75x	as long as short