Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0575%/8h= −63.0% APRpaid last 24h −0.006%

Price spread now: SunX against Kraken Futures−0.019%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$150as in the Funding arb table

Net, price: spread back to 7d avg − costs−$148as in the Price arb table

costs, in and out, $10k−$1441.439% of the position

Long on Kraken Futures Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.063%−$6 on $10k

Price spread, last 3 days (all we have)+0.065%+$7 · spread now −0.019%, 7d avg +0.025%

Together, before fees+0.002%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and SunX is 0.043% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.025%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.063% in total (about -3.3% 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	Kraken Futures PF_HYPEUSD	93.532	0.0675	pay 0.0084% / 1h	1m 53s	$20.9M	$29.8M	50x
Short	SunX HYPE-USDT	93.515	0.0100	get 0.0050% / 4h	3h 01m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Kraken Futures. 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 Kraken FuturesbpFee SunXbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$120.77
Price spread: −0.019% → +0.025%: −$4.35
Slippage, 4 orders: −$125.93
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee SunX: 4 bp × 2 orders: −$8
Net: −$269.04
Costs to cover: 1.439%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; SunX: live order book, 3 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 Kraken Futures live order book, 2 min ago	1.55 bp	9.8 bp −$10	13.2 bp −$132	23.0 bp −$2,300	72.2 bp −$36.1K
Sell SunX live order book, 3 min ago	40.92 bp	78.1 bp −$78	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	−0.1120%	1h	93.805	+0.291%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.372	−0.171%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0190%	1h	93.839	+0.327%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0104%	1h	93.580	+0.051%	$710K	$963K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.477	−0.059%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.510	−0.024%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0078%	1h	93.595	+0.066%	$128K	$31K	5x	as long as short
Gate HYPE_USDT	−0.0060%	4h	93.476	−0.060%	$44.3M	$60.6M	75x	as long as short
Bullet HYPE-USD	−0.0042%	1h	93.435	−0.104%	$113K	$579K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	93.434	−0.105%	$158K	$644K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0006%	4h	93.452	−0.086%	$8.9M	$36.0M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.501	−0.034%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.469	−0.068%	$27K	—	150x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.468	−0.069%	$321.3M	$279.5M	75x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.440	−0.099%	$16.3M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	93.513	−0.021%	$12.7M	$2.6M	50x	as long as short
Phoenix HYPE	+0.0034%	1h	93.887	+0.379%	$213K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.488	−0.047%	$381.8M	$897.8M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.487	−0.049%	$87.5M	$83.6M	100x	as long as short
Bluefin HYPE-PERP	+0.0067%	1h	93.476	−0.060%	$76K	$170K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.478	−0.058%	$115.6M	$313.7M	50x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.349%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.494	−0.041%	$18.8M	$60.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.514	−0.020%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.475	−0.061%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.461	−0.076%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.556	+0.025%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	−0.056%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.523	−0.010%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.560	+0.030%	$2.04B	$669.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	+0.015%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.511	−0.023%	$46.4M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.502	−0.032%	$226.4M	$100.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.495	−0.040%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.437	−0.102%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	+0.252%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.861	+0.351%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.820	+0.307%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.742	+0.224%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.560	+0.030%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.496	−0.039%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.515	−0.019%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.457	−0.081%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.386%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.466	−0.071%	$18.3M	$44.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.540	+0.008%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.570	+0.040%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0217%	4h	93.624	+0.098%	$17.0M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.510	−0.024%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0248%	8h	93.761	+0.244%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.451	−0.087%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.476	−0.061%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0355%	4h	93.650	+0.126%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0552%	1h	93.568	+0.038%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0675%	1h	93.532	long leg	$20.9M	$29.8M	50x