Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0295%/8h= +32.3% APRpaid last 24h +0.036%

Price spread now: SunX against Ondo Perps+0.241%7-day average +0.141% · you sell dearer than you buy

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

Long on Ondo Perps Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$14 on $10k

Price spread, last 4 days (all we have)−0.082%−$8 · spread now +0.241%, 7d avg +0.141%

Together, before fees+0.063%+ Points / potential airdropOndo Perps: Active · farm board+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and SunX is 0.100% dearer against Ondo Perps than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.141%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.145% in total (about 7.5% 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	Ondo Perps HYPE-USD.P	94.270	−0.0195	get 0.0024% / 1h	51m 11s	$711K	$1.2M	10x
Short	SunX HYPE-USDT	94.497	0.0100	get 0.0050% / 4h	51m 11s	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Ondo Perps. 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 Ondo PerpsbpFee SunXbpOrdersPrice spread, now +0.241%Rate

Funding earned: $61.99
Price spread: +0.241% → +0.141%: $9.96
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee SunX: 4 bp × 2 orders: −$8
Net: $58.95
Costs to cover: 0.130%
Break-even: 0.3 days

Slippage unknown: Ondo Perps: no order-book sample; SunX: live order book, 4 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell SunX live order book, 4 min ago	19.30 bp	32.5 bp −$33	doesn't fit	doesn't fit	doesn't fit

Ondo Perps: 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	−0.1144%	1h	94.247	−0.024%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERP	−0.0344%	1h	94.366	+0.102%	$80K	$155K	20x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0195%	1h	94.270	long leg	$711K	$1.2M	10x
Aftermath Perps HYPEUSD	−0.0131%	1h	94.322	+0.055%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.439	+0.179%	$87K	$366K	20x	as long as short
Bullet HYPE-USD	−0.0094%	1h	94.418	+0.157%	$112K	$575K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.298	+0.030%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.421	+0.160%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0026%	1h	94.325	+0.059%	$16.4M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0014%	8h	94.370	+0.106%	$317.6M	$289.5M	75x	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	−0.0012%	4h	94.370	+0.106%	—	$53.5M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0003%	4h	94.369	+0.105%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.425	+0.164%	$129K	$60K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.467	+0.209%	$1.8M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.351	+0.086%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.427	+0.167%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.425	+0.165%	$117K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.370	+0.106%	$227.0M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0042%	8h	94.357	+0.092%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.489	+0.233%	$338K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.380	+0.117%	$4.7M	$6.2M	50x	as long as short
Lighter HYPE	+0.0080%	1h	94.382	+0.119%	$16.3M	$63.9M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0087%	8h	94.371	+0.107%	$117.6M	$324.0M	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.390	+0.127%	$3.2M	$10.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.434	+0.174%	$82K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.430	+0.170%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.421	+0.161%	$6.6M	$51.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.531	+0.277%	$2.08B	$688.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.407	+0.145%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.469	+0.211%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.406	+0.144%	$377.9M	$933.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.217%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.403	+0.141%	$49.5M	$56.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.394	+0.132%	$91.1M	$82.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.391	+0.128%	$47.1M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.349	+0.084%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.098	−0.183%	$29.2M	$55.2M	—	as long as short
edgeX HYPEUSDC	+0.0100%	4h	94.238	−0.034%	$5.0M	$30.7M	30x	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.258	−0.013%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.249	−0.022%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.324	+0.057%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.487	+0.231%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.462	+0.204%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	94.497	+0.241%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	94.382	+0.119%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.552	+0.299%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.354	+0.089%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.374	+0.111%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.395	+0.133%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.400	+0.138%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0205%	1h	94.470	+0.212%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.429	+0.169%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.457	+0.198%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.404	+0.142%	$83K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.368	+0.104%	$17.0M	$12.4M	75x	as long as short