Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0179%/8h= +19.6% APRpaid last 24h +0.014%

Price spread now: SunX against Phemex+0.058%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$93as in the Funding arb table

Net, price: spread back to 7d avg − costs−$94as in the Price arb table

costs, in and out, $10k−$950.951% of the position

Long on Phemex Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 4 days (all we have)+0.046%+$5 · spread now +0.058%, 7d avg +0.052%

Together, before fees+0.062%+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.052%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.712	−0.0079	get 0.0079% / 8h	7h 41m	$12.9M	$2.9M	50x
Short	SunX HYPE-USDT	94.767	0.0100	get 0.0050% / 4h	3h 41m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX against Phemex. 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 PhemexbpFee SunXbpOrdersPrice spread, now +0.058%Rate

Funding earned: $37.55
Price spread: +0.058% → +0.052%: $0.58
Slippage, 4 orders: −$75.06
Fee Phemex: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$56.94
Costs to cover: 0.951%
Break-even: 17.6 days

Slippage from Phemex: live order book, 3 min ago; SunX: live order book, 4 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 Phemex live order book, 3 min ago	4.64 bp	23.5 bp −$23	doesn't fit	doesn't fit	doesn't fit
Sell SunX live order book, 4 min ago	19.38 bp	32.6 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
Hibachi HYPE/USDT-P	−0.1088%	1h	94.601	−0.118%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0658%	1h	94.666	−0.049%	$80K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0309%	1h	94.814	+0.107%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0188%	1h	94.577	−0.143%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0139%	1h	94.560	−0.160%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.558	−0.163%	$1.0M	$3.5M	10x	as long as short
Gate HYPE_USDT	−0.0082%	4h	94.556	−0.165%	$51.0M	$54.4M	75x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.585	−0.134%	$89K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.906	+0.205%	$3K	$331	25x	as long as short
Phemex HYPEUSDTlong	−0.0079%	8h	94.712	long leg	$12.9M	$2.9M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.635	−0.081%	$19.0M	$35.2M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.640	−0.076%	$147K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.655	−0.060%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.750	+0.040%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.603	−0.115%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.698	−0.015%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.747	+0.037%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.650	−0.065%	$4.8M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	94.584	−0.135%	$227.1M	$99.8M	75x	as long as short
Bybit HYPEUSDT	+0.0050%	8h	94.560	−0.160%	$317.2M	$293.9M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	94.601	−0.117%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0052%	1h	94.670	−0.044%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0058%	8h	94.566	−0.154%	$118.1M	$328.7M	50x	as long as short
Derive HYPE-PERP	+0.0065%	1h	94.914	+0.213%	$16.4M	$7.4M	10x	as long as short
SoDEX HYPE-USD	+0.0074%	1h	94.674	−0.040%	$2.1M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.585	−0.134%	$16.2M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.590	−0.129%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.568	−0.152%	$147K	$1.3M	50x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	94.889	+0.187%	$5.0M	$30.9M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.580	−0.139%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.573	−0.146%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.678	−0.036%	$2.08B	$693.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.554	−0.167%	$9.7M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.607	−0.111%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.563	−0.157%	$380.7M	$938.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	−0.023%	$221K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.570	−0.150%	$93.9M	$85.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.584	−0.135%	$47.2M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.570	−0.150%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.571	−0.149%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.929	+0.229%	$30.1M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.786	+0.078%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.884	+0.182%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.728	+0.017%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.657	−0.058%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	94.767	+0.058%	$32K	$1.6M	20x
HTX HYPE-USDT	+0.0100%	4h	94.854	+0.150%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.541	−0.180%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.644	−0.072%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.618	−0.099%	$3.1M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0141%	1h	94.755	+0.045%	$7.5M	$4.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.484%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.554	−0.167%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0326% / S −0.0152%	1h	94.720	+0.008%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.729	+0.018%	$17.2M	$12.8M	75x	as long as short