Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0068%/8h= −7.5% APRpaid last 24h −0.020%

Price spread now: Bybit against SoDEX−0.014%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$260.258% of the position

Long on SoDEX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.032%−$3 on $10k

Price spread, last 4 days (all we have)+0.031%+$3 · spread now −0.014%, 7d avg −0.023%

Together, before fees0.000%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.023%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	92.728	0.0100	pay 0.0013% / 1h	23m 37s	$2.0M	$2.0M	10x
Short	Bybit HYPEUSDT	92.715	0.0032	get 0.0032% / 8h	3h 23m	$315.2M	$282.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against SoDEX. 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 SoDEXbpFee BybitbpOrdersPrice spread, now −0.014%Rate

Funding earned: −$14.36
Price spread: −0.014% → −0.023%: $0.93
Slippage, 4 orders: −$6.76
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$39.19
Costs to cover: 0.258%
Break-even: never at this rate

Slippage from SoDEX: live order book, just now; Bybit: live order book, 6 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 SoDEX live order book, just now	0.22 bp	6.6 bp −$7	13.3 bp −$133	100.5 bp −$10.1K	doesn't fit
Sell Bybit live order book, 6 min ago	0.54 bp	6.0 bp −$6	8.0 bp −$80	16.8 bp −$1,684	36.4 bp −$18.2K

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	−0.1656%	1h	92.636	−0.099%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0313%	1h	92.829	+0.109%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.682	−0.050%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.789	+0.066%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.729	+0.001%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	92.745	+0.018%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.736	+0.009%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.772	+0.047%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.770	+0.045%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0009%	1h	92.670	−0.063%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.721	−0.008%	$87K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.208%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDTshort	+0.0032%	8h	92.715	−0.014%	$315.2M	$282.8M	75x
Popdex HYPEUSDT	+0.0048%	1h	92.711	−0.018%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	92.718	−0.011%	$224.5M	$98.8M	75x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	92.740	+0.013%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	92.700	−0.030%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.117%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.739	+0.012%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.740	+0.013%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.752	+0.026%	$338K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.690	−0.041%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.735	+0.008%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.766	+0.041%	$2.02B	$665.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.720	−0.009%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.740	+0.013%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.711	−0.018%	$372.8M	$905.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.710	−0.019%	$113.8M	$303.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.021%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.720	−0.009%	$91.3M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.719	−0.010%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.716	−0.013%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.754	+0.028%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.043%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.170%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.127%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.813	+0.092%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.801	+0.079%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.780	+0.056%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.737	+0.010%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.734	+0.006%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.786	+0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	92.728	long leg	$2.0M	$2.0M	10x
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.185%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.686	−0.045%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.724	−0.005%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.780	+0.056%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	92.798	+0.075%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.802	+0.080%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.750	+0.024%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.737	+0.009%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0310%	1h	92.829	+0.109%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.770	+0.046%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.759	+0.033%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.790	+0.066%	$3.1M	$6.4M	20x	as long as short