Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0088%/8hnext payment +$0.11 per $10,000 · paid last 24h +0.049%

Price spread now: Hyperliquid against SoDEX+0.093%7-day average +0.050% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on SoDEX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.051%+$5 on $10k

Price spread, last 3 days (all we have)−0.044%−$4 · spread now +0.093%, 7d avg +0.050%

Together, before fees+0.006%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Hyperliquid is 0.044% dearer against SoDEX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	93.161	0.0100	pay 0.0013% / 1h	6m 13s	$2.0M	$2.0M	10x
Short	Hyperliquid HYPE	93.248	0.0188	get 0.0023% / 1h	6m 13s	$2.02B	$660.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.093%Rate

Funding earned: $18.42
Price spread: +0.093% → +0.050%: $4.36
Slippage, 4 orders: −$5.91
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$0.13
Costs to cover: 0.229%
Break-even: 7.0 days

Slippage from SoDEX: live order book, 2 min ago; Hyperliquid: live order book, 12 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, 2 min ago	0.05 bp	6.9 bp −$7	13.4 bp −$134	101.3 bp −$10.1K	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.05 bp	4.6 bp −$5	5.8 bp −$58	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	−0.1072%	1h	93.242	+0.087%	$196K	$244K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.269	+0.116%	$3K	$331	25x	as long as short
Injective HYPE/USDC PERP	−0.0004%	1h	93.620	+0.493%	$30K	$177K	12x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.249	+0.094%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.334	+0.186%	$2.0M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.204	+0.046%	$24K	$372K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0005%	1h	93.195	+0.036%	$44K	—	150x	as long as short
Aftermath Perps HYPEUSD	+0.0008%	1h	93.332	+0.184%	$22K	$22K	10x	as long as short
Aster HYPEUSDT	+0.0021%	4h	93.164	+0.003%	$8.9M	$36.2M	300x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	93.201	+0.043%	$90K	$323K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0072%	4h	93.156	−0.005%	$44.1M	$56.1M	75x	as long as short
Arcus HYPE-USD	+0.0082%	1h	93.160	−0.001%	$1.2M	$4.0M	10x	as long as short
Bybit HYPEUSDT	+0.0083%	8h	93.130	−0.033%	$324.6M	$286.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.227	+0.071%	$18.7M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.195	+0.036%	$3.1M	$12.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.195	+0.036%	$55K	$1.3M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0097%	1h	93.320	+0.171%	$700K	$945K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0097%	4h	93.164	+0.003%	$181K	$505K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	+0.074%	$21K	$1.8M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.190	+0.032%	$6.3M	$43.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.207	+0.049%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.173	+0.013%	$389.7M	$870.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.141	−0.021%	$114.5M	$313.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.380	+0.235%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.162	+0.001%	$91.4M	$83.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.175	+0.015%	$46.4M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.163	+0.002%	$225.5M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.151	−0.011%	—	$54.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.208	+0.050%	$8.0M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.355	+0.208%	$29.1M	$49.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.238%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.365	+0.219%	$457K	$943K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.341	+0.193%	$675K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.256	+0.102%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.215	+0.058%	$460K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.189	+0.030%	$112K	$573K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.172	+0.012%	$76K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.145	−0.017%	$16.3M	$7.0M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.193	+0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	93.161	long leg	$2.0M	$2.0M	10x
Phemex HYPEUSDT	+0.0100%	8h	93.198	+0.040%	$12.6M	$2.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.222	+0.065%	$341K	$172K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.353	+0.206%	$5.1M	$28.9M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.158	−0.004%	$18.1M	$40.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.187	+0.028%	$396K	$320K	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0151%	1h	93.228	+0.072%	$16.2M	$20.9M	50x	as long as short
Phoenix HYPE	+0.0172%	1h	93.411	+0.268%	$208K	$954K	10x	as long as short
Hyperliquid HYPEshort	+0.0188%	1h	93.248	+0.093%	$2.02B	$660.8M	10x
Coinbase International HYPE-PERP-INTX	+0.0200%	1h	93.310	+0.160%	$4.9M	$5.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0222%	1h	93.260	+0.106%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0242%	1h	93.189	+0.030%	$77K	$157K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.186	+0.027%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.249	+0.094%	$17.4M	$12.3M	75x	as long as short
HTX HYPE-USDT	+0.0406%	4h	93.380	+0.235%	$1.5M	$7.5M	75x	as long as short
RISEx HYPE/USDC	+0.0516%	1h	93.256	+0.102%	$2.7M	$6.4M	20x	as long as short