Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: SunX against SoDEX+0.011%7-day average +0.063% · 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−$76as in the Price arb table

costs, in and out, $10k−$710.710% of the position

Long on SoDEX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 3 days (all we have)+0.074%+$7 · spread now +0.011%, 7d avg +0.063%

Together, before fees+0.073%+$7 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.052% cheaper against SoDEX than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	93.718	0.0100	pay 0.0013% / 1h	16m 42s	$2.0M	$1.9M	10x
Short	SunX HYPE-USDT	93.728	0.0100	get 0.0050% / 4h	2h 16m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → +0.063%: −$5.24
Slippage, 4 orders: −$55
Fee SoDEX: 4 bp × 2 orders: −$8
Fee SunX: 4 bp × 2 orders: −$8
Net: −$76.24
Costs to cover: 0.710%
Break-even: never at this rate

Slippage from SoDEX: live order book, 2 min ago; SunX: live order book, 8 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	0.16 bp	6.8 bp −$7	11.8 bp −$118	98.3 bp −$9,830	doesn't fit
Sell SunX live order book, 8 min ago	19.38 bp	32.8 bp −$33	doesn't fit	doesn't fit	doesn't fit

HYPE on 54 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	−0.1040%	1h	93.615	−0.110%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.537	−0.193%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0106%	8h	93.687	−0.033%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0084%	1h	93.779	+0.065%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.666	−0.055%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0066%	1h	93.710	−0.009%	$702K	$922K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.688	−0.032%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.654	−0.068%	$85K	$349K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0031%	1h	93.664	−0.058%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0010%	4h	93.726	+0.009%	$44.4M	$55.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0005%	4h	93.707	−0.012%	$8.8M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.751	+0.035%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.707	−0.012%	$22K	$325K	10x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.739	+0.022%	—	$53.6M	—	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.726	+0.008%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0013%	8h	93.699	−0.020%	$321.6M	$279.8M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.766	+0.051%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.737	+0.020%	$88.9M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.751	+0.035%	$381.2M	$889.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.703	−0.016%	$115.3M	$307.5M	50x	as long as short
Bullet HYPE-USD	+0.0073%	1h	93.711	−0.007%	$111K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.690	−0.030%	$5.1M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.720	+0.002%	$340K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.752	+0.037%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.772	+0.058%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.662	−0.060%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.713	−0.006%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.660	−0.062%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.638	−0.085%	$5.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.838	+0.128%	$2.05B	$666.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.703	−0.016%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.752	+0.036%	$46.4M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.766	+0.051%	$227.1M	$98.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.748	+0.032%	$31.1M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.737	+0.020%	$7.6M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.706	−0.013%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.758	+0.043%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.723	+0.005%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.730	+0.013%	$473K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.682	−0.038%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.688	−0.032%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.728	+0.011%	$32K	$1.6M	20x
SoDEX HYPE-USDlong	+0.0100%	1h	93.718	long leg	$2.0M	$1.9M	10x
Bulk HYPE-USD	+0.0100%	1h	93.880	+0.173%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.721	+0.003%	$18.3M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.730	+0.013%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.610	−0.115%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0195%	4h	93.862	+0.154%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.734	+0.017%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.658	−0.064%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.777	+0.063%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.730	+0.013%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0401%	1h	93.812	+0.100%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.821	+0.110%	$21.0M	$29.8M	50x	as long as short