Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h 0.000%

Price spread now: Bulk against SunX−0.058%7-day average −0.025% · 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−$69as in the Price arb table

costs, in and out, $10k−$650.654% of the position

Long on SunX Short on Bulk

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)+0.143%+$14 · spread now −0.058%, 7d avg −0.025%

Together, before fees+0.142%+$14 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: Bulk is 0.033% cheaper against SunX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.744	0.0100	pay 0.0050% / 4h	2h 20m	$32K	$1.6M	20x
Short	Bulk HYPE-USD	93.690	0.0100	get 0.0013% / 1h	20m 39s	$205K	$12K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against SunX. 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 SunXbpFee BulkbpOrdersPrice spread, now −0.058%Rate

Funding earned: $0
Price spread: −0.058% → −0.025%: −$3.3
Slippage, 4 orders: −$50.35
Fee SunX: 4 bp × 2 orders: −$8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$68.65
Costs to cover: 0.654%
Break-even: never at this rate

Slippage from SunX: live order book, 4 min ago; Bulk: live order book, 3 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 SunX live order book, 4 min ago	19.36 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Bulk live order book, 3 min ago	0.53 bp	4.6 bp −$5	6.4 bp −$64	12.2 bp −$1,218	31.8 bp −$15.9K

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	−0.1008%	1h	93.647	−0.104%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0288%	1h	93.668	−0.081%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0232%	1h	93.550	−0.207%	$703K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.631	−0.121%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.634	−0.117%	$90K	$344K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.590	−0.164%	$16.4M	$7.0M	10x	as long as short
Bullet HYPE-USD	−0.0020%	1h	93.621	−0.131%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	−0.025%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.661	−0.088%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.670	−0.079%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0026%	4h	93.620	−0.132%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.614	−0.139%	$44.1M	$57.1M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.610	−0.143%	$326.0M	$287.1M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.604	−0.149%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0062%	4h	93.619	−0.133%	$175K	$536K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.733	−0.012%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.657	−0.093%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.648	−0.102%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.631	−0.120%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.640	−0.111%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.665	−0.084%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.730	−0.015%	$2.04B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.661	−0.089%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.599	−0.155%	$386.2M	$888.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.605	−0.148%	$115.0M	$316.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.591	−0.163%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.690	−0.058%	$205K	$12K	10x
MEXC HYPE_USDT	+0.0100%	4h	93.620	−0.132%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.639	−0.112%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.628	−0.124%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.621	−0.131%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.648	−0.102%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.098%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.753	+0.010%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.664	−0.085%	$407K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.704	−0.043%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.715	−0.031%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.712	−0.034%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.644	−0.107%	$76K	$168K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.744	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.621	−0.131%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.675	−0.074%	$12.8M	$2.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0102%	1h	93.730	−0.015%	$7.4M	$4.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.594	−0.160%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.644	−0.106%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.684	−0.064%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0128%	8h	93.747	+0.003%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.700	−0.047%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.619	−0.133%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.600	−0.154%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0306%	4h	93.825	+0.086%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.682	−0.067%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.613	−0.140%	$17.0M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.671	−0.078%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.757	+0.014%	$19.2M	$26.0M	50x	as long as short