Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0090%/8h= −9.8% APRpaid last 24h −0.016%

Price spread now: Derive against SunX−0.106%7-day average −0.093% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.030%−$3 on $10k

Price spread, last 3 days (all we have)+0.012%+$1 · spread now −0.106%, 7d avg −0.093%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.093%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.917	0.0100	pay 0.0050% / 4h	3h 07m	$32K	$1.6M	20x
Short	Derive HYPE-PERP	93.817	0.0010	get 0.0001% / 1h	7m 11s	$16.4M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.106%Rate

Funding earned: −$18.89
Price spread: −0.106% → −0.093%: −$1.36
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Derive: 3 bp × 2 orders: −$6
Net: −$34.25
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 8 min ago; Derive: no order-book sample. Net counts fees only.

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, 8 min ago	19.34 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1152%	1h	93.929	+0.012%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.779	−0.147%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0207%	1h	93.950	+0.035%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0097%	1h	93.860	−0.061%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0085%	1h	93.911	−0.006%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.865	−0.055%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.895	−0.023%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0054%	8h	93.917	0.000%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0049%	1h	93.849	−0.073%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0032%	4h	93.846	−0.076%	$159K	$643K	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	−0.0016%	4h	93.862	−0.059%	$44.4M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.909	−0.009%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.886	−0.033%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0009%	4h	93.876	−0.044%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERPshort	+0.0010%	1h	93.817	−0.106%	$16.4M	$7.6M	10x
Bybit HYPEUSDT	+0.0020%	8h	93.860	−0.061%	$323.1M	$279.0M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.136%	$214K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.867	−0.053%	$383.3M	$893.7M	75x	as long as short
edgeX HYPEUSDC	+0.0055%	4h	94.001	+0.090%	$5.1M	$29.7M	30x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.867	−0.053%	$88.3M	$83.3M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0072%	8h	93.858	−0.063%	$116.0M	$314.8M	50x	as long as short
Bluefin HYPE-PERP	+0.0088%	1h	93.848	−0.073%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.900	−0.018%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.886	−0.033%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.864	−0.056%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.840	−0.082%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.921	+0.004%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	−0.029%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.874	−0.046%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.926	+0.010%	$2.05B	$668.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.923	+0.006%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.877	−0.043%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.870	−0.050%	$227.3M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.859	−0.062%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.807	−0.117%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	+0.003%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.087%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.110%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.897	−0.021%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.913	−0.004%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.898	−0.020%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.917	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.871	−0.049%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	−0.025%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.849	−0.072%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.900	−0.018%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	−0.114%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0218%	4h	93.919	+0.002%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.915	−0.002%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	93.947	+0.032%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.857	−0.064%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.886	−0.033%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	94.069	+0.162%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0410%	1h	93.963	+0.049%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.955	+0.040%	$20.9M	$29.8M	50x	as long as short