Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.031%

Price spread now: dYdX against SunX−0.095%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$121as in the Price arb table

costs, in and out, $10k−$1171.170% of the position

Long on SunX Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.150%−$15 on $10k

Price spread, last 4 days (all we have)+0.239%+$24 · spread now −0.095%, 7d avg −0.052%

Together, before fees+0.089%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and dYdX is 0.043% cheaper against SunX than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.052%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	95.350	0.0100	pay 0.0050% / 4h	1h 55m	$33K	$1.4M	20x
Short	dYdX HYPE-USD	95.259	0	get 0.0000% / 1h	55m 09s	$129K	$94K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.095%Rate

Funding earned: −$21
Price spread: −0.095% → −0.052%: −$4.34
Slippage, 4 orders: −$98.96
Fee SunX: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$142.3
Costs to cover: 1.170%
Break-even: never at this rate

Slippage from SunX: live order book, 3 min ago; dYdX: live order book, 56 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, 3 min ago	19.05 bp	23.8 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell dYdX live order book, 56 min ago	17.79 bp	22.8 bp −$23	64.5 bp −$645	144.8 bp −$14.5K	1007.6 bp −$503.8K

HYPE on 54 exchanges

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	−0.1272%	1h	95.275	−0.079%	$213K	$261K	7x	as long as short
Phemex HYPEUSDT	−0.0287%	8h	95.237	−0.119%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.269	−0.085%	$18.6M	$35.2M	50x	as long as short
Bullet HYPE-USD	−0.0140%	1h	95.274	−0.079%	$114K	$582K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0135%	1h	95.243	−0.112%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	95.220	−0.136%	$690K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.258	−0.096%	$1.1M	$2.4M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.167%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.261	−0.093%	$54.7M	$53.1M	75x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	95.282	−0.071%	$92K	$346K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.260	−0.094%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0040%	4h	95.227	−0.129%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0026%	4h	95.245	−0.110%	$9.0M	$32.9M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.251	−0.103%	$16.3M	$57.5M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0010%	8h	95.235	−0.121%	$119.3M	$303.9M	50x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	95.259	−0.095%	$129K	$94K	5x
Perpl HYPE	0.0000%	43m	95.296	−0.057%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.309	−0.043%	$100K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	95.333	−0.018%	$201K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.267	−0.087%	$229.0M	$87.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0023%	1h	95.345	−0.005%	$7.5M	$4.3M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	95.270	−0.084%	$321.0M	$266.5M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	95.275	−0.079%	$274K	$1.0M	50x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	−0.085%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.265	−0.090%	$340K	$35K	20x	as long as short
Vest HYPE-PERP	+0.0083%	1h	95.329	−0.022%	—	$80K	5x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	95.253	−0.102%	$5.1M	$29.1M	30x	as long as short
Binance HYPEUSDT	+0.0096%	4h	95.256	−0.099%	$382.8M	$857.3M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.269	−0.085%	$3.3M	$10.0M	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	95.253	−0.102%	$90.7M	$83.0M	100x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.230	−0.126%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.265	−0.089%	$7.3M	$51.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.285	−0.068%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.254	−0.101%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.281	−0.072%	—	$48.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.300	−0.052%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.251	−0.104%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.301	−0.051%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	−0.167%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.269	−0.085%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.296	−0.057%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.262	−0.092%	$79K	$136K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	95.350	long leg	$33K	$1.4M	20x
SoDEX HYPE-USD	+0.0100%	1h	95.260	−0.094%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.379	+0.030%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.232	−0.124%	$18.4M	$39.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.256	−0.099%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	95.315	−0.037%	$1.8M	$5.1M	2.3x	as long as short
Hyperliquid HYPE	+0.0132%	1h	95.370	+0.021%	$2.11B	$650.3M	10x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.301	−0.051%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.233	−0.123%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.293	−0.060%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	95.266	−0.088%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.052%	$31K	$334K	12x	as long as short