Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h −0.054%

Price spread now: Hotstuff against SunX−0.200%7-day average — · you buy dearer than you sell

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

Long on SunX Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Hotstuff is 0.200% cheaper against SunX than usual: you would sell low and buy high (−$20 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	94.946	0.0100	pay 0.0050% / 4h	3h 52m	$32K	$1.6M	20x
Short	Hotstuff HYPE-PERP	94.756	−0.0080	pay 0.0010% / 1h	52m 52s	$3K	$331	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.200%Rate

Funding earned: −$37.8
Price spread: −0.200% → 0.000%: −$20.01
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$70.81
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: SunX: live order book, 12 min ago; Hotstuff: 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, 12 min ago	19.38 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	−0.1440%	1h	94.577	−0.389%	$207K	$267K	7x	as long as short
Phemex HYPEUSDT	−0.0507%	8h	94.813	−0.140%	$12.9M	$2.9M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0312%	1h	94.675	−0.285%	$22K	$20K	10x	as long as short
Bluefin HYPE-PERP	−0.0306%	1h	94.783	−0.172%	$80K	$150K	20x	as long as short
Bullet HYPE-USD	−0.0144%	1h	94.845	−0.107%	$112K	$576K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.789	−0.165%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.853	−0.098%	$88K	$364K	20x	as long as short
Hotstuff HYPE-PERPshort	−0.0080%	1h	94.756	−0.200%	$3K	$331	25x
Ondo Perps HYPE-USD.P	−0.0058%	1h	94.760	−0.196%	$714K	$1.2M	10x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.882	−0.067%	$20.3M	$30.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.799	−0.155%	$147K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.808	−0.146%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.930	−0.017%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.846	−0.105%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.763	−0.193%	$124K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.810	−0.143%	$208K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0012%	4h	94.827	−0.125%	$227.4M	$99.7M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.800	−0.154%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERP	+0.0022%	1h	94.691	−0.268%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0050%	8h	94.831	−0.121%	$339K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	94.817	−0.136%	$118.2M	$327.6M	50x	as long as short
Vest HYPE-PERP	+0.0069%	1h	94.861	−0.089%	—	$190K	5x	as long as short
Lighter HYPE	+0.0080%	1h	94.841	−0.110%	$16.3M	$61.7M	20x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.539	−0.429%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.848	−0.103%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.837	−0.115%	$143K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.780	−0.175%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.811	−0.142%	$7.3M	$52.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.919	−0.028%	$2.09B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.835	−0.117%	$9.6M	$37.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.846	−0.106%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.855	−0.096%	$380.9M	$934.4M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.820	−0.133%	$317.8M	$288.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.275%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.816	−0.137%	$50.9M	$53.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.844	−0.107%	$94.0M	$84.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.830	−0.122%	$47.0M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.815	−0.138%	—	$53.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.821	−0.132%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.418%	$29.9M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.656	−0.306%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.534	−0.434%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.702	−0.257%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.884	−0.065%	$500K	$2.8M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	94.946	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	94.825	−0.127%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.976	+0.032%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.816	−0.137%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.826	−0.127%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.850	−0.102%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.950	+0.004%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.820	−0.133%	$83K	$118K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.868	−0.082%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	94.918	−0.029%	$7.5M	$4.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.800	−0.154%	$17.2M	$12.5M	75x	as long as short