Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0123%/8h= +13.4% APRpaid last 24h +0.040%

Price spread now: Kraken Futures against SunX−0.053%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$66as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$790.787% of the position

Long on SunX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now −0.053%, 7d avg −0.021%

Together, before fees+0.109%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.032% cheaper against SunX than usual: you would sell low and buy high (spread −0.053% now, against its 7-day average of −0.021%). If the spread goes back, that is −$3 on $10k: about 21 hours of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.122% in total) that is about 44 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	94.526	0.0100	pay 0.0050% / 4h	17m 30s	$33K	$1.6M	20x
Short	Kraken Futures PF_HYPEUSD	94.476	0.0223	get 0.0028% / 1h	17m 30s	$20.2M	$30.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.053%Rate

Funding earned: $25.76
Price spread: −0.053% → −0.021%: −$3.21
Slippage, 4 orders: −$60.67
Fee SunX: 4 bp × 2 orders: −$8
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$56.13
Costs to cover: 0.787%
Break-even: 22.3 days

Slippage from SunX: live order book, 8 min ago; Kraken Futures: live order book, 2 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, 8 min ago	19.14 bp	23.9 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	0.05 bp	14.6 bp −$15	16.8 bp −$168	23.5 bp −$2,347	73.4 bp −$36.7K

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	−0.1720%	1h	94.369	−0.166%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0396%	1h	94.453	−0.077%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.144%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0199%	1h	94.473	−0.056%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0153%	1h	94.288	−0.251%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.489	−0.039%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.433	−0.098%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0061%	1h	94.393	−0.141%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.450	−0.080%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.446	−0.085%	$16.4M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.442	−0.089%	$317.4M	$289.3M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.456	−0.074%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.440	−0.091%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	−0.066%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.516	−0.011%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.433%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.481	−0.047%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.480	−0.049%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0011%	1h	94.480	−0.049%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.436	−0.095%	$226.9M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0034%	8h	94.488	−0.040%	$338K	$154K	20x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.399	−0.134%	$12.9M	$2.9M	50x	as long as short
Vest HYPE-PERP	+0.0040%	1h	94.506	−0.021%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0051%	1h	94.459	−0.071%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.440	−0.091%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.449	−0.081%	$117.9M	$325.3M	50x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	94.281	−0.259%	$5.0M	$30.7M	30x	as long as short
Gate HYPE_USDT	+0.0094%	4h	94.456	−0.074%	$50.2M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.453	−0.077%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.448	−0.083%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	−0.091%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.465	−0.064%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.545	+0.020%	$2.08B	$687.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.461	−0.069%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.488	−0.040%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.457	−0.073%	$378.7M	$934.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.232%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.473	−0.056%	$89.0M	$84.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.455	−0.075%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.400	−0.133%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.473%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.175%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.316	−0.222%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.453	−0.077%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	94.526	long leg	$33K	$1.6M	20x
HTX HYPE-USDT	+0.0100%	4h	94.550	+0.025%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.439	−0.092%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.468	−0.061%	$399K	$154K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0110%	1h	94.540	+0.015%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.497	−0.031%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.226%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0223%	1h	94.476	−0.053%	$20.2M	$30.2M	50x
RISEx HYPE/USDC	+0.0249%	1h	94.490	−0.038%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.437	−0.094%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.362	−0.173%	$17.2M	$12.4M	75x	as long as short