Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0033%/8h= −3.7% APRpaid last 24h 0.000%

Price spread now: Phemex against SunX−0.043%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$97as in the Funding arb table

Net, price: spread back to 7d avg − costs−$96as in the Price arb table

costs, in and out, $10k−$970.970% of the position

Long on SunX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 3 days (all we have)−0.027%−$3 · spread now −0.043%, 7d avg −0.053%

Together, before fees−0.029%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.053%, so right now this pair is about funding alone: −$1 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	93.748	0.0100	pay 0.0050% / 4h	21m 19s	$32K	$1.6M	20x
Short	Phemex HYPEUSDT	93.708	0.0067	get 0.0067% / 8h	21m 19s	$12.8M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$7.03
Price spread: −0.043% → −0.053%: $1.07
Slippage, 4 orders: −$76.96
Fee SunX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$102.93
Costs to cover: 0.970%
Break-even: never at this rate

Slippage from SunX: live order book, 4 min ago; Phemex: 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	19.35 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	3.96 bp	15.5 bp −$15	32.0 bp −$320	doesn't fit	doesn't fit

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	−0.0992%	1h	93.602	−0.156%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0396%	1h	93.644	−0.111%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.559	−0.202%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0089%	1h	93.680	−0.073%	$704K	$912K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.204%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.671	−0.082%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0001%	4h	93.700	−0.051%	$168K	$586K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.737	−0.011%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.700	−0.052%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.727	−0.022%	$26K	—	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	+0.0006%	4h	93.667	−0.087%	$8.9M	$36.0M	300x	as long as short
Phoenix HYPE	+0.0009%	1h	93.610	−0.147%	$214K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.690	−0.062%	$322.1M	$283.8M	75x	as long as short
Derive HYPE-PERP	+0.0030%	1h	93.653	−0.101%	$16.4M	$7.1M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	93.688	−0.064%	$87.9M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0049%	4h	93.697	−0.054%	$382.6M	$896.5M	75x	as long as short
Phemex HYPEUSDTshort	+0.0067%	8h	93.708	−0.043%	$12.8M	$2.6M	50x
edgeX HYPEUSDC	+0.0070%	4h	93.483	−0.282%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0074%	4h	93.679	−0.074%	$44.0M	$59.7M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.688	−0.064%	$59K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.741	−0.007%	$18.9M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.717	−0.033%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.710	−0.041%	$399K	$318K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0098%	8h	93.701	−0.050%	$115.5M	$321.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.683	−0.070%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.680	−0.073%	$15K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.645	−0.110%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.708	−0.042%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.131%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.703	−0.048%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.698	−0.053%	$227.0M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.688	−0.064%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.753	+0.005%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.672	−0.081%	$31.1M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.549	−0.213%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.489	−0.276%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.514	−0.250%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.717	−0.033%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.706	−0.045%	$491K	$2.4M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.698	−0.053%	$113K	$576K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.698	−0.053%	$76K	$171K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.748	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.698	−0.053%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.706%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.680	−0.072%	$18.4M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0134%	8h	93.672	−0.081%	$1.9M	$5.0M	2.3x	as long as short
Hyperliquid HYPE	+0.0135%	1h	93.734	−0.015%	$2.04B	$677.3M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.790	+0.045%	$4.9M	$5.7M	50x	as long as short
BloFin HYPE-USDT	+0.0197%	4h	93.704	−0.047%	$17.0M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0204%	4h	93.848	+0.107%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.694	−0.058%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.716	−0.034%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.725	−0.025%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0433%	1h	93.798	+0.053%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.795	+0.050%	$20.9M	$29.5M	50x	as long as short