According to CoinMeta, the arbitrage space for HYPE has narrowed, and the funding rates have declined. The whale account with address 0xf17 began selling HYPE spot today and simultaneously buying to close an equal amount of perpetual short positions, planning to continue exiting its arbitrage positions. Previously, this account held a short position in both HYPE spot and contracts in a ratio of nearly 1:1, earning positive funding rates by hedging against price fluctuations. Before reducing its position, it held approximately 146,800 units; currently, both positions have been reduced to around 107,900 units, a decrease of nearly 39,000 units each, representing a reduction of about 26.5%. Two ongoing orders related to TWAP aim to handle a total of 90,000 units of HYPE: about 33,200 units have been sold on the spot side, with a transaction volume of approximately $1.8 million, and about 33,100 units have been closed on the contract side, with a transaction volume of approximately $1.795 million. The cumulative funding rate for HYPE has decreased from +0.02790% on August 1st to +0.02227% on August 3rd, a reduction of about 20.2%. Based on the current size of its open short positions, its daily gross funding income has dropped from about $1,638 to $1,308.