Funding arb · Price arb /

HYPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.1042%/8h= +114.1% APRpaid last 24h +0.075%

Price spread now: edgeX against Arcus−0.071%54s7-day average −0.013% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$150.154% of the position

Long on Arcus Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.112%+$11 on $10k

Price spread, last 7 days+0.070%+$7 · spread now −0.071%, 7d avg −0.013%

Together, before fees+0.182%+ Points / potential airdropedgeX: Active · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.058% cheaper against Arcus than usual: you would sell low and buy high (spread −0.071% now, against its 7-day average of −0.013%). If the spread goes back, that is −$6 on $10k: about 4 hours of funding at the current rate (+$31 a day). At the pace of the last 4 days (+0.112% in total) that is about 45 hours. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.112% in total (about 11.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Arcus HYPE-USD	92.815	−0.0948	get 0.0119% / 1h	2m 38s	$1.1M	$3.9M	10x
Short	edgeX HYPEUSDC	92.749	0.0094	get 0.0047% / 4h	2m 38s	$4.9M	$29.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Arcus. 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 ArcusbpFee edgeXbpOrdersPrice spread, now −0.071%Rate

Funding earned: $218.87
Price spread: −0.071% → −0.013%: −$5.84
Slippage, 4 orders: −$1.91
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $197.62
Costs to cover: 0.154%
Break-even: 0.7 days

Slippage from Arcus: live order book, 1 min ago; edgeX: live order book, 1 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 Arcus live order book, 1 min ago	0.43 bp	2.7 bp −$3	4.4 bp −$44	18.5 bp −$1,855	doesn't fit
Sell edgeX live order book, 1 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	152.9 bp −$15.3K	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
Arcus HYPE-USDlong	−0.0948%	1h	92.815	long leg	$1.1M	$3.9M	10x
Hibachi HYPE/USDT-P	−0.0368%	1h	92.692	−0.132%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	92.799	−0.017%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.865	+0.054%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.837	+0.024%	$157K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	+0.054%	$127K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	92.876	+0.066%	$87K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.879	+0.069%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.890	+0.081%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	92.851	+0.039%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0028%	1h	92.834	+0.020%	$111K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.850	+0.038%	—	$53.5M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.800	−0.016%	$697K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.065%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.842	+0.029%	$316.8M	$281.1M	75x	as long as short
Aster HYPEUSDT	+0.0066%	4h	92.870	+0.060%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0088%	4h	92.845	+0.032%	$224.7M	$98.6M	75x	as long as short
edgeX HYPEUSDCshort	+0.0094%	4h	92.749	−0.071%	$4.9M	$29.6M	30x
Paradex HYPE-USD-PERP	+0.0095%	8h	92.887	+0.077%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.870	+0.060%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.869	+0.058%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.860	+0.048%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0097%	8h	92.853	+0.041%	$113.9M	$303.5M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.860	+0.048%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.859	+0.048%	$7.5M	$45.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.885	+0.075%	$2.02B	$663.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.891	+0.082%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.862	+0.051%	$373.1M	$901.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.016%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.857	+0.045%	$44.5M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.862	+0.051%	$88.2M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.862	+0.051%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.871	+0.060%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.689	−0.136%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	−0.042%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.773	−0.045%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.827	+0.013%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.888	+0.079%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.896	+0.087%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.850	+0.038%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.828	+0.015%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.846	+0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.871	+0.060%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.998	+0.197%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.839	+0.026%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.850	+0.038%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	+0.156%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.930	+0.124%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	92.923	+0.116%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.860	+0.049%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0321%	1h	92.951	+0.147%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.859	+0.047%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.934	+0.129%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.869	+0.058%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.920	+0.113%	$3.2M	$6.4M	20x	as long as short