Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h +0.004%

Price spread now: edgeX against Bullet−0.135%7-day average −0.019% · 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−$35as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Bullet Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.015%+$2 on $10k

Price spread, last 3 days (all we have)+0.008%+$1 · spread now −0.135%, 7d avg −0.019%

Together, before fees+0.023%+ Points / potential airdropedgeX: Active · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and edgeX is 0.116% cheaper against Bullet than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	94.051	0.0100	pay 0.0013% / 1h	53m 34s	$113K	$578K	20x
Short	edgeX HYPEUSDC	93.924	0.0073	get 0.0036% / 4h	53m 34s	$5.1M	$29.7M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Bullet. 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 BulletbpFee edgeXbpOrdersPrice spread, now −0.135%Rate

Funding earned: −$5.76
Price spread: −0.135% → −0.019%: −$11.63
Slippage, 4 orders: −$6.22
Fee Bullet: 4 bp × 2 orders: −$8
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$40.62
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Bullet: live order book, 26 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 Bullet live order book, 26 min ago	0.22 bp	8.9 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell edgeX live order book, 1 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	126.3 bp −$12.6K	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	−0.0552%	1h	93.903	−0.158%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0484%	1h	93.816	−0.250%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.994	−0.061%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.165%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.006	−0.048%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	+0.044%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.073	+0.023%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.110	+0.062%	$28K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	−0.017%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.004	−0.050%	$176K	$526K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0019%	1h	93.990	−0.065%	$703K	$905K	10x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	94.060	+0.009%	$325.0M	$280.9M	75x	as long as short
Aster HYPEUSDT	+0.0031%	4h	94.067	+0.016%	$9.0M	$35.8M	300x	as long as short
Phemex HYPEUSDT	+0.0069%	8h	93.934	−0.125%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.061	+0.010%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	94.085	+0.036%	$90.8M	$80.4M	100x	as long as short
edgeX HYPEUSDCshort	+0.0073%	4h	93.924	−0.135%	$5.1M	$29.7M	30x
Binance HYPEUSDT	+0.0073%	4h	94.070	+0.020%	$386.5M	$887.5M	75x	as long as short
Derive HYPE-PERP	+0.0077%	1h	93.939	−0.120%	$16.4M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.057	+0.006%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.040	−0.012%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	94.095	+0.047%	$87K	$363K	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.078	+0.028%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.988	−0.067%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.034	−0.019%	$342K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.090	+0.041%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.078	+0.029%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.075	+0.025%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.085	+0.036%	$115.7M	$316.2M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.089	+0.040%	$47.4M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.083	+0.034%	$228.0M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.068	+0.018%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.020	−0.033%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.180%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	−0.120%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.945	−0.113%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	+0.004%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.090	+0.041%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USDlong	+0.0100%	1h	94.051	long leg	$113K	$578K	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.996	−0.059%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.018	−0.035%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.993	−0.062%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.395%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.850	−0.214%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.061	+0.010%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	94.029	−0.024%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.060	+0.009%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.148	+0.103%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.071	+0.021%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0280%	4h	93.930	−0.129%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.131	+0.085%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0292%	1h	94.089	+0.040%	$7.4M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.966	−0.090%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.098	+0.049%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0667%	1h	94.107	+0.059%	$2.05B	$665.5M	10x	as long as short