Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0049%/8h= +5.4% APRpaid last 24h +0.014%

Price spread now: edgeX against Bybit−0.130%71s7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

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

costs, in and out, $10k−$220.222% of the position

Long on Bybit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 7 days+0.111%+$11 · spread now −0.130%, 7d avg −0.014%

Together, before fees+0.177%+ Points / potential airdropedgeX: Active · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.117% cheaper against Bybit than usual: you would sell low and buy high (spread −0.130% now, against its 7-day average of −0.014%). If the spread goes back, that is −$12 on $10k: about 7.9 days of funding at the current rate (+$1 a day). The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	92.870	0.0045	pay 0.0045% / 8h	4h 02m	$316.8M	$281.2M	75x
Short	edgeX HYPEUSDC	92.749	0.0094	get 0.0047% / 4h	2m 21s	$4.9M	$29.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Bybit. 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 BybitbpFee edgeXbpOrdersPrice spread, now −0.130%Rate

Funding earned: $10.35
Price spread: −0.130% → −0.014%: −$11.66
Slippage, 4 orders: −$2.16
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$23.47
Costs to cover: 0.222%
Break-even: 22.9 days

Slippage from Bybit: live order book, 2 min ago; edgeX: 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 Bybit live order book, 2 min ago	0.54 bp	6.5 bp −$6	8.0 bp −$80	16.2 bp −$1,624	51.0 bp −$25.5K
Sell edgeX live order book, 2 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-USD	−0.0948%	1h	92.815	−0.059%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0408%	1h	92.738	−0.143%	$194K	$225K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0271%	1h	92.811	−0.063%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.878	+0.009%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.852	−0.019%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	−0.006%	$127K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	92.871	+0.001%	$86K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.859	−0.012%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.880	+0.011%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	92.851	−0.020%	$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	+0.0029%	1h	92.837	−0.036%	$111K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.870	0.000%	—	$53.5M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.800	−0.075%	$697K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.124%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDTlong	+0.0045%	8h	92.870	long leg	$316.8M	$281.2M	75x
Aster HYPEUSDT	+0.0066%	4h	92.863	−0.008%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0088%	4h	92.873	+0.003%	$224.8M	$98.7M	75x	as long as short
edgeX HYPEUSDCshort	+0.0094%	4h	92.749	−0.130%	$4.9M	$29.6M	30x
Paradex HYPE-USD-PERP	+0.0095%	8h	92.887	+0.018%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.870	0.000%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.869	−0.001%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.859	−0.012%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0097%	8h	92.883	+0.014%	$113.9M	$303.7M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.850	−0.022%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.856	−0.016%	$7.5M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.902	+0.034%	$2.02B	$663.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.891	+0.023%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.890	+0.022%	$373.2M	$902.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.075%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.865	−0.005%	$44.5M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.896	+0.028%	$88.2M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.874	+0.004%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.871	+0.001%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.689	−0.195%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	−0.101%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.773	−0.104%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.867	−0.003%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.900	+0.033%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.902	+0.034%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.867	−0.003%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.838	−0.034%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.839	−0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.882	+0.013%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.998	+0.138%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.858	−0.013%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.850	−0.021%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	+0.097%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.930	+0.065%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	92.923	+0.057%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.875	+0.005%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.857	−0.014%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0331%	1h	92.962	+0.099%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.933	+0.068%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.869	−0.001%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.915	+0.048%	$3.2M	$6.4M	20x	as long as short