Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0069%/8h= −7.6% APRpaid last 24h +0.019%

Price spread now: edgeX against Coinbase International−0.085%7-day average +0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$270.275% of the position

Long on Coinbase International Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.105%+$10 on $10k

Price spread, last 3 days (all we have)+0.127%+$13 · spread now −0.085%, 7d avg +0.027%

Together, before fees+0.231%+ Points / potential airdropedgeX: Active · farm board+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and edgeX is 0.112% cheaper against Coinbase International than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.027%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.105%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	93.390	0.0176	pay 0.0022% / 1h	43m 31s	$4.9M	$5.7M	50x
Short	edgeX HYPEUSDC	93.311	0.0107	get 0.0053% / 4h	1h 43m	$5.1M	$29.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Coinbase International. 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 Coinbase InternationalbpFee edgeXbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$14.59
Price spread: −0.085% → +0.027%: −$11.2
Slippage, 4 orders: −$8.46
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$53.26
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 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 Coinbase International live order book, 5 min ago	0.54 bp	8.6 bp −$9	14.1 bp −$141	38.0 bp −$3,802	doesn't fit
Sell edgeX live order book, 1 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	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
Aftermath Perps HYPEUSD	−0.0346%	1h	93.188	−0.216%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.292	−0.105%	$1.2M	$4.0M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0112%	1h	93.291	−0.106%	$197K	$230K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.339	−0.055%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0038%	1h	93.150	−0.257%	$699K	$924K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.375	−0.016%	$90K	$362K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.336	−0.058%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.345	−0.048%	$57K	$1.2M	50x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.293	−0.104%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.283	−0.114%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.296	−0.100%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.326	−0.069%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.235	−0.166%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.330	−0.064%	$324.2M	$286.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.278	−0.120%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0037%	4h	93.276	−0.122%	$171K	$519K	20x	as long as short
Gate HYPE_USDT	+0.0070%	4h	93.332	−0.062%	$43.7M	$57.7M	75x	as long as short
Bullet HYPE-USD	+0.0094%	1h	93.256	−0.144%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.332	−0.062%	$18.5M	$58.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.298	−0.099%	$3.1M	$12.1M	20x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.344	−0.049%	$383.6M	$891.6M	75x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.300	−0.096%	$90.3M	$81.6M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.342	−0.051%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.320	−0.075%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.344	−0.049%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.300	−0.096%	$2.03B	$672.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.324	−0.071%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.314	−0.081%	$114.1M	$314.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.542%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.303	−0.093%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.352	−0.041%	$226.3M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.333	−0.061%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.294	−0.103%	$7.9M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.236	−0.165%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.228	−0.173%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.375	−0.016%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.274	−0.124%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.286	−0.111%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.292	−0.105%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.277	−0.121%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.309	−0.087%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.265	−0.134%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.270	−0.128%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.319	−0.076%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.271	−0.127%	$397K	$318K	20x	as long as short
edgeX HYPEUSDCshort	+0.0107%	4h	93.311	−0.085%	$5.1M	$29.6M	30x
Coinbase International HYPE-PERP-INTXlong	+0.0176%	1h	93.390	long leg	$4.9M	$5.7M	50x
Injective HYPE/USDC PERP	+0.0239%	1h	93.300	−0.096%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.251	−0.149%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0276%	4h	93.368	−0.024%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.399	+0.010%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.188	−0.216%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.281	−0.117%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0350%	1h	93.366	−0.026%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.394	+0.004%	$20.8M	$28.7M	50x	as long as short