Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0127%/8h= −13.9% APRpaid last 24h −0.055%

Price spread now: edgeX against Deribit−0.622%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$78as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)+0.877%+$88 · spread now −0.622%, 7d avg −0.051%

Together, before fees+0.896%+ Points / potential airdropedgeX: Active · farm board+$90 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and edgeX is 0.572% cheaper against Deribit than usual: you would sell low and buy high (−$57 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	94.965	0.0224	pay 0.0028% / 1h	22m 59s	$7.5M	$4.4M	50x
Short	edgeX HYPEUSDC	94.374	0.0097	get 0.0049% / 4h	3h 22m	$5.0M	$30.8M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Deribit. 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 DeribitbpFee edgeXbpOrdersPrice spread, now −0.622%Rate

Funding earned: −$26.64
Price spread: −0.622% → −0.051%: −$57.16
Slippage, 4 orders: −$5.11
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$104.9
Costs to cover: 0.211%
Break-even: never at this rate

Slippage from Deribit: 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 Deribit live order book, 1 min ago	2.21 bp	5.7 bp −$6	11.6 bp −$116	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	100.0 bp −$9,999	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	−0.0816%	1h	94.533	−0.455%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0569%	1h	94.823	−0.150%	$80K	$148K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0298%	1h	94.505	−0.484%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0249%	1h	94.811	−0.162%	$113K	$577K	20x	as long as short
Phemex HYPEUSDT	−0.0215%	8h	94.810	−0.163%	$12.9M	$2.9M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0165%	1h	94.570	−0.416%	$702K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.768	−0.207%	$90K	$365K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.729	−0.249%	$1.0M	$3.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.664	−0.317%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.848	−0.123%	$18.9M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0020%	4h	94.838	−0.134%	$51.9M	$55.5M	75x	as long as short
Bybit HYPEUSDT	−0.0015%	8h	94.811	−0.162%	$319.7M	$293.0M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.840	−0.132%	$147K	$676K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.465	−0.526%	$130K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.773	−0.202%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.852	−0.119%	$19K	$275K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.860	−0.111%	$114K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.372	−0.624%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.847%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.880	−0.090%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	94.813	−0.160%	$228.1M	$97.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0038%	1h	94.819	−0.154%	$7.6M	$10.4M	20x	as long as short
Vest HYPE-PERP	+0.0041%	1h	94.794	−0.180%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0041%	8h	94.773	−0.202%	$339K	$39K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0042%	8h	94.805	−0.168%	$118.3M	$328.0M	50x	as long as short
SoDEX HYPE-USD	+0.0056%	1h	94.864	−0.106%	$2.1M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.858	−0.113%	$16.3M	$63.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.857	−0.114%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.752	−0.224%	$150K	$1.2M	50x	as long as short
edgeX HYPEUSDCshort	+0.0097%	4h	94.374	−0.622%	$5.0M	$30.8M	30x
Aster HYPEUSDT	+0.0099%	4h	94.816	−0.157%	$9.0M	$38.4M	300x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.720	−0.258%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.775	−0.200%	$7.3M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.954	−0.012%	$2.09B	$671.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.770	−0.206%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.864	−0.106%	$381.6M	$931.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.791%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.858	−0.113%	$95.7M	$87.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.834	−0.138%	$47.3M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.858	−0.113%	—	$52.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.267	−0.735%	$29.8M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.416	−0.578%	$7.6M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.358	−0.639%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.612	−0.372%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.834	−0.138%	$500K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.906	−0.062%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.950	−0.016%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.792	−0.182%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.892	−0.077%	$401K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.783	−0.192%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.216%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0224%	1h	94.965	long leg	$7.5M	$4.4M	50x
Reya HYPERUSDPERP	+0.0271%	1h	94.780	−0.195%	$83K	$106K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.895	−0.074%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.864	−0.106%	$17.4M	$12.5M	75x	as long as short