Funding arb · Price arb /

HYPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1015%/8h= −111.2% APRpaid last 24h −0.067%

Price spread now: Arcus against edgeX−0.317%7-day average +0.014% · 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−$49as in the Price arb table

costs, in and out, $10k−$160.160% of the position

Long on edgeX Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.101%−$10 on $10k

Price spread, last 7 days+0.333%+$33 · spread now −0.317%, 7d avg +0.014%

Together, before fees+0.232%+ Points / potential airdropedgeX: Active · farm board+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Arcus is 0.331% cheaper against edgeX than usual: you would sell low and buy high (−$33 if the spread goes back to its 7-day average of +0.014%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.101% in total (about -10.4% 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	edgeX HYPEUSDC	93.295	0.0117	pay 0.0058% / 4h	1h 15m	$5.0M	$29.1M	30x
Short	Arcus HYPE-USD	93.000	−0.0899	pay 0.0112% / 1h	15m 13s	$1.2M	$3.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against edgeX. 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 edgeXbpFee ArcusbpOrdersPrice spread, now −0.317%Rate

Funding earned: −$213.22
Price spread: −0.317% → +0.014%: −$33.05
Slippage, 4 orders: −$2.52
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$262.29
Costs to cover: 0.160%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; Arcus: live order book, 4 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 edgeX live order book, 4 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	129.4 bp −$12.9K	doesn't fit
Sell Arcus live order book, 4 min ago	0.54 bp	3.2 bp −$3	4.0 bp −$40	201.7 bp −$20.2K	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	−0.1056%	1h	93.409	+0.121%	$197K	$227K	7x	as long as short
Arcus HYPE-USDshort	−0.0899%	1h	93.000	−0.317%	$1.2M	$3.8M	10x
Ondo Perps HYPE-USD.P	−0.0137%	1h	93.110	−0.199%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.314	+0.020%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.106	−0.203%	$85K	$344K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0055%	1h	93.352	+0.061%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.095	−0.215%	$153K	$652K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.163	−0.142%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.119	−0.189%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.107	−0.202%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0003%	8h	93.190	−0.113%	$12.6M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0020%	1h	93.090	−0.221%	$111K	$578K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.367	+0.077%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0026%	4h	93.169	−0.135%	$8.8M	$35.9M	300x	as long as short
BingX HYPE-USDT	+0.0034%	4h	93.110	−0.199%	—	$53.0M	—	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.131	−0.176%	$44.5M	$55.4M	75x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	93.130	−0.177%	$320.4M	$278.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.105	−0.204%	$113.6M	$300.4M	50x	as long as short
Derive HYPE-PERP	+0.0082%	1h	93.070	−0.242%	$16.1M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.156	−0.150%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.159	−0.146%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.082	−0.229%	$70K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.241	−0.058%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.120	−0.188%	$22K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.088	−0.222%	$5.7M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.202	−0.100%	$2.03B	$657.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.154	−0.151%	$10.0M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.130	−0.177%	$377.9M	$880.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.135	−0.172%	$89.1M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.161	−0.144%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.103	−0.206%	$225.2M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.101	−0.208%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.087%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.364	+0.073%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.292	−0.004%	$339K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.417	+0.130%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.197	−0.105%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.125	−0.183%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.085	−0.225%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.154	−0.152%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.110	−0.199%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.217	−0.084%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.071	−0.241%	$18.3M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.090	−0.221%	$396K	$162K	20x	as long as short
edgeX HYPEUSDClong	+0.0117%	4h	93.295	long leg	$5.0M	$29.1M	30x
HTX HYPE-USDT	+0.0149%	4h	93.260	−0.038%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.160	−0.145%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.072	−0.239%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0272%	8h	93.204	−0.098%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.101	−0.208%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.081	−0.230%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0341%	1h	93.191	−0.112%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.188	−0.115%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.466%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.206	−0.096%	$20.7M	$29.8M	50x	as long as short