Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0017%/8h= +1.8% APRpaid last 24h +0.009%

Price spread now: Backpack against edgeX+0.092%7-day average +0.294% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$260.259% of the position

Long on edgeX Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 7 days−0.812%−$81 · spread now +0.092%, 7d avg +0.294%

Together, before fees−0.769%+ Points / potential airdropedgeX: Active · farm board−$77 on $10k · with fees, hour by hour

Funding pays, the price is against you. Backpack is 0.202% cheaper against edgeX than usual: you would sell low and buy high (spread +0.092% now, against its 7-day average of +0.294%). If the spread goes back, that is −$20 on $10k: about 41 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	94.173	0.0083	pay 0.0042% / 4h	1h 08m	$5.0M	$30.6M	30x
Short	Backpack HYPE_USDC_PERP	94.260	0.0100	get 0.0013% / 1h	8m 21s	$7.4M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.092%Rate

Funding earned: $3.47
Price spread: +0.092% → +0.294%: −$20.16
Slippage, 4 orders: −$6.86
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$42.55
Costs to cover: 0.259%
Break-even: 92.9 days

Slippage from edgeX: live order book, 1 min ago; Backpack: 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 edgeX live order book, 1 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	147.4 bp −$14.7K	doesn't fit
Sell Backpack live order book, 1 min ago	0.05 bp	5.1 bp −$5	6.5 bp −$65	433.0 bp −$43.3K	doesn't fit

HYPE on 54 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	−0.1136%	1h	94.129	−0.047%	$200K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0155%	1h	94.267	+0.100%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0092%	1h	94.180	+0.007%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.313	+0.148%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0068%	1h	94.353	+0.191%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	94.338	+0.175%	$87K	$367K	20x	as long as short
Bluefin HYPE-PERP	−0.0031%	1h	94.364	+0.203%	$80K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0013%	4h	94.345	+0.182%	$146K	$686K	20x	as long as short
Bybit HYPEUSDT	−0.0005%	8h	94.330	+0.166%	$317.4M	$288.9M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.312	+0.147%	$129K	$26K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERP	0.0000%	8h	94.268	+0.101%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.366	+0.205%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.370	+0.209%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	+0.053%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.391	+0.231%	$227.3M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.373	+0.212%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0071%	8h	94.371	+0.210%	$337K	$156K	20x	as long as short
edgeX HYPEUSDClong	+0.0083%	4h	94.173	long leg	$5.0M	$30.6M	30x
Arcus HYPE-USD	+0.0084%	1h	94.298	+0.133%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0096%	8h	94.360	+0.198%	$116.4M	$320.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.294	+0.129%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.313	+0.148%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.315	+0.151%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	+0.113%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.320	+0.156%	$7.4M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.441	+0.284%	$2.08B	$686.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.353	+0.191%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.346	+0.183%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.353	+0.191%	$377.6M	$931.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	+0.010%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.340	+0.177%	$49.4M	$57.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.360	+0.198%	$90.0M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.301	+0.136%	$47.0M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.339	+0.176%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	94.260	+0.092%	$7.4M	$10.4M	20x
Variational Omni HYPE	+0.0100%	8h	94.138	−0.038%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.189	+0.017%	$7.6M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.149	−0.026%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.193	+0.021%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.376	+0.215%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.375	+0.214%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.388	+0.228%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.389	+0.229%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.347%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.342	+0.179%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.367	+0.206%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.350	+0.188%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.411	+0.253%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.090	−0.088%	$30K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.461	+0.306%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.332	+0.169%	$83K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.227	+0.057%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.436	+0.279%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.350	+0.188%	$3.2M	$6.4M	20x	as long as short