Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h +0.012%

Price spread now: Bluefin against edgeX0.000%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on edgeX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 3 days (all we have)−0.057%−$6 · spread now 0.000%, 7d avg −0.002%

Together, before fees−0.171%+ Points / potential airdropedgeX: Active · farm board−$17 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	93.079	0.0099	pay 0.0050% / 4h	1h 33m	$5.1M	$29.6M	30x
Short	Bluefin HYPE-PERP	93.079	0.0100	get 0.0013% / 1h	33m 13s	$75K	$168K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0.12
Price spread: 0.000% → −0.002%: $0.22
Slippage, 4 orders: −$18.86
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$34.52
Costs to cover: 0.349%
Break-even: 2061.7 days

Slippage from edgeX: live order book, 1 min ago; Bluefin: live order book, 51 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	137.7 bp −$13.8K	doesn't fit
Sell Bluefin live order book, 51 min ago	1.92 bp	12.2 bp −$12	doesn't fit	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	−0.0380%	1h	93.133	+0.058%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0208%	1h	93.124	+0.048%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.094	+0.017%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0115%	1h	93.060	−0.020%	$698K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.134	+0.060%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.129	+0.054%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.107	+0.031%	$57K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.124	+0.048%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.070	−0.010%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	93.059	−0.021%	$8.8M	$36.0M	300x	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	93.102	+0.025%	$20K	—	150x	as long as short
Bullet HYPE-USD	+0.0025%	1h	93.057	−0.023%	$111K	$579K	20x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.050	−0.031%	$323.1M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0028%	4h	93.072	−0.007%	$172K	$519K	20x	as long as short
Derive HYPE-PERP	+0.0031%	1h	93.034	−0.048%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.106	+0.029%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0040%	4h	93.055	−0.025%	$43.9M	$58.1M	75x	as long as short
Binance HYPEUSDT	+0.0077%	4h	93.069	−0.010%	$382.4M	$894.0M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.104	+0.027%	$89.9M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.133	+0.058%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.111	+0.035%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.142	+0.068%	$338K	$170K	20x	as long as short
edgeX HYPEUSDClong	+0.0099%	4h	93.079	long leg	$5.1M	$29.6M	30x
Katana Perps HYPE-USD	+0.0100%	8h	93.120	+0.045%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.113	+0.038%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.146	+0.072%	$2.02B	$670.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.170	+0.098%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.051	−0.030%	$113.8M	$313.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.335%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.131	+0.056%	$47.1M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.101	+0.024%	$225.6M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.069	−0.010%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.122	+0.047%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.034	−0.048%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.144	+0.071%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.135	+0.061%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.066	−0.014%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.118	+0.042%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.136	+0.062%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.079	0.000%	$75K	$168K	20x
SunX HYPE-USDT	+0.0100%	4h	93.089	+0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.083	+0.005%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.073	−0.006%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.067	−0.013%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.084	+0.005%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0107%	8h	93.224	+0.156%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.180	+0.109%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.070	−0.009%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.057	−0.023%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0249%	4h	93.228	+0.161%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.177	+0.106%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0308%	4h	93.074	−0.005%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.095	+0.018%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0384%	1h	93.180	+0.109%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.194	+0.124%	$20.8M	$28.9M	50x	as long as short