Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0155%/8h= −17.0% APRpaid last 24h −0.005%

Price spread now: Bullet against edgeX−0.278%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−$53as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on edgeX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$2 on $10k

Price spread, last 4 days (all we have)+0.420%+$42 · spread now −0.278%, 7d avg +0.014%

Together, before fees+0.404%+ Points / potential airdropedgeX: Active · farm board+$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bullet is 0.292% cheaper against edgeX than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.014%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	92.776	0.0103	pay 0.0052% / 4h	51m 01s	$5.1M	$29.2M	30x
Short	Bullet HYPE-USD	92.518	−0.0052	pay 0.0006% / 1h	51m 01s	$110K	$579K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.278%Rate

Funding earned: −$32.52
Price spread: −0.278% → +0.014%: −$29.22
Slippage, 4 orders: −$6.59
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$85.32
Costs to cover: 0.236%
Break-even: never at this rate

Slippage from edgeX: live order book, 3 min ago; Bullet: live order book, 8 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, 3 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	144.4 bp −$14.4K	doesn't fit
Sell Bullet live order book, 8 min ago	0.54 bp	6.2 bp −$6	11.0 bp −$110	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
Arcus HYPE-USD	−0.0948%	1h	92.414	−0.390%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0760%	1h	92.788	+0.013%	$195K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0110%	1h	92.696	−0.086%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.530	−0.265%	$86K	$351K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.555	−0.238%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0066%	4h	92.470	−0.330%	$157K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0059%	1h	92.720	−0.060%	$699K	$1.1M	10x	as long as short
Bullet HYPE-USDshort	−0.0052%	1h	92.518	−0.278%	$110K	$579K	20x
Aster HYPEUSDT	−0.0003%	4h	92.481	−0.318%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.516	−0.280%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.520	−0.276%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.520	−0.276%	$62K	—	150x	as long as short
Derive HYPE-PERP	+0.0020%	1h	92.434	−0.368%	$16.0M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.493	−0.305%	—	$53.2M	—	as long as short
Phemex HYPEUSDT	+0.0033%	8h	92.492	−0.306%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.470	−0.330%	$317.4M	$279.2M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	+0.085%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.436	−0.366%	$44.4M	$54.5M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.529	−0.266%	$67K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	92.480	−0.319%	$113.1M	$300.8M	50x	as long as short
Binance HYPEUSDT	+0.0079%	4h	92.485	−0.313%	$371.8M	$892.7M	75x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.505	−0.292%	$87.6M	$80.2M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.546	−0.248%	$338K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.484	−0.314%	$16.0M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.495	−0.303%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.530	−0.265%	$14K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.525	−0.271%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.506	−0.291%	$2.01B	$658.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.552	−0.241%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.026%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.497	−0.301%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.487	−0.311%	$223.8M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.435	−0.367%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	−0.331%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	+0.025%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.847	+0.077%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.793	+0.019%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.585	−0.205%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.546	−0.248%	$467K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.586	−0.205%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.493	−0.305%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.650	−0.136%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDClong	+0.0103%	4h	92.776	long leg	$5.1M	$29.2M	30x
Extended HYPE-USD	+0.0104%	1h	92.460	−0.340%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.474	−0.325%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.430	−0.373%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.550	−0.243%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.515	−0.281%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.559	−0.234%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0317%	4h	92.544	−0.250%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.537	−0.257%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.558	−0.235%	$20.6M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0442%	1h	92.587	−0.204%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.603	−0.186%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.1344%	1h	92.483	−0.316%	$78K	$169K	20x	as long as short