Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.009%

Price spread now: Bybit against edgeX+0.012%7-day average +0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on edgeX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 7 days−0.016%−$2 · spread now +0.012%, 7d avg +0.015%

Together, before fees−0.084%+ Points / potential airdropedgeX: Active · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.015%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	92.953	0.0074	pay 0.0037% / 4h	1h 23m	$5.0M	$29.6M	30x
Short	Bybit HYPEUSDT	92.964	0.0022	get 0.0022% / 8h	1h 23m	$322.3M	$287.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$10.87
Price spread: +0.012% → +0.015%: −$0.32
Slippage, 4 orders: −$2.79
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$33.97
Costs to cover: 0.228%
Break-even: never at this rate

Slippage from edgeX: live order book, 1 min ago; Bybit: live order book, 6 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	5.3 bp −$53	189.6 bp −$19.0K	doesn't fit
Sell Bybit live order book, 6 min ago	0.54 bp	7.1 bp −$7	9.6 bp −$96	20.7 bp −$2,070	47.7 bp −$23.9K

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	−0.0405%	1h	93.001	+0.051%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0296%	1h	93.001	+0.052%	$196K	$230K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	92.940	−0.014%	$698K	$926K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.940	−0.014%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.998	+0.048%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	92.991	+0.041%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	92.980	+0.029%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0008%	4h	92.981	+0.030%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.011	+0.062%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.978	+0.026%	$23K	$331K	10x	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	93.017	+0.069%	$20K	—	150x	as long as short
Bybit HYPEUSDTshort	+0.0022%	8h	92.964	+0.012%	$322.3M	$287.4M	75x
Orderly PERP_HYPE_USDC	+0.0023%	4h	92.993	+0.043%	$171K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.937	−0.017%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.030	+0.083%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.986	+0.035%	$43.8M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0057%	1h	92.980	+0.029%	$111K	$580K	20x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.004	+0.055%	$90.4M	$82.1M	100x	as long as short
Binance HYPEUSDT	+0.0064%	4h	92.977	+0.026%	$380.8M	$895.5M	75x	as long as short
edgeX HYPEUSDClong	+0.0074%	4h	92.953	long leg	$5.0M	$29.6M	30x
Lighter HYPE	+0.0096%	1h	93.015	+0.067%	$18.5M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.984	+0.033%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.975	+0.023%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.949	−0.004%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.030	+0.083%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.983	+0.032%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.034	+0.087%	$2.02B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.007	+0.058%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.976	+0.025%	$113.5M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	+0.083%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.003	+0.054%	$46.9M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.988	+0.038%	$225.4M	$103.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.981	+0.030%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.005	+0.056%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.933	−0.021%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.008	+0.059%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	+0.068%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.007	+0.058%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.021	+0.073%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.013	+0.064%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.977	+0.026%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.055	+0.110%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.999	+0.049%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.984	+0.033%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.980	+0.029%	$18.3M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.055	+0.110%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	+0.072%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.850	−0.111%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.164	+0.227%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.965	+0.013%	$76K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0264%	4h	92.987	+0.036%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.047	+0.101%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.016	+0.067%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0341%	1h	93.089	+0.146%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.106	+0.164%	$20.8M	$29.0M	50x	as long as short