Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0128%/8h= +14.0% APRpaid last 24h +0.052%

Price spread now: Deribit against edgeX+0.224%75s7-day average +0.048% · you sell dearer than you buy

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.243% of the position

Long on edgeX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 4 days (all we have)−0.182%−$18 · spread now +0.224%, 7d avg +0.048%

Together, before fees−0.200%+ Points / potential airdropedgeX: Active · farm board−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Deribit is 0.175% dearer against edgeX than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of +0.048%. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	94.396	0.0087	pay 0.0043% / 4h	1m 56s	$5.0M	$30.7M	30x
Short	Deribit HYPE_USDC-PERPETUAL	94.607	0.0215	get 0.0027% / 1h	1m 56s	$7.5M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.224%Rate

Funding earned: $26.94
Price spread: +0.224% → +0.048%: $17.55
Slippage, 4 orders: −$8.32
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $20.17
Costs to cover: 0.243%
Break-even: 1.8 days

Slippage from edgeX: live order book, 2 min ago; Deribit: live order book, 2 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, 2 min ago	0.63 bp	5.1 bp −$5	5.4 bp −$54	212.1 bp −$21.2K	doesn't fit
Sell Deribit live order book, 2 min ago	2.12 bp	5.7 bp −$6	11.4 bp −$114	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
Hibachi HYPE/USDT-P	−0.1528%	1h	94.486	+0.095%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0381%	1h	94.477	+0.086%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0200%	1h	94.460	+0.068%	$712K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0195%	1h	94.485	+0.095%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0191%	1h	94.506	+0.117%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.536	+0.149%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.518	+0.129%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.506	+0.117%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.511	+0.122%	$317.9M	$288.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.487	+0.097%	$147K	$686K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	−0.0001%	1h	94.468	+0.077%	$16.3M	$7.3M	10x	as long as short
Lighter HYPE	0.0000%	1h	94.523	+0.135%	$16.4M	$64.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.542	+0.155%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.598	+0.214%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.443	+0.050%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.545	+0.158%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.541	+0.154%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	94.503	+0.114%	$227.0M	$100.4M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0023%	1h	94.540	+0.153%	$498K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	94.512	+0.123%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0045%	8h	94.549	+0.162%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0049%	1h	94.522	+0.134%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.550	+0.163%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.500	+0.110%	$117.9M	$325.6M	50x	as long as short
Vest HYPE-PERP	+0.0073%	1h	94.575	+0.190%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0080%	4h	94.509	+0.120%	$50.6M	$57.0M	75x	as long as short
edgeX HYPEUSDClong	+0.0087%	4h	94.396	long leg	$5.0M	$30.7M	30x
Lighter RH HYPE	+0.0096%	1h	94.522	+0.134%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.505	+0.116%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.500	+0.110%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.495	+0.105%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.610	+0.227%	$2.08B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.524	+0.135%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.552	+0.165%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.517	+0.128%	$379.1M	$932.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	+0.034%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.536	+0.149%	$92.4M	$84.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.508	+0.119%	$47.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.513	+0.124%	—	$52.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.496	+0.106%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.362	−0.036%	$29.6M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.422	+0.028%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.416	+0.021%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.472	+0.081%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.619	+0.236%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.620	+0.238%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.492	+0.102%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.508	+0.119%	$400K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.564	+0.178%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.450	+0.057%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0215%	1h	94.607	+0.224%	$7.5M	$4.3M	50x
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.551	+0.165%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.538	+0.151%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.501	+0.111%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.486	+0.096%	$17.2M	$12.4M	75x	as long as short