Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h +0.005%

Price spread now: Extended against edgeX−0.073%7-day average +0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

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

costs, in and out, $10k−$150.153% of the position

Long on edgeX Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 7 days+0.090%+$9 · spread now −0.073%, 7d avg +0.006%

Together, before fees+0.107%+ Points / potential airdropedgeX: Active · Extended: Active · farm board+$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.080% cheaper against edgeX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	93.435	0.0107	pay 0.0053% / 4h	2h 45m	$5.1M	$29.5M	30x
Short	Extended HYPE-USD	93.366	0.0104	get 0.0013% / 1h	45m 20s	$18.4M	$41.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.073%Rate

Funding earned: −$0.62
Price spread: −0.073% → +0.006%: −$7.97
Slippage, 4 orders: −$1.26
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$23.85
Costs to cover: 0.153%
Break-even: never at this rate

Slippage from edgeX: live order book, 4 min ago; Extended: live order book, 4 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, 4 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	133.2 bp −$13.3K	doesn't fit
Sell Extended live order book, 4 min ago	0.05 bp	3.1 bp −$3	5.2 bp −$52	25.8 bp −$2,585	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	−0.1240%	1h	93.386	−0.052%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0202%	1h	93.330	−0.112%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0188%	1h	93.399	−0.038%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.422	−0.013%	$89K	$345K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.423	−0.012%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	+0.074%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.520	+0.091%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.434	0.000%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.430	−0.005%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.420	−0.015%	$8.9M	$36.1M	300x	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	+0.0017%	1h	93.351	−0.089%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	+0.0019%	1h	93.411	−0.025%	$113K	$583K	20x	as long as short
Gate HYPE_USDT	+0.0022%	4h	93.402	−0.035%	$44.2M	$56.3M	75x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.383	−0.055%	$325.3M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.028%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0075%	4h	93.419	−0.017%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.459	+0.026%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.441	+0.007%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.397	−0.040%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.440	+0.006%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.396	−0.041%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.482	+0.051%	$2.04B	$669.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.428	−0.007%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.391	−0.046%	$385.7M	$888.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.366	−0.073%	$114.8M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.396	−0.041%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.106%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.397	−0.040%	$93.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.414	−0.022%	$46.3M	$19.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.404	−0.033%	$226.8M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.396	−0.041%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.475	+0.043%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.063%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.445	+0.011%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.456	+0.023%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.481	+0.050%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.462	+0.029%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.447	+0.013%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.402	−0.035%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.445	+0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.375	−0.064%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.429	−0.006%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.450	+0.017%	$339K	$171K	20x	as long as short
Extended HYPE-USDshort	+0.0104%	1h	93.366	−0.073%	$18.4M	$41.1M	50x
Aevo HYPE-PERP	+0.0104%	1h	93.420	−0.015%	$397K	$318K	20x	as long as short
edgeX HYPEUSDClong	+0.0107%	4h	93.435	long leg	$5.1M	$29.5M	30x
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.070%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.495	+0.065%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.404	−0.032%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.112%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.445	+0.012%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.408	−0.028%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0388%	4h	93.628	+0.207%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.474	+0.042%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.481	+0.050%	$19.2M	$25.8M	50x	as long as short