Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0005%/8h= +0.6% APRpaid last 24h +0.001%

Price spread now: Nado against edgeX+0.168%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$5as in the Price arb table

costs, in and out, $10k−$180.183% of the position

Long on edgeX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 7 days−0.112%−$11 · spread now +0.168%, 7d avg +0.036%

Together, before fees−0.130%+ Points / potential airdropedgeX: Active · Nado: Active · farm board−$13 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: Nado is 0.131% dearer against edgeX than usual: you sell high and buy low, +$13 on $10k if it goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	95.110	0.0095	pay 0.0047% / 4h	1h 57m	$5.1M	$29.5M	30x
Short	Nado HYPE-PERP	95.269	0.0100	get 0.0012% / 1h	57m 26s	$7.3M	$52.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.168%Rate

Funding earned: $1.13
Price spread: +0.168% → +0.036%: $13.11
Slippage, 4 orders: −$2.26
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$4.02
Costs to cover: 0.183%
Break-even: 32.0 days

Slippage from edgeX: live order book, 5 min ago; Nado: live order book, 5 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, 5 min ago	0.47 bp	5.0 bp −$5	5.6 bp −$56	doesn't fit	doesn't fit
Sell Nado live order book, 5 min ago	0.05 bp	3.6 bp −$4	5.8 bp −$58	26.4 bp −$2,640	doesn't fit

HYPE on 54 exchanges

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	−0.1304%	1h	95.234	+0.130%	$213K	$261K	7x	as long as short
Bullet HYPE-USD	−0.0328%	1h	95.271	+0.170%	$114K	$582K	20x	as long as short
Phemex HYPEUSDT	−0.0282%	8h	95.237	+0.134%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.280	+0.179%	$18.6M	$35.3M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0141%	1h	95.213	+0.109%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.271	+0.170%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0086%	1h	95.140	+0.032%	$690K	$1.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	+0.086%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.269	+0.168%	$54.7M	$53.0M	75x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	95.307	+0.207%	$92K	$346K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.310	+0.211%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.252	+0.150%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.276	+0.175%	$9.0M	$33.0M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.259	+0.157%	$16.3M	$57.4M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.274	+0.173%	$119.3M	$304.4M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	+0.157%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.283	+0.182%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.303	+0.204%	$100K	—	150x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	+0.086%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	+0.099%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.268	+0.166%	$229.0M	$87.1M	75x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	95.300	+0.200%	$321.2M	$267.0M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	95.292	+0.192%	$274K	$1.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0044%	1h	95.363	+0.266%	$7.5M	$4.3M	50x	as long as short
Vest HYPE-PERP	+0.0065%	1h	95.329	+0.231%	—	$80K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	95.280	+0.179%	$340K	$35K	20x	as long as short
edgeX HYPEUSDClong	+0.0095%	4h	95.110	long leg	$5.1M	$29.5M	30x
Lighter RH HYPE	+0.0096%	1h	95.291	+0.191%	$3.3M	$9.9M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.250	+0.148%	$39K	$1.5M	10x	as long as short
Binance HYPEUSDT	+0.0099%	4h	95.278	+0.177%	$382.9M	$857.5M	75x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	95.269	+0.168%	$7.3M	$52.0M	10x
Pacifica HYPE	+0.0100%	1h	95.311	+0.212%	$10.3M	$13.3M	20x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.267	+0.165%	$90.8M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.292	+0.192%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.281	+0.180%	—	$48.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.326	+0.227%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	+0.035%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.256	+0.154%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	+0.086%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.243	+0.140%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.301	+0.201%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.280	+0.179%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.372	+0.276%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.281	+0.180%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.397	+0.302%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.253	+0.151%	$18.4M	$39.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.272	+0.171%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.349	+0.252%	$1.8M	$5.1M	2.3x	as long as short
Hyperliquid HYPE	+0.0129%	1h	95.378	+0.282%	$2.11B	$649.9M	10x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.282	+0.181%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.248	+0.145%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.307	+0.208%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.205	+0.100%	$17.3M	$11.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.305%	$31K	$334K	12x	as long as short