Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0178%/8h= −19.5% APRpaid last 24h −0.021%

Price spread now: Ondo Perps against edgeX+0.435%54s7-day average +0.028% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on edgeX Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.130%−$13 on $10k

Price spread, last 7 days−0.830%−$83 · spread now +0.435%, 7d avg +0.028%

Together, before fees−0.960%+ Points / potential airdropedgeX: Active · Ondo Perps: Active · farm board−$96 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Ondo Perps is 0.407% dearer against edgeX than usual: you sell high and buy low (spread +0.435% now, against its 7-day average of +0.028%): +$41 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 7.6 days. At the pace of the last 7 days (−0.130% in total) that is about 22 days. The two prices were read 54 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	93.602	0.0062	pay 0.0031% / 4h	3h 14m	$5.1M	$30.1M	30x
Short	Ondo Perps HYPE-USD.P	94.010	−0.0116	pay 0.0015% / 1h	14m 36s	$708K	$960K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now +0.435%Rate

Funding earned: −$37.3
Price spread: +0.435% → +0.028%: $40.71
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$10.6
Costs to cover: 0.140%
Break-even: from the start

Slippage unknown: edgeX: live order book, 4 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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	0.59 bp	5.1 bp −$5	5.8 bp −$58	185.9 bp −$18.6K	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1256%	1h	93.810	+0.222%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.958	+0.380%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0197%	1h	93.894	+0.311%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0123%	8h	94.039	+0.466%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0116%	1h	94.010	+0.435%	$708K	$960K	10x
dYdX HYPE-USD	−0.0099%	1h	94.086	+0.517%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.079	+0.509%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.066	+0.495%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	94.032	+0.459%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0034%	4h	94.056	+0.485%	$44.5M	$60.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0027%	4h	94.014	+0.440%	$160K	$646K	20x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	94.054	+0.482%	$323.7M	$280.9M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.034	+0.461%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.055	+0.484%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	94.080	+0.511%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.989	+0.413%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	+0.081%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.077	+0.507%	$88.7M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.086	+0.517%	$383.8M	$895.2M	75x	as long as short
edgeX HYPEUSDClong	+0.0062%	4h	93.602	long leg	$5.1M	$30.1M	30x
OKX HYPE-USDT-SWAP	+0.0075%	8h	94.066	+0.495%	$116.3M	$316.6M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.049	+0.477%	$400K	$180K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.101	+0.533%	$19.1M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.085	+0.516%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.072	+0.502%	$65K	$1.2M	50x	as long as short
Bluefin HYPE-PERP	+0.0096%	1h	94.042	+0.470%	$76K	$171K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.112	+0.544%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.080	+0.510%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.993	+0.418%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.112	+0.544%	$2.05B	$676.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.103	+0.535%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.079%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.071	+0.501%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.061	+0.490%	$227.9M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.061	+0.490%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.064	+0.493%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	+0.222%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	+0.012%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.656	+0.057%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.843	+0.257%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.020	+0.447%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.076	+0.506%	$476K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.142	+0.576%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.076	+0.506%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.036	+0.463%	$18.4M	$45.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.060	+0.489%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.072	+0.502%	$17.1M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.948%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.110	+0.543%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	94.094	+0.525%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.045	+0.473%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	94.060	+0.489%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0379%	4h	94.200	+0.638%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0622%	1h	94.165	+0.601%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.160	+0.596%	$21.0M	$29.8M	50x	as long as short