Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.014%

Price spread now: Perpl against edgeX+0.176%7-day average +0.008% · you sell dearer than you buy

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

Long on edgeX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.151%−$15 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now +0.176%, 7d avg +0.008%

Together, before fees−0.180%+ Points / potential airdropedgeX: Active · Perpl: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.168% dearer against edgeX than usual: you sell high and buy low (spread +0.176% now, against its 7-day average of +0.008%): +$17 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 5.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	92.580	0.0109	pay 0.0054% / 4h	28m 34s	$5.0M	$29.7M	30x
Short	Perpl HYPE	92.742	0	get 0.0000% / 43m	42m 34s	$22K	$307K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.176%Rate

Funding earned: −$22.81
Price spread: +0.176% → +0.008%: $16.76
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$28.86
Costs to cover: 0.228%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 1 min ago; Perpl: 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, 1 min ago	0.32 bp	4.8 bp −$5	5.1 bp −$51	168.7 bp −$16.9K	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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
Arcus HYPE-USD	−0.0948%	1h	92.521	−0.063%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0272%	1h	92.644	+0.070%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0201%	1h	92.504	−0.081%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.682	+0.111%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0066%	4h	92.756	+0.191%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	92.640	+0.065%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.675	+0.104%	$127K	$31K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	92.742	+0.176%	$22K	$307K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.803	+0.241%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0021%	1h	92.720	+0.152%	$696K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0022%	8h	92.765	+0.200%	$12.5M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0028%	1h	92.778	+0.214%	$111K	$580K	20x	as long as short
Aster HYPEUSDT	+0.0034%	4h	92.710	+0.141%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.606	+0.029%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.278	−0.326%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0053%	8h	92.590	+0.011%	$316.2M	$281.8M	75x	as long as short
Gate HYPE_USDT	+0.0082%	4h	92.623	+0.047%	$44.4M	$55.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0084%	8h	92.607	+0.030%	$113.4M	$304.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.691	+0.121%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.675	+0.103%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.696	+0.126%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.599	+0.021%	$69K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.570	−0.010%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.647	+0.072%	$6.1M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.705	+0.135%	$2.02B	$666.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.688	+0.117%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.618	+0.042%	$371.8M	$903.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.304%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.658	+0.085%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.673	+0.101%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.607	+0.030%	$224.5M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.699	+0.129%	$7.3M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.569	−0.012%	$28.5M	$57.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.655	+0.082%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.436	−0.155%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.753	+0.187%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.689	+0.119%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.663	+0.090%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.759	+0.194%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.762	+0.197%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.777	+0.213%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.779	+0.215%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.867	+0.311%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.575	−0.005%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.775	+0.211%	$392K	$164K	20x	as long as short
edgeX HYPEUSDClong	+0.0109%	4h	92.580	long leg	$5.0M	$29.7M	30x
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.454%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.740	+0.173%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0247%	8h	92.846	+0.288%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.630	+0.054%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.784	+0.221%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.847	+0.288%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.723	+0.155%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0494%	1h	92.873	+0.317%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.668	+0.096%	$3.1M	$6.4M	20x	as long as short