Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0190%/8h= +20.8% APRpaid last 24h +0.042%

Price spread now: Reya against edgeX−0.352%65s7-day average −0.015% · you buy dearer than you sell

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

Long on edgeX Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.479%+$48 · spread now −0.352%, 7d avg −0.015%

Together, before fees+0.482%+ Points / potential airdropedgeX: Active · Reya: Active · farm board+$48 on $10k · with fees, hour by hour

Funding pays, the price is against you. Reya is 0.337% cheaper against edgeX than usual: you would sell low and buy high (spread −0.352% now, against its 7-day average of −0.015%). If the spread goes back, that is −$34 on $10k: about 5.9 days of funding at the current rate (+$6 a day). At the pace of the last 3 days (+0.003% in total) that is about 13 months. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.003% in total (about 0.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	94.128	0.0080	pay 0.0040% / 4h	1h 58m	$5.0M	$30.5M	30x
Short	Reya HYPERUSDPERP	93.797	0.0270	get 0.0034% / 1h	58m 19s	$77K	$130K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.352%Rate

Funding earned: $39.96
Price spread: −0.352% → −0.015%: −$33.69
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: −$8.73
Costs to cover: 0.150%
Break-even: 8.5 days

Slippage unknown: edgeX: live order book, 1 min ago; Reya: 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	5.0 bp −$50	108.6 bp −$10.9K	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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	93.851	−0.294%	$200K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0276%	1h	94.143	+0.016%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.992	−0.145%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.848	−0.298%	$86K	$372K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	93.764	−0.387%	$150K	$680K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.005	−0.131%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.809	−0.339%	$22K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.828	−0.319%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0014%	4h	93.810	−0.338%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.790	−0.359%	$317.0M	$287.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	94.145	+0.018%	$209K	$1.1M	10x	as long as short
Bluefin HYPE-PERP	+0.0027%	1h	93.785	−0.365%	$79K	$166K	20x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.787	−0.362%	$226.1M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.817	−0.331%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDClong	+0.0080%	4h	94.128	long leg	$5.0M	$30.5M	30x
Arcus HYPE-USD	+0.0084%	1h	93.952	−0.187%	$1.0M	$4.0M	10x	as long as short
SoDEX HYPE-USD	+0.0088%	1h	93.785	−0.365%	$2.0M	$1.9M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.023	−0.111%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.982	−0.155%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.996	−0.140%	$3.1M	$11.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.893	−0.250%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.910	−0.232%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.778	−0.371%	$6.1M	$50.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.910	−0.232%	$2.05B	$682.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.828	−0.319%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.020	−0.115%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.823	−0.324%	$377.1M	$928.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.786	−0.363%	$115.9M	$316.5M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.920	−0.221%	$709K	$1.2M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.091%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.793	−0.356%	$48.3M	$54.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.810	−0.338%	$87.9M	$82.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.794	−0.355%	$46.3M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.992	−0.145%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.028	−0.107%	$28.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.099	−0.031%	$7.7M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.152	+0.025%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.969	−0.169%	$681K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.931	−0.210%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.907	−0.235%	$477K	$2.8M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.812	−0.336%	$112K	$581K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.782	−0.368%	$16.4M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.888	−0.255%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.950	−0.189%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.743	−0.409%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.797	−0.352%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0114%	8h	94.046	−0.087%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.830	−0.317%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.860	−0.285%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERPshort	+0.0270%	1h	93.797	−0.352%	$77K	$130K	15x
Deribit HYPE_USDC-PERPETUAL	+0.0315%	1h	93.880	−0.264%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.835	−0.312%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.949	−0.190%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0414%	1h	93.840	−0.306%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.978	−0.160%	$3.2M	$6.4M	20x	as long as short