Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0510%/8h= +55.8% APRpaid last 24h +0.046%

Price spread now: RISEx against edgeX+0.275%55s7-day average +0.031% · 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—prices read too far apart to compare

costs, in and out, $10k−$170.169% of the position

Long on edgeX Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.120%+$12 on $10k

Price spread, last 7 days−0.249%−$25 · spread now +0.275%, 7d avg +0.031%

Together, before fees−0.129%+ Points / potential airdropedgeX: Active · farm board−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and RISEx is 0.244% dearer against edgeX than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of +0.031%. The two prices were read 55 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 4 days it paid 0.120% in total (about 12.2% 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	92.755	0.0088	pay 0.0044% / 4h	3h 54m	$4.9M	$29.5M	30x
Short	RISEx HYPE/USDC	93.010	0.0598	get 0.0075% / 1h	54m 07s	$3.2M	$6.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.275%Rate

Funding earned: $107.07
Price spread: +0.275% → +0.031%: $24.41
Slippage, 4 orders: −$1.94
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee RISEx: 3 bp × 2 orders: −$6
Net: $114.54
Costs to cover: 0.169%
Break-even: from the start

Slippage from edgeX: live order book, 5 min ago; RISEx: 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	0.32 bp	4.8 bp −$5	5.1 bp −$51	144.0 bp −$14.4K	doesn't fit
Sell RISEx live order book, 5 min ago	0.65 bp	3.6 bp −$4	4.9 bp −$49	doesn't fit	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	−0.0528%	1h	92.732	−0.025%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0264%	1h	92.838	+0.090%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.917	+0.174%	$1.1M	$3.9M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0091%	1h	92.784	+0.031%	$350K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.941	+0.200%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0064%	4h	92.861	+0.114%	$44.5M	$53.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.800	+0.048%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.965	+0.226%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.977	+0.239%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.902	+0.158%	$22K	$301K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.892	+0.147%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0030%	8h	92.815	+0.064%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.840	+0.091%	$316.2M	$281.9M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	+0.143%	$210K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.963	+0.224%	$87K	$362K	20x	as long as short
Aster HYPEUSDT	+0.0072%	4h	92.901	+0.157%	$8.7M	$36.2M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0082%	1h	92.800	+0.048%	$697K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.850	+0.102%	$224.8M	$98.8M	75x	as long as short
edgeX HYPEUSDClong	+0.0088%	4h	92.755	long leg	$4.9M	$29.5M	30x
Bullet HYPE-USD	+0.0093%	1h	92.864	+0.118%	$111K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.859	+0.111%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.863	+0.116%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.926	+0.184%	$69K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.967	+0.229%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.920	+0.178%	$39K	$1.7M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.839	+0.090%	$113.8M	$304.0M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.915	+0.173%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.907	+0.164%	$2.02B	$663.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.969	+0.230%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.910	+0.167%	$373.7M	$903.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.201%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.832	+0.083%	$88.1M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.872	+0.126%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.840	+0.091%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.866	+0.119%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.050%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	+0.012%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.833	+0.084%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.939	+0.199%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.950	+0.210%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.833	+0.084%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.811	+0.060%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.937	+0.196%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.827	+0.077%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.995	+0.259%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.799	+0.047%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.826	+0.076%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.010	+0.275%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.913	+0.170%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.760	+0.005%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.865	+0.118%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.880	+0.135%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.910	+0.167%	$16.8M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0375%	1h	92.922	+0.180%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDCshort	+0.0598%	1h	93.010	+0.275%	$3.2M	$6.4M	20x