Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0189%/8h= −20.7% APRpaid last 24h −0.021%

Price spread now: 01 Exchange against edgeX+0.147%57s7-day average +0.039% · 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−$290.290% of the position

Long on edgeX Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.034%−$3 on $10k

Price spread, last 4 days (all we have)+0.146%+$15 · spread now +0.147%, 7d avg +0.039%

Together, before fees+0.112%+ Points / potential airdropedgeX: Active · farm board+$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. 01 Exchange is 0.108% dearer against edgeX than usual: you sell high and buy low (spread +0.147% now, against its 7-day average of +0.039%): +$11 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 46 hours. At the pace of the last 3 days (−0.034% in total) that is about 10 days. The two prices were read 57 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 -0.034% in total (about -3.8% 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	93.456	0.0117	pay 0.0058% / 4h	2h 32m	$5.1M	$29.6M	30x
Short	01 Exchange HYPEUSD	93.593	−0.0072	pay 0.0009% / 1h	32m 19s	$89K	$348K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now +0.147%Rate

Funding earned: −$39.68
Price spread: +0.147% → +0.039%: $10.81
Slippage, 4 orders: −$12.96
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$57.83
Costs to cover: 0.290%
Break-even: never at this rate

Slippage from edgeX: live order book, 2 min ago; 01 Exchange: live order book, 56 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, 2 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	127.8 bp −$12.8K	doesn't fit
Sell 01 Exchange live order book, 56 min ago	0.21 bp	10.5 bp −$11	27.2 bp −$272	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	−0.1080%	1h	93.498	+0.045%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0269%	1h	93.502	+0.050%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0236%	1h	93.520	+0.068%	$701K	$941K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.567	+0.119%	$3K	$331	25x	as long as short
01 Exchange HYPEUSDshort	−0.0072%	1h	93.593	+0.147%	$89K	$348K	20x
Bullet HYPE-USD	−0.0034%	1h	93.554	+0.105%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	+0.115%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.573	+0.125%	$23K	$337K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	93.510	+0.058%	$16.4M	$7.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.598	+0.152%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0018%	4h	93.565	+0.117%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0034%	4h	93.557	+0.108%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.550	+0.101%	$325.9M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	+0.099%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0069%	4h	93.566	+0.118%	$179K	$530K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.558	+0.109%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.602	+0.156%	$18.6M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.587	+0.140%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.585	+0.138%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.122%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.561	+0.113%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.648	+0.205%	$2.04B	$668.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.587	+0.140%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.551	+0.102%	$385.8M	$888.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.550	+0.101%	$114.9M	$315.7M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.539	+0.089%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.057%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.555	+0.106%	$93.5M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.583	+0.136%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.577	+0.129%	$227.3M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.552	+0.103%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.593	+0.147%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.058%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.500	+0.047%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.482	+0.028%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.585	+0.138%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.595	+0.149%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.593	+0.147%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.558	+0.109%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	+0.167%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.549	+0.099%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.551	+0.102%	$12.7M	$2.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0102%	1h	93.651	+0.209%	$7.4M	$4.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.545	+0.095%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.577	+0.129%	$398K	$318K	20x	as long as short
edgeX HYPEUSDClong	+0.0117%	4h	93.456	long leg	$5.1M	$29.6M	30x
Kalshi KXHYPEPERP	+0.0123%	8h	93.644	+0.201%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.610	+0.165%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.557	+0.108%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.710	+0.272%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0335%	4h	93.732	+0.295%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.595	+0.149%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.559	+0.110%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.628	+0.184%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.654	+0.212%	$19.2M	$26.0M	50x	as long as short