Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0182%/8h= +19.9% APRpaid last 24h +0.047%

Price spread now: edgeX against Hotstuff−0.072%58s7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · edgeX: Active · farm boardneeds both histories

Funding pays, the price is against you. edgeX is 0.072% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.072% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 32 hours of funding at the current rate (+$5 a day). The two prices were read 58 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	Hotstuff HYPE-PERP	93.366	−0.0080	get 0.0010% / 1h	16m 02s	$3K	$331	25x
Short	edgeX HYPEUSDC	93.298	0.0102	get 0.0051% / 4h	1h 16m	$5.0M	$29.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Hotstuff. 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 HotstuffbpFee edgeXbpOrdersPrice spread, now −0.072%Rate

Funding earned: $38.15
Price spread: −0.072% → 0.000%: −$7.24
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $16.91
Costs to cover: 0.140%
Break-even: 3.9 days

Slippage unknown: Hotstuff: no order-book sample; edgeX: live order book, 3 min ago. 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 Hotstuff no order-book sample	—	—	—	—	—
Sell edgeX live order book, 3 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	132.6 bp −$13.3K	doesn't fit

Hotstuff: 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	−0.1064%	1h	93.274	−0.099%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.276	−0.096%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0131%	1h	93.270	−0.103%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERPlong	−0.0080%	1h	93.366	long leg	$3K	$331	25x
Aftermath Perps HYPEUSD	−0.0063%	1h	93.378	+0.013%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.401	+0.037%	$85K	$343K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0047%	4h	93.378	+0.013%	$154K	$652K	20x	as long as short
Phemex HYPEUSDT	−0.0028%	8h	93.397	+0.033%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.420	+0.058%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.394	+0.030%	$23K	$319K	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	93.413	+0.050%	$63K	—	150x	as long as short
Bullet HYPE-USD	+0.0025%	1h	93.404	+0.041%	$112K	$578K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.367	+0.001%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0028%	4h	93.382	+0.017%	$8.8M	$35.8M	300x	as long as short
BingX HYPE-USDT	+0.0034%	4h	93.277	−0.095%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	+0.0043%	8h	93.220	−0.156%	$320.7M	$277.7M	75x	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.271	−0.102%	$44.6M	$55.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.215	−0.162%	$113.8M	$300.5M	50x	as long as short
Derive HYPE-PERP	+0.0082%	1h	93.373	+0.007%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.419	+0.057%	$16.3M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.418	+0.056%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.369	+0.003%	$71K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.421	+0.059%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.340	−0.028%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.401	+0.038%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.344	−0.024%	$2.03B	$656.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.398	+0.034%	$10.0M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.289	−0.083%	$378.5M	$880.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.279	−0.093%	$89.7M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.316	−0.054%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.186	−0.193%	$225.4M	$96.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.260	−0.114%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.012%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.354	−0.013%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.412	+0.049%	$339K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.347	−0.020%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.408	+0.045%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.426	+0.064%	$482K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.389	+0.025%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.445	+0.085%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.409	+0.046%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.217	−0.159%	$203K	$10K	10x	as long as short
edgeX HYPEUSDCshort	+0.0102%	4h	93.298	−0.072%	$5.0M	$29.1M	30x
Extended HYPE-USD	+0.0104%	1h	93.384	+0.019%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.406	+0.043%	$397K	$162K	20x	as long as short
HTX HYPE-USDT	+0.0152%	4h	93.518	+0.163%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.420	+0.058%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.378	+0.013%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0272%	8h	93.358	−0.009%	$1.9M	$5.2M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.483	+0.125%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.410	+0.047%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.320	−0.049%	$17.0M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.466	+0.108%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.390%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.472	+0.114%	$20.8M	$29.8M	50x	as long as short