Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0039%/8h= −4.3% APRpaid last 24h −0.056%

Price spread now: edgeX against Hyperliquid−0.163%86s7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.232% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 7 days+0.150%+$15 · spread now −0.163%, 7d avg −0.043%

Together, before fees+0.088%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and edgeX is 0.119% cheaper against Hyperliquid than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.043%). Swap the legs. The two prices were read 86 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	Hyperliquid HYPE	93.986	0.0100	pay 0.0013% / 1h	11m 50s	$2.04B	$681.0M	10x
Short	edgeX HYPEUSDC	93.833	0.0061	get 0.0030% / 4h	11m 50s	$5.1M	$29.8M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Hyperliquid. 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 HyperliquidbpFee edgeXbpOrdersPrice spread, now −0.163%Rate

Funding earned: −$8.2
Price spread: −0.163% → −0.043%: −$11.94
Slippage, 4 orders: −$5.24
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$43.39
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; edgeX: live order book, 2 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 Hyperliquid live order book, 12 min ago	0.05 bp	5.5 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 2 min ago	1.71 bp	6.2 bp −$6	6.5 bp −$65	157.9 bp −$15.8K	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	−0.1176%	1h	93.700	−0.304%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0401%	1h	93.836	−0.159%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.756	−0.245%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0094%	1h	93.800	−0.198%	$705K	$916K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.822	−0.174%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.843	−0.152%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0002%	4h	93.908	−0.083%	$169K	$588K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.845	−0.150%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.866	−0.128%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.931	−0.059%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.963	−0.024%	$216K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.948	−0.040%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.898	−0.094%	$323.0M	$283.9M	75x	as long as short
Derive HYPE-PERP	+0.0027%	1h	93.859	−0.136%	$16.4M	$7.1M	10x	as long as short
Phemex HYPEUSDT	+0.0045%	8h	93.834	−0.162%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0053%	4h	93.939	−0.050%	$383.5M	$898.1M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.934	−0.055%	$88.5M	$82.2M	100x	as long as short
edgeX HYPEUSDCshort	+0.0061%	4h	93.833	−0.163%	$5.1M	$29.8M	30x
Popdex HYPEUSDT	+0.0072%	1h	93.846	−0.149%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.927	−0.063%	$44.1M	$59.9M	75x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.908	−0.083%	$113K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	93.892	−0.100%	$116.0M	$322.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.937	−0.052%	$18.9M	$60.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.916	−0.074%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.913	−0.078%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.904	−0.088%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.780	−0.219%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.875	−0.118%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	93.986	long leg	$2.04B	$681.0M	10x
Pacifica HYPE	+0.0100%	1h	93.883	−0.110%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.820	−0.177%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.960	−0.028%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.869	−0.124%	$227.3M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.924	−0.066%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.938	−0.051%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.861	−0.133%	$31.2M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.835	−0.161%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.854	−0.140%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.811	−0.186%	$678K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.897	−0.095%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.896	−0.096%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.915	−0.076%	$76K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.911	−0.080%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.883	−0.110%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.451%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.943	−0.046%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0151%	8h	93.951	−0.037%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.960	−0.028%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0193%	4h	94.050	+0.068%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0217%	4h	93.824	−0.172%	$16.9M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.859	−0.135%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.897	−0.094%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0314%	1h	93.991	+0.005%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.934	−0.056%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	93.981	−0.006%	$21.0M	$29.5M	50x	as long as short