Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0079%/8h= −8.6% APRpaid last 24h −0.066%

Price spread now: edgeX against Injective−0.163%7-day average −0.169% · you buy dearer than you sell

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

Long on Injective Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−2.250%−$225 on $10k

Price spread, last 3 days (all we have)+0.341%+$34 · spread now −0.163%, 7d avg −0.169%

Together, before fees−1.909%+ Points / potential airdropedgeX: Active · farm board−$191 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.169%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	93.610	0.0137	pay 0.0017% / 1h	29m 43s	$30K	$339K	12x
Short	edgeX HYPEUSDC	93.458	0.0059	get 0.0029% / 4h	2h 29m	$5.1M	$30.0M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Injective. 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 InjectivebpFee edgeXbpOrdersPrice spread, now −0.163%Rate

Funding earned: −$16.5
Price spread: −0.163% → −0.169%: $0.66
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$24.86
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 39 min ago; edgeX: live order book, 4 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 Injective live order book, 39 min ago	36.64 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 4 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	139.0 bp −$13.9K	doesn't fit

HYPE on 54 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	−0.0888%	1h	93.597	−0.013%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.607	−0.003%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	93.512	−0.105%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0114%	8h	93.767	+0.168%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0086%	1h	93.600	−0.011%	$701K	$987K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	+0.113%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.781	+0.183%	$156K	$650K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.787	+0.189%	$86K	$351K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0048%	1h	93.796	+0.199%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0044%	4h	93.848	+0.254%	$44.5M	$54.8M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0014%	4h	93.836	+0.241%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.699	+0.095%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.716	+0.113%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.800	+0.203%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.824	+0.229%	$322.3M	$282.3M	75x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.844	+0.250%	—	$53.9M	—	as long as short
Bullet HYPE-USD	+0.0054%	1h	93.763	+0.163%	$112K	$578K	20x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.855	+0.262%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDCshort	+0.0059%	4h	93.458	−0.163%	$5.1M	$30.0M	30x
Binance HYPEUSDT	+0.0060%	4h	93.865	+0.273%	$381.8M	$898.6M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	+0.101%	$211K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	93.840	+0.246%	$115.4M	$310.7M	50x	as long as short
Derive HYPE-PERP	+0.0079%	1h	93.765	+0.166%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.804	+0.207%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.827	+0.232%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.827	+0.232%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.755	+0.155%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.820	+0.225%	$399K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.730	+0.128%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.725	+0.122%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.935	+0.347%	$2.05B	$670.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.745	+0.144%	$10.1M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.859	+0.266%	$46.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.831	+0.236%	$227.0M	$99.5M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	+0.001%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.152%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.468	−0.152%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.655	+0.048%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.775	+0.176%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.788	+0.190%	$469K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.807	+0.210%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.858	+0.265%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.824	+0.229%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.280%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.816	+0.220%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.820	+0.224%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0137%	1h	93.610	long leg	$30K	$339K	12x
RISEx HYPE/USDC	+0.0210%	1h	93.774	+0.175%	$3.0M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	93.950	+0.363%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.749	+0.148%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0268%	8h	93.789	+0.191%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.780	+0.182%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0539%	1h	93.922	+0.333%	$7.5M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.913	+0.324%	$21.0M	$30.0M	50x	as long as short