Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0504%/8h= −55.1% APRpaid last 24h −0.007%

Price spread now: edgeX against Kraken Futures−0.268%76s7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as 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−$230.227% of the position

Long on Kraken Futures Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.056%−$6 on $10k

Price spread, last 3 days (all we have)+0.184%+$18 · spread now −0.268%, 7d avg −0.043%

Together, before fees+0.128%+ Points / potential airdropedgeX: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and edgeX is 0.225% cheaper against Kraken Futures than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.043%). Swap the legs. The two prices were read 76 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 7 days it paid -0.056% in total (about -2.9% 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	Kraken Futures PF_HYPEUSD	94.176	0.0576	pay 0.0072% / 1h	49m 48s	$21.1M	$29.0M	50x
Short	edgeX HYPEUSDC	93.924	0.0073	get 0.0036% / 4h	49m 48s	$5.1M	$29.7M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Kraken Futures. 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 Kraken FuturesbpFee edgeXbpOrdersPrice spread, now −0.268%Rate

Funding earned: −$105.76
Price spread: −0.268% → −0.043%: −$22.5
Slippage, 4 orders: −$3.67
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$150.93
Costs to cover: 0.227%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; edgeX: live order book, 4 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 Kraken Futures live order book, 4 min ago	1.01 bp	7.0 bp −$7	13.4 bp −$134	19.6 bp −$1,962	68.6 bp −$34.3K
Sell edgeX live order book, 4 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	126.3 bp −$12.6K	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	−0.0608%	1h	94.035	−0.150%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0456%	1h	93.938	−0.253%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.004	−0.183%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.110	−0.071%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	−0.089%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.113	−0.067%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.078	−0.105%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	−0.150%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.076	−0.107%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.100	−0.081%	$324.8M	$281.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0037%	4h	94.121	−0.059%	$8.9M	$35.8M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0037%	1h	94.020	−0.166%	$704K	$908K	10x	as long as short
Phemex HYPEUSDT	+0.0065%	8h	94.047	−0.137%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	94.113	−0.067%	$44.3M	$58.0M	75x	as long as short
edgeX HYPEUSDCshort	+0.0073%	4h	93.924	−0.268%	$5.1M	$29.7M	30x
MEXC HYPE_USDT	+0.0074%	4h	94.100	−0.081%	$88.5M	$80.9M	100x	as long as short
Binance HYPEUSDT	+0.0077%	4h	94.115	−0.065%	$386.7M	$888.9M	75x	as long as short
Derive HYPE-PERP	+0.0082%	1h	94.015	−0.172%	$16.5M	$6.9M	10x	as long as short
01 Exchange HYPEUSD	+0.0088%	1h	94.109	−0.072%	$86K	$364K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.172	−0.005%	$19.1M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.157	−0.021%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.094	−0.088%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.066	−0.118%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.125	−0.055%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.081%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.093	−0.088%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.114	−0.066%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.111	−0.070%	$116.0M	$317.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.086%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.107	−0.074%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.130	−0.049%	$228.0M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.111	−0.070%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.087	−0.095%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	−0.110%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	−0.253%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.072	−0.111%	$335K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.098	−0.083%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.141	−0.038%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.130	−0.049%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.055	−0.129%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.049	−0.135%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.078	−0.105%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.056	−0.128%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.050	−0.134%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.087	−0.095%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.129	−0.050%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.120	−0.060%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0229%	4h	94.242	+0.070%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.065	−0.119%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0281%	1h	94.156	−0.022%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.144	−0.034%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0303%	4h	94.097	−0.084%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.070	−0.113%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0576%	1h	94.176	long leg	$21.1M	$29.0M	50x
Hyperliquid HYPE	+0.0723%	1h	94.212	+0.038%	$2.05B	$666.8M	10x	as long as short