Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0016%/8h= +1.8% APRpaid last 24h −0.006%

Price spread now: edgeX against Paradex−0.034%52s7-day average −0.023% · you buy dearer than you sell

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−$190.186% of the position

Long on Paradex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now −0.034%, 7d avg −0.023%

Together, before fees−0.065%+ Points / potential airdropParadex: Active · edgeX: Active · farm board−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.023%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. The two prices were read 52 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	Paradex HYPE-USD-PERP	93.576	0.0100	pay 0.0100% / 8h	2h 28m	$340K	$170K	20x
Short	edgeX HYPEUSDC	93.544	0.0116	get 0.0058% / 4h	2h 28m	$5.1M	$29.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Paradex. 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 ParadexbpFee edgeXbpOrdersPrice spread, now −0.034%Rate

Funding earned: $3.42
Price spread: −0.034% → −0.023%: −$1.16
Slippage, 4 orders: −$5.56
Fee Paradex: 2 bp × 2 orders: −$4
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$16.29
Costs to cover: 0.186%
Break-even: 40.3 days

Slippage from Paradex: live order book, 60 min ago; edgeX: live order book, just now.

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 Paradex live order book, 60 min ago	2.46 bp	4.5 bp −$4	11.1 bp −$111	doesn't fit	doesn't fit
Sell edgeX live order book, just now	0.32 bp	4.8 bp −$5	5.0 bp −$50	140.9 bp −$14.1K	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	−0.1064%	1h	93.496	−0.085%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0276%	1h	93.537	−0.041%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0247%	1h	93.440	−0.145%	$701K	$939K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.541	−0.037%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.560	−0.017%	$89K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0033%	1h	93.508	−0.072%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.475	−0.108%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	−0.013%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.480	−0.102%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.552	−0.026%	$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	93.538	−0.040%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.539	−0.039%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.534	−0.045%	$325.8M	$287.0M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0068%	4h	93.516	−0.064%	$175K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	−0.028%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.535	−0.043%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.600	+0.026%	$18.6M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.580	+0.005%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERPlong	+0.0100%	8h	93.576	long leg	$340K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.560	−0.017%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.513	−0.067%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.636	+0.064%	$2.04B	$669.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.569	−0.007%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.546	−0.032%	$386.0M	$887.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.531	−0.048%	$114.9M	$315.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.523	−0.056%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.549	−0.028%	$93.6M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.556	−0.021%	$46.4M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.570	−0.006%	$227.3M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.538	−0.040%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.551	−0.026%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.037%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.580	+0.005%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	−0.019%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.602	+0.028%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.555	−0.022%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.545	−0.033%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.530	−0.049%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.558	−0.019%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.513	−0.067%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.546	−0.032%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.021%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.536	−0.042%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.520	−0.059%	$398K	$318K	20x	as long as short
edgeX HYPEUSDCshort	+0.0116%	4h	93.544	−0.034%	$5.1M	$29.6M	30x
Kalshi KXHYPEPERP	+0.0126%	8h	93.567	−0.009%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0188%	1h	93.619	+0.046%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.560	−0.017%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.512	−0.068%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.510	−0.070%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0326%	4h	93.681	+0.113%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.554	−0.023%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.513	−0.067%	$17.0M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.609	+0.035%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.631	+0.059%	$19.2M	$26.0M	50x	as long as short