Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0051%/8h= +5.6% APRpaid last 24h −0.019%

Price spread now: edgeX against Phoenix−0.007%7-day average −0.136% · you buy dearer than you sell

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Phoenix Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.254%−$25 on $10k

Price spread, last 7 days−0.133%−$13 · spread now −0.007%, 7d avg −0.136%

Together, before fees−0.387%+ Points / potential airdropedgeX: Active · farm board−$39 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and edgeX is 0.129% dearer against Phoenix than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.136%. Mind the row above: over the last 7 days funding on this pair cost −0.254%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	92.755	0.0043	pay 0.0005% / 1h	2m 40s	$210K	$1.2M	10x
Short	edgeX HYPEUSDC	92.749	0.0094	get 0.0047% / 4h	2m 40s	$4.9M	$29.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Phoenix. 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 PhoenixbpFee edgeXbpOrdersPrice spread, now −0.007%Rate

Funding earned: $10.71
Price spread: −0.007% → −0.136%: $12.92
Slippage, 4 orders: −$4.84
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $2.79
Costs to cover: 0.208%
Break-even: 5.2 days

Slippage from Phoenix: live order book, just now; edgeX: live order book, 1 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 Phoenix live order book, just now	1.08 bp	5.6 bp −$6	10.5 bp −$105	doesn't fit	doesn't fit
Sell edgeX live order book, 1 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	152.9 bp −$15.3K	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
Arcus HYPE-USD	−0.0948%	1h	92.815	+0.065%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0368%	1h	92.692	−0.068%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	92.799	+0.048%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.865	+0.119%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.837	+0.088%	$157K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	+0.118%	$127K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	92.876	+0.130%	$87K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.879	+0.133%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.890	+0.145%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	92.851	+0.103%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0028%	1h	92.834	+0.085%	$111K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.850	+0.102%	—	$53.5M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.800	+0.049%	$697K	$1.1M	10x	as long as short
Phoenix HYPElong	+0.0043%	1h	92.755	long leg	$210K	$1.2M	10x
Bybit HYPEUSDT	+0.0045%	8h	92.842	+0.094%	$316.8M	$281.1M	75x	as long as short
Aster HYPEUSDT	+0.0066%	4h	92.870	+0.124%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0088%	4h	92.845	+0.097%	$224.7M	$98.6M	75x	as long as short
edgeX HYPEUSDCshort	+0.0094%	4h	92.749	−0.007%	$4.9M	$29.6M	30x
Paradex HYPE-USD-PERP	+0.0095%	8h	92.887	+0.142%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.870	+0.124%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.869	+0.123%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.860	+0.113%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0097%	8h	92.853	+0.106%	$113.9M	$303.5M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.860	+0.113%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.859	+0.113%	$7.5M	$45.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.885	+0.140%	$2.02B	$663.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.891	+0.147%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.862	+0.115%	$373.1M	$901.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.049%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.857	+0.110%	$44.5M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.862	+0.115%	$88.2M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.862	+0.115%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.871	+0.125%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.689	−0.071%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	+0.023%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.773	+0.019%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.827	+0.078%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.888	+0.143%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.896	+0.152%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.850	+0.102%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.828	+0.079%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.846	+0.098%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.871	+0.125%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.998	+0.262%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.839	+0.091%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.850	+0.103%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	+0.221%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.930	+0.189%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	92.923	+0.181%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.860	+0.113%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0321%	1h	92.951	+0.211%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.859	+0.112%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.934	+0.193%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.869	+0.123%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.920	+0.178%	$3.2M	$6.4M	20x	as long as short