Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0608%/8h= −66.6% APRpaid last 24h −0.046%

Price spread now: edgeX against RISEx−0.070%7-day average −0.031% · 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−$23as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on RISEx Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.120%−$12 on $10k

Price spread, last 7 days+0.044%+$4 · spread now −0.070%, 7d avg −0.031%

Together, before fees−0.076%+ Points / potential airdropedgeX: Active · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and edgeX is 0.039% cheaper against RISEx than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.031%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.120% in total (about -12.4% 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	RISEx HYPE/USDC	92.270	0.0687	pay 0.0086% / 1h	44m 42s	$3.1M	$6.4M	20x
Short	edgeX HYPEUSDC	92.205	0.0078	get 0.0039% / 4h	44m 42s	$4.9M	$29.5M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against RISEx. 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 RISExbpFee edgeXbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$127.78
Price spread: −0.070% → −0.031%: −$3.91
Slippage, 4 orders: −$4.41
Fee RISEx: 3 bp × 2 orders: −$6
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$151.1
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from RISEx: 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 RISEx live order book, 4 min ago	1.62 bp	4.6 bp −$5	5.8 bp −$58	doesn't fit	doesn't fit
Sell edgeX live order book, 4 min ago	0.05 bp	4.9 bp −$5	5.6 bp −$56	doesn't fit	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	92.241	−0.031%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0592%	1h	92.223	−0.051%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0139%	1h	92.368	+0.106%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.184	−0.093%	$85K	$353K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.174	−0.104%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0071%	4h	92.174	−0.104%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0062%	1h	92.179	−0.098%	$110K	$580K	20x	as long as short
Aster HYPEUSDT	−0.0012%	4h	92.216	−0.058%	$8.6M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	−0.034%	$126K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.198	−0.077%	$22K	$310K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.210	−0.065%	$61K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0019%	1h	92.200	−0.075%	$696K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.191	−0.085%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.174%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0043%	8h	92.281	+0.012%	$315.8M	$281.0M	75x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.192	−0.084%	$44.3M	$54.7M	75x	as long as short
Derive HYPE-PERP	+0.0060%	1h	92.145	−0.135%	$16.0M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0067%	8h	92.180	−0.097%	$12.4M	$2.7M	50x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	92.284	+0.016%	$87.1M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0075%	4h	92.260	−0.011%	$369.9M	$897.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.293	+0.025%	$112.6M	$301.3M	50x	as long as short
edgeX HYPEUSDCshort	+0.0078%	4h	92.205	−0.070%	$4.9M	$29.5M	30x
Popdex HYPEUSDT	+0.0088%	1h	92.201	−0.074%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.292	+0.024%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0094%	1h	92.216	−0.058%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.277	+0.008%	$16.0M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.258	−0.013%	$3.1M	$11.6M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.148	−0.132%	$390K	$164K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.160	−0.119%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.159	−0.119%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.271	+0.001%	$2.01B	$664.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.285	+0.017%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.575%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.271	+0.001%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.236	−0.036%	$223.7M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.164	−0.114%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.158	−0.121%	$28.3M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	+0.062%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.215	−0.059%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.248	−0.023%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.214	−0.060%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.235	−0.038%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.176	−0.101%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.348	+0.085%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.172	−0.106%	$18.1M	$43.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.170	−0.108%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.220	−0.054%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	92.252	−0.019%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.191	−0.085%	$78K	$140K	15x	as long as short
Bluefin HYPE-PERP	+0.0297%	1h	92.147	−0.133%	$78K	$168K	20x	as long as short
BloFin HYPE-USDT	+0.0299%	4h	92.165	−0.113%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.198	−0.078%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.236	−0.037%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0563%	1h	92.285	+0.017%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDClong	+0.0687%	1h	92.270	long leg	$3.1M	$6.4M	20x