Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h −0.008%

Price spread now: edgeX against Backpack+0.058%7-day average −0.288% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs+$15as in the Price arb table

costs, in and out, $10k−$200.197% of the position

Long on Backpack Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.041%−$4 on $10k

Price spread, last 7 days+1.243%+$124 · spread now +0.058%, 7d avg −0.288%

Together, before fees+1.201%+ Points / potential airdropedgeX: Active · farm board+$120 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and edgeX is 0.346% dearer against Backpack than usual: you sell high and buy low: +$35 more if the spread goes back to its 7-day average of −0.288%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	95.121	0.0056	pay 0.0007% / 1h	3m 01s	$7.5M	$10.2M	20x
Short	edgeX HYPEUSDC	95.176	0.0096	get 0.0048% / 4h	3h 03m	$5.1M	$31.1M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Backpack. 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 BackpackbpFee edgeXbpOrdersPrice spread, now +0.058%Rate

Funding earned: $8.38
Price spread: +0.058% → −0.288%: $34.6
Slippage, 4 orders: −$0.74
Fee Backpack: 5 bp × 2 orders: −$10
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $23.24
Costs to cover: 0.197%
Break-even: from the start

Slippage from Backpack: live order book, 1 min ago; 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 Backpack live order book, 1 min ago	0.05 bp	5.1 bp −$5	6.5 bp −$65	98.1 bp −$9,812	doesn't fit
Sell edgeX live order book, 1 min ago	0.31 bp	4.8 bp −$5	5.1 bp −$51	doesn't fit	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	−0.1008%	1h	95.068	−0.055%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0544%	1h	95.128	+0.007%	$79K	$149K	20x	as long as short
Phemex HYPEUSDT	−0.0236%	8h	95.135	+0.015%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0231%	1h	95.224	+0.108%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0206%	1h	95.165	+0.046%	$113K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0143%	1h	95.100	−0.022%	$696K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.171	+0.053%	$91K	$357K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.149	+0.029%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0103%	1h	95.179	+0.061%	$131K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.190	+0.073%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0052%	4h	95.149	+0.029%	$53.1M	$57.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.169	+0.050%	$18.9M	$35.6M	50x	as long as short
Vest HYPE-PERP	−0.0021%	1h	95.225	+0.109%	—	$97K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	95.150	+0.030%	$148K	$670K	20x	as long as short
Bybit HYPEUSDT	−0.0004%	8h	95.117	−0.004%	$319.8M	$282.8M	75x	as long as short
BingX HYPE-USDT	−0.0001%	4h	95.120	−0.001%	—	$50.4M	—	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.245	+0.130%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.184	+0.067%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.190	+0.073%	$87K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.295	+0.183%	$204K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.110	−0.012%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0030%	8h	95.082	−0.041%	$118.7M	$321.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0047%	8h	95.194	+0.077%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	95.094	−0.028%	$228.4M	$93.6M	75x	as long as short
Backpack HYPE_USDC_PERPlong	+0.0056%	1h	95.121	long leg	$7.5M	$10.2M	20x
Aster HYPEUSDT	+0.0083%	4h	95.117	−0.004%	$9.0M	$36.4M	300x	as long as short
SoDEX HYPE-USD	+0.0083%	1h	95.150	+0.030%	$2.1M	$1.6M	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0086%	1h	95.248	+0.134%	$7.5M	$4.4M	50x	as long as short
edgeX HYPEUSDCshort	+0.0096%	4h	95.176	+0.058%	$5.1M	$31.1M	30x
Lighter HYPE	+0.0096%	1h	95.160	+0.041%	$16.3M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.154	+0.035%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.159	+0.040%	$273K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.140	+0.020%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.186	+0.069%	$7.3M	$55.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.290	+0.178%	$2.10B	$673.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.200	+0.083%	$10.3M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.117	−0.004%	$382.8M	$909.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.058%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.118	−0.003%	$87.1M	$89.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.115	−0.006%	$47.5M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.229	+0.114%	$29.9M	$55.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.148	+0.028%	$7.7M	$43.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.146	+0.026%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.194	+0.077%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.190	+0.073%	$500K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.035	−0.090%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.297	+0.185%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.067	−0.057%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.150	+0.030%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.210	+0.094%	$3.2M	$6.2M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.120	−0.001%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.142	+0.022%	$85K	$92K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.233	+0.118%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.141	+0.021%	$17.2M	$12.3M	75x	as long as short