Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h −0.009%

Price spread now: edgeX against Bulk−0.018%7-day average −0.041% · 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−$16as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Bulk Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.802%+$80 · spread now −0.018%, 7d avg −0.041%

Together, before fees+0.805%+ Points / potential airdropedgeX: Active · farm board+$80 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: edgeX is 0.024% dearer against Bulk than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.041%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	94.564	0.0100	pay 0.0013% / 1h	35m 19s	$220K	$14K	10x
Short	edgeX HYPEUSDC	94.547	0.0096	get 0.0048% / 4h	3h 35m	$5.0M	$30.8M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Bulk. 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 BulkbpFee edgeXbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$0.92
Price spread: −0.018% → −0.041%: $2.37
Slippage, 4 orders: −$2.35
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$16.91
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from Bulk: live order book, 64 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 Bulk live order book, 64 min ago	0.53 bp	4.0 bp −$4	5.5 bp −$55	11.4 bp −$1,139	27.6 bp −$13.8K
Sell edgeX live order book, 4 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	130.9 bp −$13.1K	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	−0.0952%	1h	94.552	−0.012%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0604%	1h	94.601	+0.039%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0306%	1h	94.706	+0.150%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0208%	1h	94.641	+0.082%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0155%	1h	94.590	+0.028%	$704K	$1.3M	10x	as long as short
Phemex HYPEUSDT	−0.0114%	8h	94.603	+0.041%	$12.9M	$2.9M	50x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.620	+0.059%	$1.0M	$3.5M	10x	as long as short
Gate HYPE_USDT	−0.0082%	4h	94.625	+0.065%	$51.5M	$54.9M	75x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.720	+0.165%	$90K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.588	+0.025%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.596	+0.034%	$19.0M	$35.4M	50x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	94.608	+0.047%	$318.3M	$296.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.612	+0.051%	$147K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.650	+0.091%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.728	+0.174%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.654	+0.096%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.652	+0.093%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.654	+0.095%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.620	+0.059%	$4.7M	$6.3M	50x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.636	+0.076%	$227.4M	$99.6M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	+0.030%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0046%	1h	94.710	+0.155%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0052%	8h	94.604	+0.042%	$118.2M	$329.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0052%	8h	94.672	+0.114%	$338K	$154K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0095%	1h	94.590	+0.028%	$7.6M	$10.6M	20x	as long as short
SoDEX HYPE-USD	+0.0096%	1h	94.613	+0.052%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDCshort	+0.0096%	4h	94.547	−0.018%	$5.0M	$30.8M	30x
Lighter HYPE	+0.0096%	1h	94.621	+0.060%	$16.2M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.626	+0.066%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.686	+0.129%	$148K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.660	+0.102%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.639	+0.080%	$7.3M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.750	+0.197%	$2.08B	$686.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.621	+0.061%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.681	+0.124%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.629	+0.069%	$381.0M	$939.1M	75x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	94.564	long leg	$220K	$14K	10x
MEXC HYPE_USDT	+0.0100%	4h	94.637	+0.077%	$93.9M	$85.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.660	+0.102%	$47.2M	$19.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.637	+0.077%	—	$53.5M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.619	+0.059%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.563	−0.001%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.587	+0.024%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.634	+0.074%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.747	+0.194%	$500K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.732	+0.178%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.800	+0.250%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.585	+0.022%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.655	+0.096%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.710	+0.155%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.641%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0173%	1h	94.706	+0.150%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.588	+0.026%	$85K	$108K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.672	+0.114%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.619	+0.058%	$17.3M	$12.6M	75x	as long as short