Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h −0.056%

Price spread now: edgeX against Deribit−0.006%75s7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.234% of the position

Long on Deribit Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now −0.006%, 7d avg −0.053%

Together, before fees+0.039%+ Points / potential airdropedgeX: Active · farm board+$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. edgeX is 0.047% dearer against Deribit than usual: you sell high and buy low (spread −0.006% now, against its 7-day average of −0.053%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 41 hours. The two prices were read 75 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	Deribit HYPE_USDC-PERPETUAL	95.151	0.0139	pay 0.0017% / 1h	7m 54s	$7.5M	$4.2M	50x
Short	edgeX HYPEUSDC	95.146	0.0046	get 0.0023% / 4h	1h 07m	$5.1M	$27.9M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DeribitbpFee edgeXbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$19.48
Price spread: −0.006% → −0.053%: $4.71
Slippage, 4 orders: −$7.44
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$38.21
Costs to cover: 0.234%
Break-even: never at this rate

Slippage from Deribit: 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 Deribit live order book, 4 min ago	1.52 bp	7.0 bp −$7	12.2 bp −$122	doesn't fit	doesn't fit
Sell edgeX live order book, 4 min ago	0.32 bp	4.8 bp −$5	5.4 bp −$54	doesn't fit	doesn't fit

HYPE on 55 exchanges

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
Phemex HYPEUSDT	−0.0274%	8h	95.130	−0.022%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.072	−0.083%	$18.4M	$34.9M	50x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.142	−0.009%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0126%	1h	95.172	+0.022%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	94.950	−0.211%	$680K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.104	−0.049%	$100K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.054	−0.102%	$3K	$421	25x	as long as short
Aster HYPEUSDT	−0.0079%	4h	95.040	−0.117%	$9.7M	$34.3M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	95.052	−0.104%	$148K	$642K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	95.038	−0.119%	$55.6M	$54.0M	75x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0060%	1h	95.070	−0.085%	$79K	$132K	20x	as long as short
Bullet HYPE-USD	−0.0058%	1h	95.079	−0.075%	$113K	$583K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.110	−0.043%	$4.8M	$5.5M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0031%	8h	95.036	−0.121%	$119.1M	$303.1M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.087	−0.067%	$230.3M	$86.2M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	+0.032%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.022	−0.136%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	−0.054%	$99K	—	150x	as long as short
Derive HYPE-PERP	+0.0014%	1h	95.000	−0.159%	$16.4M	$7.0M	10x	as long as short
Lighter HYPE	+0.0016%	1h	95.060	−0.095%	$16.6M	$58.9M	20x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.060	−0.096%	$320.8M	$262.9M	75x	as long as short
Binance HYPEUSDT	+0.0045%	4h	95.048	−0.108%	$382.5M	$849.2M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	95.049	−0.107%	$90.4M	$84.8M	100x	as long as short
edgeX HYPEUSDCshort	+0.0046%	4h	95.146	−0.006%	$5.1M	$27.9M	30x
BingX HYPE-USDT	+0.0052%	4h	95.045	−0.111%	—	$49.1M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.081	−0.074%	$274K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0066%	1h	95.118	−0.035%	$128K	$96K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0089%	8h	95.129	−0.023%	$339K	$30K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	95.188	+0.039%	$324K	$926K	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.087	−0.067%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.066	−0.089%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.100	−0.054%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.115	−0.038%	$7.3M	$50.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.142	−0.010%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	+0.086%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.033	−0.124%	$47.5M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.029	−0.128%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.971	−0.189%	$29.7M	$52.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.037	−0.120%	$7.7M	$40.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.079	−0.076%	$692K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.148	−0.004%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.120	−0.033%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.147	−0.004%	$32K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.058	−0.098%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.184	+0.035%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.017	−0.141%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.202	+0.054%	$1.8M	$5.0M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.103	−0.050%	$3.1M	$5.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0139%	1h	95.151	long leg	$7.5M	$4.2M	50x
Hyperliquid HYPE	+0.0150%	1h	95.170	+0.020%	$2.11B	$643.8M	10x	as long as short
BloFin HYPE-USDT	+0.0194%	4h	95.035	−0.122%	$17.5M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.028	−0.129%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.052	−0.104%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0704%	1h	95.101	−0.052%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.472%	$31K	$334K	12x	as long as short