Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0414%/8h= +45.4% APRpaid last 24h +0.046%

Price spread now: Deribit against edgeX−0.066%7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on edgeX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now −0.066%, 7d avg +0.050%

Together, before fees+0.126%+ Points / potential airdropedgeX: Active · farm board+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.115% cheaper against edgeX than usual: you would sell low and buy high (spread −0.066% now, against its 7-day average of +0.050%). If the spread goes back, that is −$12 on $10k: about 22 hours of funding at the current rate (+$12 a day).

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.024% in total (about -1.3% 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	edgeX HYPEUSDC	93.253	0.0098	pay 0.0049% / 4h	2h 27m	$5.0M	$29.9M	30x
Short	Deribit HYPE_USDC-PERPETUAL	93.192	0.0512	get 0.0064% / 1h	27m 02s	$7.5M	$4.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against edgeX. 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 edgeXbpFee DeribitbpOrdersPrice spread, now −0.066%Rate

Funding earned: $87
Price spread: −0.066% → +0.050%: −$11.55
Slippage, 4 orders: −$7.26
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $52.19
Costs to cover: 0.233%
Break-even: 2.8 days

Slippage from edgeX: live order book, 2 min ago; Deribit: live order book, 2 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 edgeX live order book, 2 min ago	0.22 bp	4.9 bp −$5	5.1 bp −$51	153.3 bp −$15.3K	doesn't fit
Sell Deribit live order book, 2 min ago	0.11 bp	7.4 bp −$7	14.3 bp −$143	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
Hibachi HYPE/USDT-P	−0.1488%	1h	93.061	−0.207%	$197K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0363%	1h	93.229	−0.026%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.113	−0.150%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	93.088	−0.177%	$111K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.114	−0.149%	$146K	$665K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.131	−0.131%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.139	−0.123%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.135	−0.127%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.133	−0.128%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.082	−0.184%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.104	−0.160%	$225.0M	$98.8M	75x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.100	−0.164%	$316.3M	$282.5M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0024%	1h	93.080	−0.186%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.282	+0.031%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	93.129	−0.133%	$12.7M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.167	−0.092%	$339K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.114	−0.149%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.107	−0.157%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.106	−0.158%	$75K	$1.2M	50x	as long as short
edgeX HYPEUSDClong	+0.0098%	4h	93.253	long leg	$5.0M	$29.9M	30x
Katana Perps HYPE-USD	+0.0100%	8h	93.100	−0.164%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.093	−0.172%	$7.9M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.160	−0.100%	$2.03B	$669.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.112	−0.152%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.153	−0.108%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.118	−0.145%	$373.2M	$912.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.111	−0.153%	$114.2M	$308.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.025%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.095	−0.170%	$46.7M	$54.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.106	−0.158%	$90.8M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.098	−0.167%	$46.0M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.104	−0.160%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.147	−0.114%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.131	−0.132%	$28.5M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.241	−0.013%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.281	+0.030%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.185	−0.073%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.182	−0.076%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.121	−0.142%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.087	−0.178%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.080	−0.186%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.132	−0.130%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.094	−0.171%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.300	+0.050%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.063	−0.204%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.088	−0.177%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.184	−0.074%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.620	+0.393%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.150	−0.111%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.097	−0.168%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.120	−0.143%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.096	−0.169%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0342%	1h	93.162	−0.098%	$20.8M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0512%	1h	93.192	−0.066%	$7.5M	$4.0M	50x
RISEx HYPE/USDC	+0.0527%	1h	93.178	−0.080%	$3.2M	$6.3M	20x	as long as short