Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h −0.006%

Price spread now: Nado against edgeX+0.236%62s7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$170.172% of the position

Long on edgeX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 7 days−0.202%−$20 · spread now +0.236%, 7d avg +0.037%

Together, before fees−0.222%+ Points / potential airdropedgeX: Active · Nado: Active · farm board−$22 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 Nado is 0.198% dearer against edgeX than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.037%. The two prices were read 62 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	edgeX HYPEUSDC	93.497	0.0083	pay 0.0041% / 4h	2h 48m	$5.0M	$29.9M	30x
Short	Nado HYPE-PERP	93.717	0.0100	get 0.0012% / 1h	48m 30s	$7.8M	$48.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.236%Rate

Funding earned: $3.63
Price spread: +0.236% → +0.037%: $19.83
Slippage, 4 orders: −$1.21
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: $6.25
Costs to cover: 0.172%
Break-even: from the start

Slippage from edgeX: live order book, 6 min ago; Nado: live order book, 6 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, 6 min ago	0.32 bp	4.8 bp −$5	5.5 bp −$55	182.6 bp −$18.3K	doesn't fit
Sell Nado live order book, 6 min ago	0.05 bp	3.6 bp −$4	5.7 bp −$57	28.9 bp −$2,888	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	−0.1848%	1h	93.418	−0.084%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0371%	1h	93.566	+0.074%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.494	−0.003%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0032%	4h	93.520	+0.025%	$146K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0029%	1h	93.707	+0.225%	$112K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.727	+0.246%	$88K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0001%	1h	93.510	+0.014%	$704K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.635	+0.147%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.704	+0.221%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.730	+0.249%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.686	+0.202%	$1.0M	$3.9M	10x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	93.705	+0.222%	$226.7M	$98.8M	75x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	93.557	+0.064%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.680	+0.196%	$318.6M	$283.7M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.701	+0.218%	$210K	$1.2M	10x	as long as short
edgeX HYPEUSDClong	+0.0083%	4h	93.497	long leg	$5.0M	$29.9M	30x
Paradex HYPE-USD-PERP	+0.0095%	8h	93.723	+0.242%	$341K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.699	+0.216%	$16.2M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.691	+0.207%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.722	+0.241%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.690	+0.206%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	93.717	+0.236%	$7.8M	$48.4M	10x
Hyperliquid HYPE	+0.0100%	1h	93.760	+0.281%	$2.04B	$667.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.704	+0.221%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.722	+0.240%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.722	+0.241%	$375.8M	$911.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.710	+0.228%	$115.0M	$310.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	+0.125%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.680	+0.196%	$46.5M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.714	+0.232%	$92.3M	$80.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.728	+0.247%	$46.9M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.713	+0.231%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.582	+0.091%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.649	+0.162%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.675	+0.190%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.596	+0.106%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.626	+0.138%	$670K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.731	+0.250%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.728	+0.247%	$491K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.517	+0.021%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.521	+0.025%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.494	−0.003%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.530	+0.035%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.670	+0.185%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.680	+0.196%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.539	+0.045%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.569	+0.077%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.440	−0.061%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.560	+0.067%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.697	+0.213%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.724	+0.243%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.529	+0.034%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.613	+0.123%	$20.9M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0434%	1h	93.635	+0.148%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.788	+0.311%	$3.2M	$6.3M	20x	as long as short