Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0042%/8h= +4.5% APRpaid last 24h +0.006%

Price spread now: Variational Omni against edgeX+0.202%104s7-day average +0.007% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on edgeX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days−0.202%−$20 · spread now +0.202%, 7d avg +0.007%

Together, before fees−0.203%+ Points / potential airdropedgeX: Active · Variational Omni: Active · farm board−$20 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 Variational Omni is 0.195% dearer against edgeX than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.007%. The two prices were read 104 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	94.030	0.0058	pay 0.0029% / 4h	3h 35m	$5.1M	$29.8M	30x
Short	Variational Omni HYPE	94.220	0.0100	get 0.0100% / 8h	7h 35m	$31.8M	$54.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.202%Rate

Funding earned: $8.72
Price spread: +0.202% → +0.007%: $19.54
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $19.26
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: edgeX: live order book, 3 min ago; Variational Omni: RFQ quote, 3 min ago. Net counts fees only.

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, 3 min ago	0.37 bp	4.9 bp −$5	5.1 bp −$51	98.5 bp −$9,847	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	0.42 bp	doesn't fit	8.9 bp −$89	26.4 bp −$2,638	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	−0.1464%	1h	94.187	+0.167%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.174	+0.153%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0277%	8h	94.233	+0.216%	$12.8M	$2.6M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0262%	1h	94.121	+0.096%	$22K	$23K	10x	as long as short
dYdX HYPE-USD	−0.0185%	1h	94.245	+0.229%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0158%	1h	94.220	+0.202%	$710K	$947K	10x	as long as short
Bullet HYPE-USD	−0.0093%	1h	94.232	+0.215%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.274	+0.259%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.241	+0.224%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0021%	8h	94.250	+0.234%	$323.8M	$280.8M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.264	+0.249%	$166K	$599K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.262	+0.247%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.283	+0.269%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0008%	4h	94.257	+0.241%	$44.6M	$59.5M	75x	as long as short
Aster HYPEUSDT	+0.0024%	4h	94.276	+0.262%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	+0.152%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.277	+0.262%	$89.7M	$82.4M	100x	as long as short
Derive HYPE-PERP	+0.0048%	1h	94.217	+0.199%	$16.5M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.268	+0.253%	$384.5M	$893.3M	75x	as long as short
edgeX HYPEUSDClong	+0.0058%	4h	94.030	long leg	$5.1M	$29.8M	30x
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.267	+0.252%	$116.3M	$319.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.319	+0.308%	$19.1M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.291	+0.277%	$3.1M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.257	+0.241%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.266	+0.251%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.314	+0.302%	$343K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	+0.255%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.263	+0.247%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.368	+0.359%	$2.06B	$675.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.291	+0.277%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.287	+0.273%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.280	+0.266%	$228.7M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.267	+0.252%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.293	+0.279%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	94.220	+0.202%	$31.8M	$54.0M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	+0.016%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.037	+0.007%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.245	+0.228%	$682K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.277	+0.263%	—	$271K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.271	+0.256%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.479	+0.477%	$77K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.330	+0.319%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.279	+0.265%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.095%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.256	+0.240%	$19.2M	$44.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.310	+0.298%	$5.0M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0182%	4h	94.242	+0.225%	$17.1M	$12.3M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.390	+0.383%	$31K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0206%	8h	94.313	+0.301%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.294	+0.281%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.252	+0.236%	$78K	$145K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.278	+0.264%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0365%	1h	94.356	+0.346%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0445%	4h	94.442	+0.438%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.372	+0.363%	$21.1M	$29.7M	50x	as long as short