Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0974%/8h= +106.7% APRpaid last 24h +0.222%

Price spread now: edgeX against Hibachi−0.052%7-day average +0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs+$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$670.669% of the position

Long on Hibachi Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+1.663%+$166 on $10k

Price spread, last 4 days (all we have)−0.158%−$16 · spread now −0.052%, 7d avg +0.072%

Together, before fees+1.506%+ Points / potential airdropHibachi: Active · edgeX: Active · farm board+$151 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.124% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.052% now, against its 7-day average of +0.072%). If the spread goes back, that is −$12 on $10k: about 10 hours of funding at the current rate (+$29 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	92.840	−0.0872	get 0.0109% / 1h	2m 49s	$195K	$227K	7x
Short	edgeX HYPEUSDC	92.791	0.0102	get 0.0051% / 4h	1h 02m	$5.0M	$29.0M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Hibachi. 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 HibachibpFee edgeXbpOrdersPrice spread, now −0.052%Rate

Funding earned: $204.63
Price spread: −0.052% → +0.072%: −$12.41
Slippage, 4 orders: −$48.95
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $125.27
Costs to cover: 0.669%
Break-even: 2.7 days

Slippage from Hibachi: live order book, 61 min ago; edgeX: live order book, 1 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 Hibachi live order book, 61 min ago	12.16 bp	33.4 bp −$33	53.7 bp −$537	doesn't fit	doesn't fit
Sell edgeX live order book, 1 min ago	0.27 bp	4.8 bp −$5	4.9 bp −$49	117.9 bp −$11.8K	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
Arcus HYPE-USD	−0.0899%	1h	92.466	−0.403%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-Plong	−0.0872%	1h	92.840	long leg	$195K	$227K	7x
Ondo Perps HYPE-USD.P	−0.0128%	1h	92.530	−0.334%	$698K	$1.1M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.572	−0.289%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0070%	1h	92.996	+0.168%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	92.607	−0.251%	$86K	$349K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	92.606	−0.252%	$158K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0006%	1h	92.622	−0.235%	$111K	$579K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.610	−0.247%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.618	−0.239%	$23K	$310K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.662	−0.192%	$61K	—	150x	as long as short
Aster HYPEUSDT	+0.0003%	4h	92.623	−0.234%	$8.7M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.003	+0.175%	$211K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.624	−0.233%	—	$53.1M	—	as long as short
Bybit HYPEUSDT	+0.0044%	8h	92.596	−0.263%	$318.0M	$278.6M	75x	as long as short
Gate HYPE_USDT	+0.0044%	4h	92.603	−0.255%	$44.5M	$56.2M	75x	as long as short
Phemex HYPEUSDT	+0.0057%	8h	92.660	−0.194%	$12.5M	$2.7M	50x	as long as short
Derive HYPE-PERP	+0.0066%	1h	92.597	−0.261%	$16.1M	$7.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.626	−0.231%	$113.2M	$299.7M	50x	as long as short
Binance HYPEUSDT	+0.0082%	4h	92.611	−0.247%	$372.8M	$889.3M	75x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.605	−0.253%	$87.9M	$81.7M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.645	−0.210%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.618	−0.239%	$16.1M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.615	−0.242%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.627	−0.230%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.600	−0.259%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.589	−0.270%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.676	−0.177%	$2.02B	$656.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.647	−0.208%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.619	−0.238%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.603	−0.255%	$223.7M	$97.2M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.580	−0.280%	$7.4M	$10.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.797	−0.047%	$31.2M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.816	−0.026%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.850	+0.011%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.861	+0.023%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.713	−0.137%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.654	−0.200%	$468K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.610	−0.248%	$78K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.647	−0.208%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.639	−0.217%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.810	−0.032%	$202K	$13K	10x	as long as short
edgeX HYPEUSDCshort	+0.0102%	4h	92.791	−0.052%	$5.0M	$29.0M	30x
HTX HYPE-USDT	+0.0103%	4h	92.744	−0.104%	$1.4M	$6.1M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.555	−0.307%	$18.3M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.615	−0.243%	$394K	$162K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.640	−0.216%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.624	−0.232%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0267%	8h	92.841	+0.001%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.618	−0.239%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	92.666	−0.187%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0451%	1h	92.740	−0.108%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	92.689	−0.163%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.592%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0690%	1h	92.698	−0.153%	$20.6M	$30.2M	50x	as long as short