Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0005%/8h= −0.6% APRpaid last 24h −0.038%

Price spread now: edgeX against Hyperliquid−0.010%7-day average −0.046% · 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−$15as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Hyperliquid Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 7 days−0.019%−$2 · spread now −0.010%, 7d avg −0.046%

Together, before fees−0.086%+ Points / potential airdropHyperliquid: Season 2 · edgeX: Active · farm board−$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: edgeX is 0.036% dearer against Hyperliquid than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	94.800	0.0100	pay 0.0013% / 1h	49m 06s	$2.08B	$691.4M	10x
Short	edgeX HYPEUSDC	94.791	0.0095	get 0.0047% / 4h	3h 49m	$5.0M	$30.7M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Hyperliquid. 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 HyperliquidbpFee edgeXbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$1.08
Price spread: −0.010% → −0.046%: $3.63
Slippage, 4 orders: −$0.98
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$16.43
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; edgeX: live order book, 5 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 Hyperliquid live order book, 5 min ago	0.05 bp	4.6 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell edgeX live order book, 5 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	166.5 bp −$16.6K	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	−0.1376%	1h	94.787	−0.014%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0386%	1h	94.667	−0.140%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0321%	1h	94.785	−0.015%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0186%	1h	94.709	−0.096%	$112K	$576K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.732	−0.072%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.776	−0.025%	$89K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.940	+0.148%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.719	−0.085%	$19.7M	$33.9M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0041%	1h	94.730	−0.074%	$715K	$1.3M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.717	−0.088%	$147K	$685K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.792	−0.008%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.930	+0.137%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.746	−0.057%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.748	−0.055%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.810	+0.011%	$209K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0012%	4h	94.720	−0.084%	$227.4M	$100.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.700	−0.105%	$4.8M	$6.3M	50x	as long as short
Phemex HYPEUSDT	+0.0033%	8h	94.756	−0.046%	$12.9M	$2.9M	50x	as long as short
Derive HYPE-PERP	+0.0051%	1h	94.682	−0.124%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0052%	8h	94.819	+0.020%	$339K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0062%	1h	94.825	+0.026%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.685	−0.121%	$118.3M	$328.6M	50x	as long as short
SoDEX HYPE-USD	+0.0075%	1h	94.701	−0.104%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDCshort	+0.0095%	4h	94.791	−0.010%	$5.0M	$30.7M	30x
Lighter HYPE	+0.0096%	1h	94.713	−0.092%	$16.3M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.713	−0.092%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.730	−0.074%	$147K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.730	−0.074%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.784	−0.016%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	94.800	long leg	$2.08B	$691.4M	10x
Aster HYPEUSDT	+0.0100%	4h	94.696	−0.110%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.823	+0.024%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.684	−0.122%	$380.9M	$937.3M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.690	−0.116%	$317.1M	$291.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.122%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.693	−0.113%	$51.0M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.705	−0.100%	$94.1M	$85.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.713	−0.092%	$46.9M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.725	−0.079%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.682	−0.124%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.809	+0.010%	$30.0M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.848	+0.051%	$7.7M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.799	−0.001%	$352K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.833	+0.035%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.802	+0.002%	$500K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.807	+0.007%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.851	+0.054%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.680	−0.127%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.741	−0.062%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.772	−0.030%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.390%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0214%	1h	94.797	−0.003%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.684	−0.122%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.767	−0.034%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.724	−0.080%	$17.2M	$12.4M	75x	as long as short