Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0112%/8h= +12.3% APRpaid last 24h +0.018%

Price spread now: edgeX against Ondo Perps−0.125%54s7-day average −0.027% · you buy dearer than you sell

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

Long on Ondo Perps Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.125%+$13 on $10k

Price spread, last 7 days+0.261%+$26 · spread now −0.125%, 7d avg −0.027%

Together, before fees+0.387%+ Points / potential airdropOndo Perps: Active · edgeX: Active · farm board+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.099% cheaper against Ondo Perps than usual: you would sell low and buy high (spread −0.125% now, against its 7-day average of −0.027%). If the spread goes back, that is −$10 on $10k: about 2.9 days of funding at the current rate (+$3 a day). The two prices were read 54 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	Ondo Perps HYPE-USD.P	93.040	−0.0004	get 0.0001% / 1h	47m 55s	$697K	$924K	10x
Short	edgeX HYPEUSDC	92.923	0.0108	get 0.0054% / 4h	1h 47m	$5.0M	$29.5M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Ondo Perps. 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 Ondo PerpsbpFee edgeXbpOrdersPrice spread, now −0.125%Rate

Funding earned: $23.6
Price spread: −0.125% → −0.027%: −$9.87
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$0.27
Costs to cover: 0.140%
Break-even: 7.1 days

Slippage unknown: Ondo Perps: no order-book sample; edgeX: live order book, 1 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell edgeX live order book, 1 min ago	0.27 bp	4.8 bp −$5	5.0 bp −$50	149.7 bp −$15.0K	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps HYPEUSD	−0.0304%	1h	93.077	+0.040%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.047	+0.008%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.992	−0.052%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0056%	1h	92.964	−0.082%	$196K	$231K	7x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.139	+0.106%	$90K	$364K	20x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0004%	1h	93.040	long leg	$697K	$924K	10x
Aster HYPEUSDT	0.0000%	4h	93.160	+0.129%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.090	+0.053%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.244	+0.219%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.108	+0.073%	$23K	$331K	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 −0.0001%	1h	93.144	+0.112%	$20K	—	150x	as long as short
Derive HYPE-PERP	+0.0006%	1h	93.077	+0.040%	$16.3M	$7.1M	10x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	93.107	+0.072%	$57K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.202	+0.174%	$324.0M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.039	−0.001%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0040%	4h	93.111	+0.076%	$169K	$520K	20x	as long as short
Gate HYPE_USDT	+0.0060%	4h	93.177	+0.147%	$43.7M	$57.6M	75x	as long as short
Bullet HYPE-USD	+0.0078%	1h	93.081	+0.044%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.177	+0.147%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.148	+0.116%	$3.0M	$12.1M	20x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.210	+0.183%	$383.6M	$892.5M	75x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.182	+0.153%	$90.3M	$81.5M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.087	+0.050%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.070	+0.032%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.065	+0.027%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.145	+0.113%	$2.02B	$671.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.100	+0.064%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.214	+0.187%	$114.1M	$314.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.168%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.170	+0.140%	$47.2M	$19.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.234	+0.209%	$226.0M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.198	+0.170%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.130	+0.097%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.887	−0.164%	$28.9M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.983	−0.062%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.026%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	−0.043%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.092	+0.056%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.101	+0.066%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.070	+1.107%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.125	+0.091%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.129	+0.096%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.124	+0.090%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.124	+0.090%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.138	+0.105%	$396K	$318K	20x	as long as short
edgeX HYPEUSDCshort	+0.0108%	4h	92.923	−0.125%	$5.0M	$29.5M	30x
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	+0.118%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.880	−0.172%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.068	+0.030%	$78K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.154	+0.123%	$2.8M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0287%	4h	93.238	+0.213%	$1.5M	$7.7M	75x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.072	+0.034%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.119	+0.085%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0415%	1h	93.227	+0.201%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.243	+0.219%	$20.8M	$28.5M	50x	as long as short