Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h −0.011%

Price spread now: edgeX against Paradex−0.178%7-day average −0.023% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$170.170% of the position

Long on Paradex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+0.006%+$1 · spread now −0.178%, 7d avg −0.023%

Together, before fees+0.011%+ Points / potential airdropParadex: Active · edgeX: Active · farm board+$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. edgeX is 0.155% cheaper against Paradex than usual: you would sell low and buy high (spread −0.178% now, against its 7-day average of −0.023%). If the spread goes back, that is −$16 on $10k: about 29 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.006% in total) that is about 4 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.618	0.0077	pay 0.0077% / 8h	1h 29m	$334K	$161K	20x
Short	edgeX HYPEUSDC	93.451	0.0095	get 0.0047% / 4h	1h 29m	$5.0M	$30.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Paradex. 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 ParadexbpFee edgeXbpOrdersPrice spread, now −0.178%Rate

Funding earned: $3.8
Price spread: −0.178% → −0.023%: −$15.51
Slippage, 4 orders: −$3.96
Fee Paradex: 2 bp × 2 orders: −$4
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$28.66
Costs to cover: 0.170%
Break-even: 59.8 days

Slippage from Paradex: live order book, 15 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 Paradex live order book, 15 min ago	1.66 bp	3.7 bp −$4	9.5 bp −$95	doesn't fit	doesn't fit
Sell edgeX live order book, 5 min ago	0.32 bp	4.8 bp −$5	5.1 bp −$51	149.4 bp −$14.9K	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	−0.1000%	1h	93.453	−0.176%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.516	−0.109%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0083%	1h	93.420	−0.211%	$703K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.565	−0.057%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0079%	1h	93.558	−0.064%	$111K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.613	−0.005%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	93.531	−0.093%	$145K	$685K	20x	as long as short
Bluefin HYPE-PERP	−0.0012%	1h	93.561	−0.061%	$79K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.519	−0.106%	$128K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.540	−0.083%	$315.7M	$287.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.608	−0.011%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.520	−0.104%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.561	−0.061%	—	$53.6M	—	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.337%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.508	−0.117%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	93.551	−0.072%	$225.4M	$99.5M	75x	as long as short
Paradex HYPE-USD-PERPlong	+0.0077%	8h	93.618	long leg	$334K	$161K	20x
Arcus HYPE-USD	+0.0084%	1h	93.570	−0.051%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0092%	8h	93.566	−0.056%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDCshort	+0.0095%	4h	93.451	−0.178%	$5.0M	$30.6M	30x
Lighter HYPE	+0.0096%	1h	93.574	−0.047%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.587	−0.033%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.593	−0.027%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	−0.051%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.573	−0.048%	$7.5M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.659	+0.044%	$2.05B	$682.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.580	−0.041%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.613	−0.005%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.570	−0.051%	$374.4M	$929.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.535	−0.089%	$115.5M	$314.6M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.555	−0.067%	$48.6M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.573	−0.048%	$90.5M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.576	−0.045%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.561	−0.061%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.181%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.492	−0.134%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.494	−0.132%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.548	−0.075%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.628	+0.011%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.597	−0.022%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.644	+0.028%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.545	−0.078%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.700	+0.088%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.192%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0104%	8h	93.542	−0.081%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.526	−0.098%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.559	−0.063%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.560	−0.062%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.515	−0.110%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.530	−0.094%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0241%	1h	93.637	+0.020%	$7.5M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.535	−0.089%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.489	−0.138%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.619	+0.001%	$20.9M	$29.5M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.563	−0.058%	$3.2M	$6.4M	20x	as long as short