Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0048%/8h= +5.3% APRpaid last 24h 0.000%

Price spread now: edgeX against Phemex+0.006%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$470.466% of the position

Long on Phemex Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.034%+$3 · spread now +0.006%, 7d avg −0.011%

Together, before fees+0.044%+ Points / potential airdropedgeX: Active · farm board+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	92.892	0.0045	pay 0.0045% / 8h	3h 46m	$12.5M	$2.7M	50x
Short	edgeX HYPEUSDC	92.897	0.0093	get 0.0047% / 4h	3h 46m	$4.9M	$29.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Phemex. 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 PhemexbpFee edgeXbpOrdersPrice spread, now +0.006%Rate

Funding earned: $10.09
Price spread: +0.006% → −0.011%: $1.69
Slippage, 4 orders: −$25.6
Fee Phemex: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$34.82
Costs to cover: 0.466%
Break-even: 31.1 days

Slippage from Phemex: live order book, 3 min ago; edgeX: live order book, 3 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 Phemex live order book, 3 min ago	1.18 bp	15.7 bp −$16	33.0 bp −$330	doesn't fit	doesn't fit
Sell edgeX live order book, 3 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	157.1 bp −$15.7K	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	−0.0824%	1h	92.732	−0.172%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	92.889	−0.003%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.814	−0.084%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.848	−0.047%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.892	0.000%	$158K	$661K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.854	−0.041%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.965	+0.079%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.876	−0.017%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.916	+0.026%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0023%	1h	92.866	−0.028%	$112K	$578K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	93.017	+0.135%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	92.900	+0.009%	$316.2M	$282.4M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0039%	1h	92.800	−0.099%	$698K	$1.1M	10x	as long as short
Phemex HYPEUSDTlong	+0.0045%	8h	92.892	long leg	$12.5M	$2.7M	50x
01 Exchange HYPEUSD	+0.0056%	1h	92.898	+0.006%	$87K	$362K	20x	as long as short
Gate HYPE_USDT	+0.0074%	4h	92.900	+0.009%	$44.7M	$53.8M	75x	as long as short
Bitget HYPEUSDT	+0.0076%	4h	92.877	−0.016%	$225.0M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.844	−0.052%	$69K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0090%	4h	92.881	−0.012%	$8.7M	$36.1M	300x	as long as short
edgeX HYPEUSDCshort	+0.0093%	4h	92.897	+0.006%	$4.9M	$29.6M	30x
Lighter HYPE	+0.0096%	1h	92.866	−0.028%	$16.1M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.858	−0.037%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.869	−0.025%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.840	−0.056%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.840	−0.057%	$7.4M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.939	+0.051%	$2.03B	$665.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.869	−0.025%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.904	+0.013%	$373.6M	$904.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.913	+0.023%	$113.9M	$304.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.054%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.885	−0.008%	$87.3M	$80.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.881	−0.012%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.900	+0.009%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.874	−0.019%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.989	+0.104%	$28.6M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.944	+0.056%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.890	−0.002%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.889	−0.003%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.925	+0.036%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.910	+0.019%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.891	−0.001%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.850	−0.045%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.863	−0.031%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.863	−0.031%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.807	−0.091%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.886	−0.007%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.970	+0.084%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0186%	4h	93.050	+0.170%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.917	+0.027%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.278%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.879	−0.014%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.879	−0.014%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0331%	1h	92.959	+0.072%	$7.5M	$4.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.867	−0.027%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.907	+0.017%	$3.1M	$6.4M	20x	as long as short