Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h +0.004%

Price spread now: edgeX against Vest−0.147%63s7-day average +0.005% · you buy dearer than you sell

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

Long on Vest Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.128%+$13 on $10k

Price spread, last 3 days (all we have)+0.077%+$8 · spread now −0.147%, 7d avg +0.005%

Together, before fees+0.205%+ Points / potential airdropVest: Active · edgeX: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and edgeX is 0.152% cheaper against Vest than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.005%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.128%, so the current rate has only just turned against you. The two prices were read 63 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	Vest HYPE-PERP	94.258	0.0100	pay 0.0013% / 1h	44m 05s	—	$454K	5x
Short	edgeX HYPEUSDC	94.119	0.0079	get 0.0040% / 4h	44m 05s	$5.1M	$29.8M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against Vest. 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 VestbpFee edgeXbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$4.34
Price spread: −0.147% → +0.005%: −$15.2
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$30.54
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; edgeX: live order book, 5 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 Vest no order-book sample	—	—	—	—	—
Sell edgeX live order book, 5 min ago	0.32 bp	4.8 bp −$5	5.2 bp −$52	doesn't fit	doesn't fit

Vest: 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
Hibachi HYPE/USDT-P	−0.0600%	1h	94.204	−0.058%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0428%	1h	94.123	−0.143%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.092	−0.177%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.172	−0.092%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.166	−0.098%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.198	−0.064%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.230	−0.030%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.301	+0.045%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0011%	4h	94.184	−0.079%	$162K	$562K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0016%	1h	94.150	−0.115%	$705K	$909K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0020%	8h	94.220	−0.041%	$324.9M	$281.9M	75x	as long as short
Aster HYPEUSDT	+0.0044%	4h	94.241	−0.018%	$9.0M	$35.9M	300x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	94.220	−0.041%	$87K	$364K	20x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.185	−0.078%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.230	−0.030%	$44.3M	$58.4M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	94.230	−0.030%	$88.9M	$81.1M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	94.228	−0.032%	$385.8M	$890.3M	75x	as long as short
edgeX HYPEUSDCshort	+0.0079%	4h	94.119	−0.147%	$5.1M	$29.8M	30x
Derive HYPE-PERP	+0.0093%	1h	94.178	−0.086%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.266	+0.008%	$19.2M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.247	−0.012%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.210	−0.051%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.168	−0.096%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.230	−0.030%	$30K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.181	−0.082%	$5.8M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.191	−0.072%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.211	−0.050%	$116.1M	$319.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.173%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.255	−0.004%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.233	−0.027%	$228.2M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.232	−0.028%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.260	+0.002%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.203	−0.059%	$31.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	−0.114%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.196	−0.066%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.207	−0.055%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	94.258	long leg	—	$454K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	94.246	−0.013%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.209	−0.052%	$113K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.220	−0.041%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.232	−0.028%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.210	−0.051%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.160	−0.104%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.198	−0.065%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.247	−0.012%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0130%	8h	94.272	+0.014%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.210	−0.051%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0230%	4h	94.354	+0.101%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.208	−0.054%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.244	−0.015%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0315%	4h	94.211	−0.050%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.241	−0.019%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0397%	1h	94.311	+0.056%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0568%	1h	94.295	+0.039%	$2.06B	$668.1M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0575%	1h	94.322	+0.068%	$21.1M	$29.2M	50x	as long as short