Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0474%/8h= −51.9% APRpaid last 24h +0.018%

Price spread now: Bluefin against edgeX+0.031%7-day average −0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$370.373% of the position

Long on edgeX Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.120%−$12 on $10k

Price spread, last 4 days (all we have)−0.031%−$3 · spread now +0.031%, 7d avg −0.005%

Together, before fees−0.150%+ Points / potential airdropedgeX: Active · farm board−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bluefin is 0.037% dearer against edgeX than usual: you sell high and buy low (spread +0.031% now, against its 7-day average of −0.005%): +$4 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.120% in total) that is about 2.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.120% in total (about -6.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	94.403	0.0083	pay 0.0041% / 4h	12m 55s	$5.0M	$30.8M	30x
Short	Bluefin HYPE-PERP	94.433	−0.0392	pay 0.0049% / 1h	12m 55s	$80K	$151K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against edgeX. 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 edgeXbpFee BluefinbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$99.6
Price spread: +0.031% → −0.005%: $3.65
Slippage, 4 orders: −$21.28
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$133.23
Costs to cover: 0.373%
Break-even: never at this rate

Slippage from edgeX: live order book, 1 min ago; Bluefin: live order book, 26 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 edgeX live order book, 1 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	130.7 bp −$13.1K	doesn't fit
Sell Bluefin live order book, 26 min ago	1.75 bp	13.6 bp −$14	doesn't fit	doesn't fit	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	−0.1672%	1h	94.413	+0.010%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERPshort	−0.0392%	1h	94.433	+0.031%	$80K	$151K	20x
Ondo Perps HYPE-USD.P	−0.0214%	1h	94.390	−0.014%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.462	+0.062%	$111K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	94.403	0.000%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.470	+0.071%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.424	+0.022%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0045%	1h	94.391	−0.013%	$16.4M	$7.4M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.435	+0.034%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.452	+0.052%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.437	+0.036%	$317.4M	$288.9M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.440	+0.039%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.433	+0.031%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.064%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.539	+0.144%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	+0.131%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.464	+0.064%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.481	+0.082%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0014%	1h	94.475	+0.076%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	94.425	+0.023%	$226.7M	$100.2M	75x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	94.445	+0.044%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0037%	8h	94.486	+0.088%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0046%	1h	94.519	+0.122%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0056%	1h	94.458	+0.058%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	+0.071%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.435	+0.034%	$117.8M	$325.7M	50x	as long as short
edgeX HYPEUSDClong	+0.0083%	4h	94.403	long leg	$5.0M	$30.8M	30x
Gate HYPE_USDT	+0.0092%	4h	94.437	+0.036%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.458	+0.058%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.446	+0.045%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	+0.039%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.434	+0.033%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.528	+0.132%	$2.08B	$688.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.453	+0.052%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.469	+0.070%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.451	+0.051%	$378.7M	$933.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.102%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.463	+0.063%	$89.7M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.452	+0.052%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.431	+0.029%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.014%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.449	+0.048%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.394	−0.010%	$353K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.412	+0.009%	$682K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.508	+0.111%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.560	+0.166%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.426	+0.024%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.418	+0.016%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.452	+0.052%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.357%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.496	+0.098%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0247%	1h	94.545	+0.150%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.472	+0.073%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.435	+0.034%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.436	+0.035%	$17.1M	$12.4M	75x	as long as short