Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0189%/8h= +20.7% APRpaid last 24h +0.016%

Price spread now: Deribit against edgeX+0.032%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on edgeX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.049%−$5 on $10k

Price spread, last 3 days (all we have)+0.053%+$5 · spread now +0.032%, 7d avg +0.049%

Together, before fees+0.004%+ Points / potential airdropedgeX: Active · farm board$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.049%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.049% in total (about -2.5% 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	93.918	0.0062	pay 0.0031% / 4h	3h 55m	$5.1M	$29.7M	30x
Short	Deribit HYPE_USDC-PERPETUAL	93.948	0.0251	get 0.0031% / 1h	55m 34s	$7.5M	$4.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.032%Rate

Funding earned: $39.79
Price spread: +0.032% → +0.049%: −$1.67
Slippage, 4 orders: −$11.63
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $10.49
Costs to cover: 0.276%
Break-even: 5.2 days

Slippage from edgeX: live order book, 4 min ago; Deribit: 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 edgeX live order book, 4 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	140.5 bp −$14.1K	doesn't fit
Sell Deribit live order book, 3 min ago	1.75 bp	9.3 bp −$9	16.6 bp −$166	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	−0.1440%	1h	93.842	−0.080%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.706	−0.226%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0322%	1h	93.973	+0.059%	$22K	$22K	10x	as long as short
ApeX Omni HYPEUSDT	−0.0224%	1h	93.928	+0.011%	$340K	$1.1M	50x	as long as short
dYdX HYPE-USD	−0.0179%	1h	93.914	−0.004%	$128K	$30K	5x	as long as short
Gate HYPE_USDT	−0.0128%	4h	93.800	−0.126%	$44.6M	$58.8M	75x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.770	−0.158%	$705K	$925K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	93.784	−0.143%	$86K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.831	−0.093%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	93.825	−0.099%	$112K	$579K	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	−0.0072%	8h	93.780	−0.147%	$322.6M	$283.5M	75x	as long as short
Derive HYPE-PERP	−0.0013%	1h	93.778	−0.149%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	93.829	−0.095%	$169K	$594K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.879	−0.042%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.860	−0.062%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.913	−0.005%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.805	−0.120%	$8.9M	$36.1M	300x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.779	−0.148%	$60K	$1.2M	50x	as long as short
Binance HYPEUSDT	+0.0039%	4h	93.808	−0.118%	$383.2M	$897.8M	75x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.830	−0.094%	$88.0M	$81.8M	100x	as long as short
edgeX HYPEUSDClong	+0.0062%	4h	93.918	long leg	$5.1M	$29.7M	30x
OKX HYPE-USDT-SWAP	+0.0084%	8h	93.769	−0.159%	$115.8M	$321.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.868	−0.054%	$18.8M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.851	−0.071%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.904	−0.015%	$399K	$268K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.860	−0.062%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.820	−0.104%	$42K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.808	−0.118%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.930	+0.013%	$2.04B	$680.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.843	−0.080%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.830	−0.094%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.780	−0.147%	$227.2M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.795	−0.131%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.879	−0.041%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.832	−0.091%	$31.2M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.944	+0.027%	$7.6M	$45.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.836	−0.087%	$678K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.836	−0.087%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.817	−0.107%	$479K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.828	−0.096%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.903	−0.016%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.850	−0.072%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.890	−0.030%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	+0.027%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.783	−0.144%	$18.4M	$42.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.890	−0.030%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0163%	8h	93.929	+0.012%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.897	−0.022%	$17.0M	$12.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	+0.247%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.849	−0.073%	$2.8M	$6.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.763	−0.165%	$78K	$143K	15x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0251%	1h	93.948	+0.032%	$7.5M	$4.7M	50x
HTX HYPE-USDT	+0.0310%	4h	94.050	+0.141%	$1.5M	$7.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.862	−0.060%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.955	+0.039%	$21.0M	$29.5M	50x	as long as short