Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC−0.0083%/8h= −9.0% APRpaid last 24h −0.014%

Price spread now: Perpl against edgeX−0.060%54s7-day average +0.009% · you buy dearer than you sell

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

Long on edgeX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.152%−$15 on $10k

Price spread, last 4 days (all we have)+0.535%+$53 · spread now −0.060%, 7d avg +0.009%

Together, before fees+0.383%+ Points / potential airdropedgeX: Active · Perpl: Active · farm board+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Perpl is 0.069% cheaper against edgeX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.009%). Swap the legs. The two prices were read 54 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	edgeX HYPEUSDC	93.380	0.0083	pay 0.0041% / 4h	2h 01m	$5.0M	$30.0M	30x
Short	Perpl HYPE	93.325	0	get 0.0000% / 43m	6m 34s	$22K	$321K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$17.34
Price spread: −0.060% → +0.009%: −$6.86
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$47.01
Costs to cover: 0.228%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 3 min ago; Perpl: no order-book sample. 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 edgeX live order book, 3 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	140.6 bp −$14.1K	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 54 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	−0.1120%	1h	93.340	−0.043%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.152	−0.245%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.296	−0.090%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0063%	1h	93.220	−0.172%	$698K	$904K	10x	as long as short
Phemex HYPEUSDT	−0.0056%	8h	93.295	−0.091%	$12.6M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.284	−0.103%	$156K	$640K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.279	−0.109%	$85K	$346K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0015%	1h	93.445	+0.070%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.303	−0.083%	$8.8M	$35.7M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.294	−0.093%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPEshort	0.0000%	43m	93.325	−0.060%	$22K	$321K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.338	−0.045%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.272	−0.116%	—	$53.2M	—	as long as short
Gate HYPE_USDT	+0.0014%	4h	93.266	−0.123%	$44.4M	$55.9M	75x	as long as short
Bybit HYPEUSDT	+0.0015%	8h	93.251	−0.139%	$319.9M	$275.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0019%	1h	93.271	−0.117%	$7.4M	$10.4M	20x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	+0.047%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.267	−0.121%	$114.6M	$301.0M	50x	as long as short
Bullet HYPE-USD	+0.0077%	1h	93.334	−0.050%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0080%	4h	93.285	−0.103%	$379.5M	$879.2M	75x	as long as short
MEXC HYPE_USDT	+0.0080%	4h	93.274	−0.114%	$88.0M	$83.5M	100x	as long as short
edgeX HYPEUSDClong	+0.0083%	4h	93.380	long leg	$5.0M	$30.0M	30x
Lighter HYPE	+0.0096%	1h	93.293	−0.093%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.308	−0.078%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.261	−0.128%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.331	−0.053%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.280	−0.108%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.324	−0.060%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.400	+0.020%	$2.04B	$657.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.297	−0.089%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.049%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.304	−0.082%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.263	−0.126%	$225.7M	$96.9M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	−0.034%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.419	+0.041%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	−0.043%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.464	+0.090%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.380	0.000%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.347	−0.036%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.278	−0.110%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.268	−0.121%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.420	+0.042%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.302	−0.084%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.237	−0.153%	$18.3M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.317	−0.068%	$397K	$172K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.430	+0.053%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.856%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0198%	4h	93.500	+0.128%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.355	−0.028%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.323	−0.061%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.402	+0.023%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.340	−0.043%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0425%	1h	93.385	+0.005%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.372	−0.008%	$20.8M	$30.0M	50x	as long as short