Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0134%/8h= −14.7% APRpaid last 24h −0.002%

Price spread now: Phemex against edgeX−0.017%7-day average +0.016% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$480.483% of the position

Long on edgeX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.079%+$8 · spread now −0.017%, 7d avg +0.016%

Together, before fees+0.073%+ Points / potential airdropedgeX: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phemex is 0.032% cheaper against edgeX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.016%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	94.068	0.0068	pay 0.0034% / 4h	3h 29m	$5.1M	$30.0M	30x
Short	Phemex HYPEUSDT	94.052	−0.0066	pay 0.0066% / 8h	7h 29m	$12.8M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$28.15
Price spread: −0.017% → +0.016%: −$3.24
Slippage, 4 orders: −$27.34
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$79.73
Costs to cover: 0.483%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; Phemex: live order book, 5 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, 5 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	133.8 bp −$13.4K	doesn't fit
Sell Phemex live order book, 5 min ago	2.97 bp	20.2 bp −$20	37.5 bp −$375	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	−0.1400%	1h	93.937	−0.139%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.902	−0.176%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0234%	1h	94.131	+0.067%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0158%	1h	93.950	−0.125%	$706K	$956K	10x	as long as short
dYdX HYPE-USD	−0.0148%	1h	94.048	−0.021%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0103%	1h	94.034	−0.035%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.032	−0.038%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.981	−0.092%	$3K	$331	25x	as long as short
Phemex HYPEUSDTshort	−0.0066%	8h	94.052	−0.017%	$12.8M	$2.6M	50x
Bybit HYPEUSDT	−0.0035%	8h	94.020	−0.051%	$322.9M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.996	−0.076%	$159K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0012%	4h	94.036	−0.034%	$44.5M	$59.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.037	−0.032%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.070	+0.003%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0015%	4h	94.046	−0.023%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.121	+0.057%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	94.034	−0.035%	$383.5M	$893.4M	75x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.049	−0.020%	$89.1M	$82.6M	100x	as long as short
Derive HYPE-PERP	+0.0056%	1h	93.990	−0.082%	$16.4M	$7.3M	10x	as long as short
edgeX HYPEUSDClong	+0.0068%	4h	94.068	long leg	$5.1M	$30.0M	30x
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.028	−0.042%	$115.9M	$318.3M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.070	+0.003%	$19.2M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.048	−0.021%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.024	−0.046%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.015	−0.056%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.016	−0.055%	$341K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.060	−0.008%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.026	−0.044%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.154	+0.092%	$2.05B	$677.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.993	−0.079%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.057	−0.011%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.058	−0.010%	$228.1M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.049	−0.020%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.012	−0.059%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.030	−0.039%	$31.5M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	+0.022%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.209	+0.150%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.984	−0.089%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.071	+0.004%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.064	−0.004%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.013	−0.058%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.102	+0.037%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.028	−0.042%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.056%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.005	−0.067%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.040%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0192%	4h	94.018	−0.053%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.449%	$31K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0222%	8h	94.094	+0.028%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.070	+0.002%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.047	−0.022%	$79K	$146K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0152%	1h	94.077	+0.010%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0416%	4h	94.233	+0.176%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0420%	1h	94.136	+0.073%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.121	+0.057%	$21.0M	$29.7M	50x	as long as short