Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h +0.022%

Price spread now: Phoenix against edgeX+0.152%7-day average +0.138% · you sell dearer than you buy

Net, funding: paid 7d − costs+$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$220.222% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.259%+$26 on $10k

Price spread, last 7 days−0.018%−$2 · spread now +0.152%, 7d avg +0.138%

Together, before fees+0.241%+ Points / potential airdropedgeX: Active · farm board+$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.138%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.259%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	94.030	0.0058	pay 0.0029% / 4h	3h 36m	$5.1M	$29.8M	30x
Short	Phoenix HYPE	94.173	0.0034	get 0.0004% / 1h	36m 21s	$219K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.152%Rate

Funding earned: −$5.13
Price spread: +0.152% → +0.138%: $1.37
Slippage, 4 orders: −$6.23
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$25.99
Costs to cover: 0.222%
Break-even: never at this rate

Slippage from edgeX: live order book, 3 min ago; Phoenix: live order book, 2 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, 3 min ago	0.37 bp	4.9 bp −$5	5.1 bp −$51	98.5 bp −$9,847	doesn't fit
Sell Phoenix live order book, 2 min ago	1.48 bp	6.2 bp −$6	10.7 bp −$107	135.2 bp −$13.5K	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	−0.1464%	1h	94.187	+0.167%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.156	+0.134%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0282%	8h	94.196	+0.176%	$12.8M	$2.6M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0262%	1h	94.121	+0.096%	$22K	$23K	10x	as long as short
dYdX HYPE-USD	−0.0193%	1h	94.245	+0.229%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0161%	1h	94.130	+0.106%	$710K	$945K	10x	as long as short
Bullet HYPE-USD	−0.0093%	1h	94.232	+0.215%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.274	+0.259%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.241	+0.224%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0021%	8h	94.240	+0.223%	$323.8M	$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	−0.0012%	4h	94.264	+0.249%	$166K	$599K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.262	+0.247%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.283	+0.269%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0008%	4h	94.258	+0.242%	$44.6M	$59.5M	75x	as long as short
Aster HYPEUSDT	+0.0023%	4h	94.265	+0.250%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPEshort	+0.0034%	1h	94.173	+0.152%	$219K	$1.2M	10x
MEXC HYPE_USDT	+0.0044%	4h	94.256	+0.240%	$89.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.202	+0.183%	$16.5M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0049%	4h	94.268	+0.253%	$384.8M	$893.0M	75x	as long as short
Bluefin HYPE-PERP	+0.0055%	1h	94.245	+0.228%	$76K	$171K	20x	as long as short
edgeX HYPEUSDClong	+0.0058%	4h	94.030	long leg	$5.1M	$29.8M	30x
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.260	+0.244%	$116.3M	$319.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.309	+0.296%	$19.1M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.278	+0.264%	$3.1M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.257	+0.241%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.231	+0.214%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.293	+0.279%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	+0.255%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.263	+0.247%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.354	+0.344%	$2.06B	$675.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.272	+0.257%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.267	+0.252%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.263	+0.248%	$228.6M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.246	+0.229%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.261	+0.245%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.021%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	+0.016%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.037	+0.007%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.245	+0.228%	$682K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.277	+0.263%	—	$271K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.271	+0.256%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.325	+0.314%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.244	+0.227%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.095%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.241	+0.224%	$19.2M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.280	+0.266%	$5.0M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0182%	4h	94.242	+0.225%	$17.1M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0198%	8h	94.305	+0.292%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.390	+0.383%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.294	+0.281%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.252	+0.236%	$78K	$145K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.278	+0.264%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0436%	4h	94.427	+0.422%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0439%	1h	94.340	+0.329%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.333	+0.322%	$21.1M	$29.7M	50x	as long as short