Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0234%/8h= +25.6% APRpaid last 24h +0.052%

Price spread now: Reya against edgeX+0.037%55s7-day average −0.016% · you sell dearer than you buy

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

Long on edgeX Short on Reya

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 4 days (all we have)+0.119%+$12 · spread now +0.037%, 7d avg −0.016%

Together, before fees+0.128%+ Points / potential airdropedgeX: Active · Reya: Active · farm board+$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Reya is 0.053% dearer against edgeX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.016%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.009% in total (about 0.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	94.993	0.0035	pay 0.0017% / 4h	1h 06m	$5.0M	$28.0M	30x
Short	Reya HYPERUSDPERP	95.028	0.0268	get 0.0034% / 1h	6m 34s	$85K	$90K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya against edgeX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpOrdersPrice spread, now +0.037%Rate

Funding earned: $49.06
Price spread: +0.037% → −0.016%: $5.34
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Reya: 3 bp × 2 orders: −$6
Net: $39.4
Costs to cover: 0.150%
Break-even: 1.4 days

Slippage unknown: edgeX: live order book, 1 min ago; Reya: 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, 1 min ago	0.31 bp	4.8 bp −$5	5.0 bp −$50	147.2 bp −$14.7K	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 55 exchanges

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
Phemex HYPEUSDT	−0.0265%	8h	95.060	+0.071%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.030	+0.039%	$18.4M	$34.6M	50x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.299	+0.322%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0126%	1h	95.156	+0.172%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0107%	1h	95.220	+0.239%	$678K	$1.3M	10x	as long as short
Aster HYPEUSDT	−0.0082%	4h	95.218	+0.236%	$9.1M	$34.3M	300x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.321	+0.345%	$101K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.055	+0.065%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	95.012	+0.020%	$148K	$642K	20x	as long as short
Gate HYPE_USDT	−0.0064%	4h	95.279	+0.301%	$55.8M	$54.1M	75x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0062%	1h	95.012	+0.020%	$79K	$132K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.020	+0.028%	$4.7M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0053%	1h	95.049	+0.058%	$113K	$583K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0032%	8h	95.251	+0.272%	$119.4M	$304.1M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.267	+0.288%	$230.7M	$86.3M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	+0.198%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.077	+0.089%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.113%	$99K	—	150x	as long as short
Derive HYPE-PERP	+0.0014%	1h	95.000	+0.007%	$16.4M	$7.0M	10x	as long as short
Lighter HYPE	+0.0016%	1h	95.257	+0.278%	$16.7M	$59.0M	20x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	95.277	+0.299%	$321.6M	$263.2M	75x	as long as short
edgeX HYPEUSDClong	+0.0035%	4h	94.993	long leg	$5.0M	$28.0M	30x
MEXC HYPE_USDT	+0.0044%	4h	95.275	+0.297%	$90.6M	$84.9M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	95.286	+0.308%	$383.5M	$850.6M	75x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.267	+0.288%	—	$49.1M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.300	+0.323%	$275K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0064%	1h	95.285	+0.308%	$128K	$96K	5x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0076%	1h	95.119	+0.133%	$7.5M	$4.2M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	95.028	+0.037%	$323K	$926K	50x	as long as short
Paradex HYPE-USD-PERP	+0.0090%	8h	95.255	+0.276%	$340K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.274	+0.296%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.016	+0.024%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.240	+0.260%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.283	+0.305%	$7.3M	$50.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.284	+0.306%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	+0.252%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.266	+0.287%	$47.7M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.011	+0.019%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.971	−0.023%	$29.7M	$52.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.044	+0.054%	$7.7M	$40.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.077	+0.088%	$691K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.108	+0.121%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.048	+0.058%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.136	+0.151%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.024	+0.033%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.167	+0.183%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.234	+0.253%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.084	+0.096%	$1.8M	$5.0M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.312	+0.336%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0154%	1h	95.375	+0.402%	$2.11B	$643.8M	10x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	95.018	+0.026%	$17.4M	$11.6M	75x	as long as short
Reya HYPERUSDPERPshort	+0.0268%	1h	95.028	+0.037%	$85K	$90K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.048	+0.057%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0704%	1h	95.101	+0.114%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.639%	$31K	$334K	12x	as long as short