Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0005%/8h= −0.5% APRpaid last 24h 0.000%

Price spread now: Paradex against Backpack−0.050%7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$400.399% of the position

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.025%−$2 on $10k

Price spread, last 4 days (all we have)−0.103%−$10 · spread now −0.050%, 7d avg 0.000%

Together, before fees−0.127%+ Points / potential airdropParadex: Active · farm board−$13 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Paradex is 0.050% cheaper against Backpack than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of 0.000%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	92.864	0.0100	pay 0.0013% / 1h	3m 42s	$7.3M	$11.3M	20x
Short	Paradex HYPE-USD-PERP	92.818	0.0095	get 0.0095% / 8h	4h 03m	$339K	$163K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Backpack. 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 BackpackbpFee ParadexbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$1.02
Price spread: −0.050% → 0.000%: −$4.99
Slippage, 4 orders: −$25.88
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$45.89
Costs to cover: 0.399%
Break-even: never at this rate

Slippage from Backpack: live order book, just now; Paradex: live order book, 55 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 Backpack live order book, just now	0.05 bp	5.1 bp −$5	10.3 bp −$103	246.5 bp −$24.7K	doesn't fit
Sell Paradex live order book, 55 min ago	12.88 bp	14.9 bp −$15	18.7 bp −$187	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
Arcus HYPE-USD	−0.0948%	1h	92.765	−0.107%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0368%	1h	92.692	−0.185%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	92.787	−0.083%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.797	−0.072%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.831	−0.036%	$157K	$658K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.841	−0.025%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	+0.001%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.825	−0.042%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.886	+0.024%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0027%	1h	92.815	−0.053%	$111K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0027%	8h	92.851	−0.014%	$12.5M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.710	−0.166%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.859	−0.005%	—	$53.5M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.117%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.850	−0.015%	$316.9M	$281.1M	75x	as long as short
Aster HYPEUSDT	+0.0063%	4h	92.858	−0.006%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0092%	4h	92.851	−0.014%	$224.7M	$98.6M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.729	−0.145%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERPshort	+0.0095%	8h	92.818	−0.050%	$339K	$163K	20x
Lighter HYPE	+0.0096%	1h	92.870	+0.006%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.877	+0.014%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.823	−0.044%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0096%	8h	92.859	−0.005%	$113.9M	$303.8M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.790	−0.080%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.788	−0.081%	$7.3M	$45.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.892	+0.030%	$2.02B	$663.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.838	−0.028%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.862	−0.002%	$373.1M	$901.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.069%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.849	−0.016%	$44.5M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.866	+0.002%	$88.4M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.857	−0.008%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	92.864	long leg	$7.3M	$11.3M	20x
Variational Omni HYPE	+0.0100%	8h	92.689	−0.189%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	−0.095%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.721	−0.154%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.694	−0.183%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.856	−0.009%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.870	+0.006%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.840	−0.026%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.824	−0.044%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.779	−0.092%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.859	−0.005%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.950	+0.093%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.825	−0.042%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.857	−0.008%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.146%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.900	+0.039%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	92.832	−0.034%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.841	−0.025%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.857	−0.007%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.913	+0.053%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.780	−0.090%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0385%	1h	92.954	+0.097%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.883	+0.021%	$3.2M	$6.4M	20x	as long as short