Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.063%

Price spread now: Paradex against BloFin−0.030%7-day average +0.013% · 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−$54as in the Price arb table

costs, in and out, $10k−$490.494% of the position

Long on BloFin Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.250%−$25 on $10k

Price spread, last 3 days (all we have)+0.209%+$21 · spread now −0.030%, 7d avg +0.013%

Together, before fees−0.041%+ Points / potential airdropParadex: Active · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Paradex is 0.043% cheaper against BloFin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.013%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	93.715	0.0340	pay 0.0170% / 4h	2h 22m	$17.1M	$12.5M	75x
Short	Paradex HYPE-USD-PERP	93.687	0.0100	get 0.0100% / 8h	2h 22m	$340K	$170K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against BloFin. 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 BloFinbpFee ParadexbpOrdersPrice spread, now −0.030%Rate

Funding earned: −$50.48
Price spread: −0.030% → +0.013%: −$4.32
Slippage, 4 orders: −$33.35
Fee BloFin: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$104.16
Costs to cover: 0.494%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Paradex: 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 BloFin live order book, 6 min ago	0.05 bp	6.1 bp −$6	6.7 bp −$67	9.8 bp −$975	doesn't fit
Sell Paradex live order book, 2 min ago	16.62 bp	18.6 bp −$19	21.0 bp −$210	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	−0.1008%	1h	93.638	−0.082%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0296%	1h	93.649	−0.070%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0238%	1h	93.630	−0.091%	$702K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.679	−0.038%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.677	−0.041%	$90K	$343K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.717	+0.003%	$111K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.675	−0.043%	$16.5M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.006%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.703	−0.012%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.746	+0.033%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0029%	4h	93.692	−0.024%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.667	−0.051%	$44.1M	$57.1M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.633	−0.087%	$326.1M	$287.0M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0064%	4h	93.700	−0.016%	$175K	$536K	20x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.639	−0.081%	$57K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.029%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.700	−0.017%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.707	−0.009%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0100%	8h	93.687	−0.030%	$340K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.690	−0.027%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.638	−0.082%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.771	+0.060%	$2.04B	$669.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.680	−0.038%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.643	−0.077%	$386.3M	$888.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.630	−0.091%	$115.0M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.627	−0.094%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.646	−0.074%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.696	−0.020%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.649	−0.070%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.642	−0.078%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.712	−0.003%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	−0.068%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.109%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.181%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.752	+0.039%	$678K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.698	−0.018%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.718	+0.003%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.733	+0.019%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.698	−0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.724	+0.010%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.676	−0.042%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.169%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.628	−0.093%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.744	+0.031%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.171%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.775	+0.064%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0145%	1h	93.826	+0.118%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.760	+0.048%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.678	−0.039%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.112%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0310%	4h	93.864	+0.159%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.747	+0.035%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	93.715	long leg	$17.1M	$12.5M	75x
RISEx HYPE/USDC	+0.0467%	1h	93.710	−0.005%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0571%	1h	93.849	+0.143%	$19.2M	$26.0M	50x	as long as short