Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h +0.022%

Price spread now: Paradex against Coinbase International−0.117%7-day average +0.047% · 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−$40as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Coinbase International Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.146%+$15 on $10k

Price spread, last 3 days (all we have)+0.162%+$16 · spread now −0.117%, 7d avg +0.047%

Together, before fees+0.308%+ Points / potential airdropParadex: Active · farm board+$31 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Paradex is 0.165% cheaper against Coinbase International than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of +0.047%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.146%, 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	Coinbase International HYPE-PERP-INTX	94.070	0.0152	pay 0.0019% / 1h	1m 58s	$4.9M	$5.7M	50x
Short	Paradex HYPE-USD-PERP	93.960	0.0099	get 0.0099% / 8h	1m 58s	$341K	$171K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Coinbase International. 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 Coinbase InternationalbpFee ParadexbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$11.06
Price spread: −0.117% → +0.047%: −$16.48
Slippage, 4 orders: −$9.1
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$50.64
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Paradex: live order book, 12 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 Coinbase International live order book, 2 min ago	2.66 bp	8.5 bp −$8	15.2 bp −$152	35.6 bp −$3,562	doesn't fit
Sell Paradex live order book, 12 min ago	1.23 bp	3.2 bp −$3	6.8 bp −$68	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	−0.1376%	1h	93.897	−0.184%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0346%	1h	93.948	−0.129%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.820	−0.266%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.950	−0.128%	$704K	$925K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.924	−0.155%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.931	−0.148%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0012%	1h	93.900	−0.181%	$16.4M	$7.2M	10x	as long as short
dYdX HYPE-USD	−0.0007%	1h	93.976	−0.100%	$128K	$30K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	93.984	−0.091%	$169K	$594K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.978	−0.097%	$23K	$329K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.990	−0.085%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	−0.183%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.961	−0.116%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.970	−0.106%	$323.4M	$283.9M	75x	as long as short
Phemex HYPEUSDT	+0.0030%	8h	93.928	−0.151%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.979	−0.097%	$88.4M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0047%	4h	93.987	−0.088%	$384.1M	$898.7M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.224%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.930	−0.149%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0068%	4h	93.978	−0.098%	$44.2M	$60.1M	75x	as long as short
Bullet HYPE-USD	+0.0073%	1h	93.939	−0.139%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	93.984	−0.091%	$116.0M	$322.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.029	−0.043%	$18.9M	$60.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.993	−0.082%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.967	−0.109%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.990	−0.085%	$42K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERPshort	+0.0099%	8h	93.960	−0.117%	$341K	$171K	20x
Nado HYPE-PERP	+0.0100%	1h	93.941	−0.137%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.073	+0.003%	$2.05B	$680.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.951	−0.126%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.193%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.996	−0.079%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.995	−0.080%	$227.7M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.968	−0.108%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.001	−0.073%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.274%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.220%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.817	−0.269%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.046	−0.026%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.005	−0.069%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.996	−0.079%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.963	−0.114%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.973	−0.103%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.967	−0.109%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.361%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.940	−0.139%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0152%	1h	94.070	long leg	$4.9M	$5.7M	50x
Kalshi KXHYPEPERP	+0.0157%	8h	94.054	−0.017%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0185%	4h	93.999	−0.075%	$17.0M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0194%	4h	94.100	+0.032%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.966	−0.111%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.982	−0.094%	$2.8M	$6.9M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0324%	1h	94.067	−0.003%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0156%	1h	93.993	−0.082%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.082	+0.013%	$21.0M	$29.5M	50x	as long as short