Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0059%/8h= +6.4% APRpaid last 24h +0.018%

Price spread now: Paradex against Derive+0.064%7-day average +0.048% · you sell dearer than you buy

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

Long on Derive Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.020%+$2 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now +0.064%, 7d avg +0.048%

Together, before fees+0.053%+ Points / potential airdropParadex: Active · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.048%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	93.083	0.0039	pay 0.0005% / 1h	37m 05s	$16.3M	$7.1M	10x
Short	Paradex HYPE-USD-PERP	93.143	0.0098	get 0.0098% / 8h	1h 37m	$338K	$170K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Derive. 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 DerivebpFee ParadexbpOrdersPrice spread, now +0.064%Rate

Funding earned: $12.34
Price spread: +0.064% → +0.048%: $1.55
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: $3.89
Costs to cover: 0.100%
Break-even: 4.8 days

Slippage unknown: Derive: no order-book sample; Paradex: live order book, 47 min ago. 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 Derive no order-book sample	—	—	—	—	—
Sell Paradex live order book, 47 min ago	16.62 bp	18.6 bp −$19	21.0 bp −$210	doesn't fit	doesn't fit

Derive: 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 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
Aftermath Perps HYPEUSD	−0.0362%	1h	93.223	+0.150%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0184%	1h	93.205	+0.130%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.101	+0.019%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.150	+0.072%	$700K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.161	+0.083%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.125	+0.045%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.189	+0.113%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.125	+0.045%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.144	+0.065%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.150	+0.072%	$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	+0.0008%	4h	93.111	+0.029%	$8.8M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.090	+0.007%	$323.1M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0033%	4h	93.112	+0.031%	$171K	$519K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.312%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0035%	1h	93.106	+0.024%	$111K	$579K	20x	as long as short
Gate HYPE_USDT	+0.0038%	4h	93.089	+0.006%	$43.8M	$57.9M	75x	as long as short
Derive HYPE-PERPlong	+0.0039%	1h	93.083	long leg	$16.3M	$7.1M	10x
Binance HYPEUSDT	+0.0089%	4h	93.088	+0.005%	$382.7M	$892.5M	75x	as long as short
MEXC HYPE_USDT	+0.0090%	4h	93.083	0.000%	$89.8M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.152	+0.074%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.123	+0.042%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0098%	8h	93.143	+0.064%	$338K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.150	+0.072%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.120	+0.039%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.126	+0.046%	$2.02B	$670.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.153	+0.075%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.092	+0.009%	$113.8M	$313.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.329%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.115	+0.034%	$47.1M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.116	+0.035%	$225.7M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.098	+0.016%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.118	+0.037%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.291%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.268	+0.198%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	+0.175%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.210	+0.136%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.183	+0.107%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.158	+0.080%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.116	+0.035%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.178	+0.102%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.105	+0.023%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.153	+0.075%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.089	+0.006%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.094	+0.011%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.228	+0.156%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.221	+0.148%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.190	+0.114%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.070	−0.014%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.100	+0.018%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0259%	4h	93.300	+0.233%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.204	+0.130%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0319%	1h	93.211	+0.137%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0329%	4h	93.087	+0.004%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.154	+0.076%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.200	+0.125%	$20.8M	$28.9M	50x	as long as short