Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0098%/8h= +10.7% APRpaid last 24h +0.030%

Price spread now: Paradex against dYdX−0.009%7-day average +0.015% · 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−$100as in the Price arb table

costs, in and out, $10k−$980.978% of the position

Long on dYdX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.069%+$7 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now −0.009%, 7d avg +0.015%

Together, before fees+0.096%+ Points / potential airdropParadex: Active · farm board+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Paradex is 0.024% cheaper against dYdX than usual: you would sell low and buy high (spread −0.009% now, against its 7-day average of +0.015%). If the spread goes back, that is −$2 on $10k: about 19 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	92.933	0	get 0.0000% / 1h	30m 42s	$126K	$32K	5x
Short	Paradex HYPE-USD-PERP	92.925	0.0098	get 0.0098% / 8h	1h 30m	$338K	$170K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against dYdX. 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 dYdXbpFee ParadexbpOrdersPrice spread, now −0.009%Rate

Funding earned: $20.6
Price spread: −0.009% → +0.015%: −$2.39
Slippage, 4 orders: −$83.85
Fee dYdX: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$79.64
Costs to cover: 0.978%
Break-even: 34.1 days

Slippage from dYdX: live order book, 53 min ago; Paradex: live order book, 53 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 dYdX live order book, 53 min ago	25.29 bp	30.3 bp −$30	42.7 bp −$427	131.3 bp −$13.1K	547.5 bp −$273.7K
Sell Paradex live order book, 53 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
Aftermath Perps HYPEUSD	−0.0392%	1h	93.095	+0.174%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0240%	1h	93.053	+0.129%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.986	+0.057%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	92.950	+0.018%	$698K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.046	+0.121%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.033	+0.107%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	93.026	+0.100%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.911	−0.024%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	92.933	long leg	$126K	$32K	5x
Perpl HYPE	0.0000%	43m	93.063	+0.140%	$23K	$331K	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 −0.0001%	1h	93.044	+0.119%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.920	−0.014%	$322.5M	$287.2M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0027%	4h	92.974	+0.044%	$171K	$518K	20x	as long as short
Bullet HYPE-USD	+0.0028%	1h	93.009	+0.082%	$111K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.935	+0.002%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.118	+0.199%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0040%	4h	92.889	−0.047%	$43.7M	$58.4M	75x	as long as short
Binance HYPEUSDT	+0.0070%	4h	92.909	−0.026%	$381.7M	$894.5M	75x	as long as short
MEXC HYPE_USDT	+0.0072%	4h	92.911	−0.024%	$89.9M	$81.9M	100x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	93.085	+0.163%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.944	+0.012%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.941	+0.008%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0098%	8h	92.925	−0.009%	$338K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.050	+0.126%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.025	+0.099%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.916	−0.018%	$2.02B	$671.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.941	+0.008%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.919	−0.015%	$113.6M	$313.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.492%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.907	−0.028%	$46.9M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.875	−0.063%	$225.1M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.878	−0.059%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.955	+0.024%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.034	+0.109%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.144	+0.227%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	+0.174%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.031	+0.105%	$673K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.044	+0.119%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.964	+0.033%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.038	+0.113%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.948	+0.016%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.967	+0.036%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.058	+0.134%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.859	−0.079%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.013	+0.086%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.103	+0.183%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	+0.093%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.950	+0.018%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0245%	4h	93.158	+0.242%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.999	+0.071%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.081	+0.159%	$2.7M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	92.998	+0.070%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.040	+0.115%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0460%	1h	93.068	+0.145%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.057	+0.133%	$20.8M	$28.9M	50x	as long as short