Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h +0.023%

Price spread now: Paradex against GRVT−0.020%7-day average +0.002% · 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−$18as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on GRVT Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.157%+$16 · spread now −0.020%, 7d avg +0.002%

Together, before fees+0.178%+ Points / potential airdropGRVT: Active · Paradex: Active · farm board+$18 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 0.022% cheaper against GRVT than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of +0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT HYPE_USDT_Perp	94.085	0.0100	pay 0.0050% / 4h	3h 12m	$7.6M	$46.1M	10x
Short	Paradex HYPE-USD-PERP	94.066	0.0099	get 0.0099% / 8h	7h 12m	$342K	$165K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against GRVT. 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 GRVTbpFee ParadexbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$0.27
Price spread: −0.020% → +0.002%: −$2.15
Slippage, 4 orders: −$3.08
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$18.5
Costs to cover: 0.161%
Break-even: never at this rate

Slippage from GRVT: live order book, 1 min ago; Paradex: live order book, 61 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 GRVT live order book, 1 min ago	0.05 bp	5.1 bp −$5	5.9 bp −$59	9853.3 bp −$985.3K	doesn't fit
Sell Paradex live order book, 61 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	−0.1240%	1h	93.973	−0.119%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.916	−0.179%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0214%	1h	93.951	−0.143%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0133%	8h	94.011	−0.078%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	93.980	−0.111%	$708K	$961K	10x	as long as short
dYdX HYPE-USD	−0.0097%	1h	94.086	+0.001%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.021	−0.068%	$85K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.024	−0.065%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0067%	1h	94.002	−0.088%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0048%	4h	93.962	−0.131%	$44.5M	$60.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0027%	4h	93.989	−0.102%	$160K	$645K	20x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	93.980	−0.111%	$323.5M	$280.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.995	−0.096%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.023	−0.065%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	94.043	−0.045%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.964	−0.129%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.432%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.976	−0.116%	$88.5M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	93.971	−0.121%	$383.6M	$895.1M	75x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	93.999	−0.091%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.990	−0.101%	$116.1M	$316.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.012	−0.077%	$19.0M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.012	−0.077%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.002	−0.088%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.006	−0.083%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0099%	8h	94.066	−0.020%	$342K	$165K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.980	−0.111%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.025	−0.064%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.048	−0.039%	$2.05B	$676.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.043	−0.044%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.591%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.972	−0.120%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.963	−0.129%	$227.6M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.970	−0.122%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.992	−0.099%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.292%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perplong	+0.0100%	4h	94.085	long leg	$7.6M	$46.1M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	94.061	−0.025%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.100	+0.016%	$672K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.048	−0.040%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.027	−0.061%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.984	−0.107%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.092	+0.008%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.004	−0.086%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.957	−0.136%	$18.4M	$45.3M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.130	+0.048%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.930	−0.165%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0205%	4h	94.015	−0.074%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.035	−0.053%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0232%	8h	94.151	+0.070%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.994	−0.096%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	94.012	−0.078%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0377%	4h	94.230	+0.154%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0494%	1h	94.109	+0.026%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.086	+0.001%	$21.0M	$29.8M	50x	as long as short