Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1547%/8h= +169.4% APRpaid last 24h +0.220%

Price spread now: Paradex against Hibachi+0.010%7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$640.643% of the position

Long on Hibachi Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+1.298%+$130 on $10k

Price spread, last 3 days (all we have)−0.059%−$6 · spread now +0.010%, 7d avg +0.085%

Together, before fees+1.238%+ Points / potential airdropHibachi: Active · Paradex: Active · farm board+$124 on $10k · with fees, hour by hour

Funding pays, the price is against you. Paradex is 0.075% cheaper against Hibachi than usual: you would sell low and buy high (spread +0.010% now, against its 7-day average of +0.085%). If the spread goes back, that is −$8 on $10k: about 4 hours of funding at the current rate (+$46 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	94.283	−0.1448	get 0.0181% / 1h	33m 10s	$200K	$228K	7x
Short	Paradex HYPE-USD-PERP	94.292	0.0099	get 0.0099% / 8h	7h 33m	$342K	$170K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Hibachi. 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 HibachibpFee ParadexbpOrdersPrice spread, now +0.010%Rate

Funding earned: $324.96
Price spread: +0.010% → +0.085%: −$7.51
Slippage, 4 orders: −$51.3
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: $253.15
Costs to cover: 0.643%
Break-even: 1.5 days

Slippage from Hibachi: live order book, 41 min ago; Paradex: live order book, 41 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 Hibachi live order book, 41 min ago	12.88 bp	40.5 bp −$40	66.0 bp −$660	doesn't fit	doesn't fit
Sell Paradex live order book, 41 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-Plong	−0.1448%	1h	94.283	long leg	$200K	$228K	7x
Arcus HYPE-USD	−0.0625%	1h	94.156	−0.134%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0242%	1h	94.220	−0.066%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0236%	8h	94.135	−0.157%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0171%	1h	94.245	−0.040%	$129K	$31K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0152%	1h	94.210	−0.077%	$710K	$947K	10x	as long as short
Bullet HYPE-USD	−0.0091%	1h	94.087	−0.208%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.217	−0.070%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.258	−0.026%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.070	−0.226%	$323.2M	$280.8M	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	−0.0014%	4h	94.093	−0.201%	$161K	$638K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.151	−0.140%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.122	−0.170%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0025%	4h	94.176	−0.114%	$8.9M	$36.1M	300x	as long as short
Gate HYPE_USDT	+0.0026%	4h	94.098	−0.196%	$44.5M	$59.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.342	+0.063%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.084	−0.211%	$89.4M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.084	−0.211%	$383.7M	$893.3M	75x	as long as short
Derive HYPE-PERP	+0.0056%	1h	94.053	−0.244%	$16.4M	$7.3M	10x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	94.240	−0.045%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0080%	8h	94.095	−0.199%	$116.1M	$319.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.128	−0.164%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.110	−0.183%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.182	−0.107%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.084	−0.211%	$400K	$188K	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0099%	8h	94.292	+0.010%	$342K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	94.190	−0.098%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.208	−0.079%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.297	+0.015%	$2.06B	$676.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.278	−0.005%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.139	−0.152%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.085	−0.210%	$228.2M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.096	−0.198%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.291	+0.009%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.220	−0.066%	$31.8M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.271	−0.012%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.252	−0.033%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.262	−0.022%	$682K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.245	−0.040%	—	$248K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.204	−0.083%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.075	−0.220%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.344	+0.065%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.089	−0.205%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.173%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.068	−0.227%	$18.9M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.120	−0.173%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.220%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0206%	4h	94.147	−0.144%	$17.0M	$12.2M	75x	as long as short
Kalshi KXHYPEPERP	+0.0213%	8h	94.209	−0.078%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.237	−0.048%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.130	−0.162%	$79K	$145K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0153%	1h	94.125	−0.167%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0345%	1h	94.182	−0.107%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0438%	4h	94.300	+0.018%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.181	−0.108%	$21.0M	$29.7M	50x	as long as short