Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.032%

Price spread now: Paradex against HTX−0.128%7-day average −0.022% · 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−$35as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on HTX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.039%−$4 on $10k

Price spread, last 3 days (all we have)+0.270%+$27 · spread now −0.128%, 7d avg −0.022%

Together, before fees+0.231%+ Points / potential airdropParadex: Active · farm board+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Paradex is 0.106% cheaper against HTX than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.022%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	94.099	0.0223	pay 0.0112% / 4h	54m 21s	$1.5M	$7.7M	75x
Short	Paradex HYPE-USD-PERP	93.979	0.0099	get 0.0099% / 8h	54m 21s	$341K	$169K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against HTX. 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 HTXbpFee ParadexbpOrdersPrice spread, now −0.128%Rate

Funding earned: −$26.12
Price spread: −0.128% → −0.022%: −$10.58
Slippage, 4 orders: −$8.45
Fee HTX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$61.14
Costs to cover: 0.244%
Break-even: never at this rate

Slippage from HTX: live order book, 5 min ago; Paradex: live order book, 25 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 HTX live order book, 5 min ago	0.75 bp	8.7 bp −$9	11.3 bp −$113	41.8 bp −$4,176	doesn't fit
Sell Paradex live order book, 25 min ago	1.29 bp	3.3 bp −$3	6.7 bp −$67	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	−0.0536%	1h	93.857	−0.257%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0487%	1h	93.772	−0.348%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.888	−0.224%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.216%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.965	−0.142%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.912	−0.199%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.001	−0.104%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.011	−0.094%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.004	−0.101%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.985	−0.121%	$324.8M	$280.9M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0028%	4h	93.982	−0.124%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.312%	$215K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0046%	1h	93.920	−0.190%	$703K	$904K	10x	as long as short
edgeX HYPEUSDC	+0.0067%	4h	93.855	−0.259%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0068%	4h	93.989	−0.117%	$44.5M	$57.9M	75x	as long as short
Derive HYPE-PERP	+0.0069%	1h	93.885	−0.227%	$16.4M	$6.9M	10x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.934	−0.175%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.995	−0.111%	$90.6M	$80.3M	100x	as long as short
Binance HYPEUSDT	+0.0072%	4h	93.993	−0.113%	$386.2M	$886.8M	75x	as long as short
Lighter HYPE	+0.0096%	1h	94.000	−0.105%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.978	−0.129%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.977	−0.130%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.941	−0.168%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0099%	8h	93.979	−0.128%	$341K	$169K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.950	−0.158%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.980	−0.127%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.979	−0.128%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.995	−0.111%	$115.3M	$315.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.989	−0.117%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.005	−0.100%	$227.8M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.993	−0.113%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.960	−0.148%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.230%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.906	−0.205%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.945	−0.164%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.998	−0.108%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.018	−0.086%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.976	−0.130%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.996	−0.109%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.991	−0.115%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.938	−0.171%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.445%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.850	−0.265%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.962	−0.145%	$18.6M	$42.0M	50x	as long as short
01 Exchange HYPEUSD	+0.0104%	1h	94.004	−0.101%	$91K	$356K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.994	−0.112%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.870	−0.243%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDTlong	+0.0223%	4h	94.099	long leg	$1.5M	$7.7M	75x
Reya HYPERUSDPERP	+0.0248%	1h	93.993	−0.113%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0280%	4h	93.930	−0.180%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.035	−0.068%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0325%	1h	94.035	−0.068%	$7.4M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.966	−0.141%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.042	−0.061%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0625%	1h	94.046	−0.056%	$2.05B	$665.0M	10x	as long as short