Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.049%

Price spread now: Paradex against Hyperliquid+0.218%7-day average −0.031% · 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+$9as in the Price arb table

costs, in and out, $10k−$160.159% of the position

Long on Hyperliquid Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.061%−$6 on $10k

Price spread, last 4 days (all we have)−0.266%−$27 · spread now +0.218%, 7d avg −0.031%

Together, before fees−0.327%+ Points / potential airdropHyperliquid: Season 2 · Paradex: Active · farm board−$33 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 0.249% dearer against Hyperliquid than usual: you sell high and buy low, +$25 on $10k if it goes back to its 7-day average of −0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.590	0.0100	pay 0.0013% / 1h	18m 58s	$2.04B	$675.1M	10x
Short	Paradex HYPE-USD-PERP	93.794	0.0099	get 0.0099% / 8h	7h 18m	$341K	$165K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Hyperliquid. 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 HyperliquidbpFee ParadexbpOrdersPrice spread, now +0.218%Rate

Funding earned: −$0.25
Price spread: +0.218% → −0.031%: $24.88
Slippage, 4 orders: −$2.94
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: $8.69
Costs to cover: 0.159%
Break-even: from the start

Slippage from Hyperliquid: live order book, 5 min ago; Paradex: live order book, 55 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 Hyperliquid live order book, 5 min ago	0.05 bp	4.6 bp −$5	5.9 bp −$59	doesn't fit	doesn't fit
Sell Paradex live order book, 55 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	−0.1312%	1h	93.756	+0.177%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.675	+0.091%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	94.033	+0.474%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0153%	1h	93.910	+0.342%	$710K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0111%	1h	93.863	+0.292%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0100%	1h	93.644	+0.058%	$112K	$581K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.769	+0.191%	$86K	$360K	20x	as long as short
Gate HYPE_USDT	−0.0082%	4h	93.499	−0.097%	$44.3M	$60.0M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.782	+0.205%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0029%	8h	93.500	−0.096%	$321.1M	$280.4M	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	−0.0025%	4h	93.609	+0.020%	$159K	$645K	20x	as long as short
Phemex HYPEUSDT	−0.0017%	8h	93.548	−0.045%	$12.7M	$2.6M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.769	+0.192%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.683	+0.100%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0007%	4h	93.519	−0.075%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0011%	1h	93.575	−0.017%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.149	+0.597%	$219K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0045%	4h	93.496	−0.101%	$381.4M	$894.3M	75x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	93.500	−0.096%	$87.6M	$83.1M	100x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	93.961	+0.396%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.510	−0.085%	$115.5M	$316.2M	50x	as long as short
Bluefin HYPE-PERP	+0.0085%	1h	93.617	+0.029%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.611	+0.022%	$19.1M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.607	+0.018%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.793	+0.217%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.584	−0.006%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0099%	8h	93.794	+0.218%	$341K	$165K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.800	+0.224%	$20K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.757	+0.178%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	93.590	long leg	$2.04B	$675.1M	10x
Pacifica HYPE	+0.0100%	1h	93.786	+0.209%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.562	−0.030%	$46.5M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.518	−0.077%	$226.7M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.506	−0.090%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.522	−0.073%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.939	+0.373%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.991	+0.429%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.940	+0.374%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.838	+0.265%	$679K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.847	+0.274%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.793	+0.217%	$480K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.687	+0.104%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.561	−0.031%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	+0.599%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.488	−0.109%	$18.7M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.660	+0.075%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0179%	4h	93.552	−0.041%	$17.0M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.962%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.822	+0.248%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.641	+0.054%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.754	+0.175%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	93.676	+0.092%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0374%	4h	93.750	+0.171%	$1.5M	$6.1M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0401%	1h	93.711	+0.129%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0674%	1h	93.648	+0.062%	$20.9M	$29.8M	50x	as long as short