Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0106%/8h= −11.6% APRpaid last 24h −0.056%

Price spread now: Paradex against Injective+0.095%7-day average −0.152% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.790%−$79 on $10k

Price spread, last 3 days (all we have)+0.135%+$14 · spread now +0.095%, 7d avg −0.152%

Together, before fees−0.655%+ Points / potential airdropParadex: Active · farm board−$66 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Paradex is 0.247% dearer against Injective than usual: you sell high and buy low (spread +0.095% now, against its 7-day average of −0.152%): +$25 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.8 days. At the pace of the last 4 days (−0.790% in total) that is about 28 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective HYPE/USDC PERP	93.930	0.0205	pay 0.0026% / 1h	12m 42s	$31K	$338K	12x
Short	Paradex HYPE-USD-PERP	94.020	0.0099	get 0.0099% / 8h	7h 12m	$341K	$165K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee ParadexbpOrdersPrice spread, now +0.095%Rate

Funding earned: −$22.31
Price spread: +0.095% → −0.152%: $24.71
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$1.62
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Injective: live order book, 61 min ago; Paradex: live order book, 61 min ago. Net counts fees only.

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 Injective live order book, 61 min ago	32.41 bp	doesn't fit	doesn't fit	doesn't fit	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	+0.046%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.881	−0.052%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0214%	1h	93.951	+0.022%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0133%	8h	94.011	+0.086%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0115%	1h	93.930	0.000%	$708K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0094%	1h	94.002	+0.076%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.984	+0.057%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.988	+0.062%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0067%	1h	94.002	+0.077%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0046%	4h	93.973	+0.046%	$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	+0.063%	$160K	$645K	20x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	93.970	+0.043%	$323.4M	$280.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.995	+0.069%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.023	+0.099%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	94.000	+0.074%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.964	+0.036%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.268%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.997	+0.071%	$88.5M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.992	+0.066%	$383.7M	$895.2M	75x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	93.999	+0.073%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.989	+0.063%	$116.1M	$316.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.012	+0.087%	$19.0M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.004	+0.079%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.977	+0.050%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.006	+0.081%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0099%	8h	94.020	+0.095%	$341K	$165K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.970	+0.043%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.025	+0.101%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.048	+0.126%	$2.05B	$676.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.020	+0.096%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.428%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.996	+0.070%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.991	+0.065%	$227.6M	$100.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.976	+0.049%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.992	+0.066%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.127%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.085	+0.165%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.061	+0.139%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.100	+0.181%	$672K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.048	+0.125%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.027	+0.103%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.984	+0.057%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.092	+0.172%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.004	+0.079%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.968	+0.041%	$18.4M	$45.3M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.130	+0.213%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0205%	1h	93.930	long leg	$31K	$338K	12x
BloFin HYPE-USDT	+0.0205%	4h	94.015	+0.090%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.008	+0.084%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0232%	8h	94.151	+0.235%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.994	+0.068%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	94.012	+0.087%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0377%	4h	94.230	+0.319%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0494%	1h	94.109	+0.191%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.086	+0.166%	$21.0M	$29.8M	50x	as long as short