Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0245%/8h= −26.8% APRpaid last 24h −0.030%

Price spread now: Paradex against Kraken Futures−0.065%7-day average −0.019% · 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−$29as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on Kraken Futures Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.115%+$11 · spread now −0.065%, 7d avg −0.019%

Together, before fees+0.057%+ Points / potential airdropParadex: Active · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Paradex is 0.046% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.019%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.058% in total (about -5.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_HYPEUSD	93.764	0.0340	pay 0.0042% / 1h	52m 02s	$20.9M	$29.6M	50x
Short	Paradex HYPE-USD-PERP	93.703	0.0095	get 0.0095% / 8h	2h 52m	$341K	$162K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Kraken Futures. 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 Kraken FuturesbpFee ParadexbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$51.39
Price spread: −0.065% → −0.019%: −$4.65
Slippage, 4 orders: −$10.06
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$80.1
Costs to cover: 0.241%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 min ago; Paradex: live order book, 62 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 Kraken Futures live order book, 2 min ago	1.71 bp	9.0 bp −$9	10.1 bp −$101	18.3 bp −$1,833	65.0 bp −$32.5K
Sell Paradex live order book, 62 min ago	1.18 bp	3.2 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	−0.1896%	1h	93.507	−0.275%	$197K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0370%	1h	93.502	−0.279%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0107%	1h	93.662	−0.109%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.628	−0.145%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0034%	4h	93.658	−0.113%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.675	−0.095%	$88K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0024%	1h	93.490	−0.292%	$705K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.605	−0.170%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.675	−0.096%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.690	−0.079%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.636	−0.137%	$1.0M	$3.9M	10x	as long as short
Phemex HYPEUSDT	+0.0012%	8h	93.687	−0.082%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	93.577	−0.200%	$226.4M	$99.2M	75x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.605	−0.170%	$318.5M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.546	−0.233%	$209K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.441	−0.344%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERPshort	+0.0095%	8h	93.703	−0.065%	$341K	$162K	20x
Lighter HYPE	+0.0096%	1h	93.700	−0.068%	$16.2M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.702	−0.066%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.666	−0.105%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.650	−0.122%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.659	−0.113%	$7.8M	$48.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.705	−0.063%	$2.04B	$665.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.648	−0.124%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.695	−0.074%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.659	−0.112%	$375.5M	$910.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.600	−0.175%	$114.8M	$309.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	−0.160%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.653	−0.119%	$46.5M	$53.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.667	−0.104%	$92.2M	$80.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.699	−0.070%	$46.8M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.651	−0.121%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.677	−0.093%	$7.3M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.529	−0.251%	$28.7M	$56.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.637	−0.136%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.532	−0.248%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.550	−0.228%	$669K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.689	−0.080%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.680	−0.090%	$491K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.688	−0.081%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.667	−0.104%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.684	−0.086%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.694	−0.075%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.800	+0.038%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.668	−0.102%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.700	−0.069%	$396K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.770	+0.006%	$30K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0125%	8h	93.721	−0.046%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.740	−0.026%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.659	−0.112%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.681	−0.088%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0340%	1h	93.764	long leg	$20.9M	$29.6M	50x
BloFin HYPE-USDT	+0.0340%	4h	93.558	−0.220%	$16.9M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0465%	1h	93.785	+0.022%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.726	−0.041%	$3.2M	$6.3M	20x	as long as short