Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0188%/8h= +20.6% APRpaid last 24h +0.034%

Price spread now: Paradex against Ondo Perps+0.125%7-day average +0.099% · you sell dearer than you buy

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

Long on Ondo Perps Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.093%+$9 on $10k

Price spread, last 4 days (all we have)−0.145%−$14 · spread now +0.125%, 7d avg +0.099%

Together, before fees−0.051%+ Points / potential airdropOndo Perps: Active · Paradex: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Paradex is 0.026% dearer against Ondo Perps than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.099%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps HYPE-USD.P	93.220	−0.0091	get 0.0011% / 1h	36m 56s	$700K	$981K	10x
Short	Paradex HYPE-USD-PERP	93.336	0.0097	get 0.0097% / 8h	5h 36m	$339K	$162K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Ondo Perps. 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 Ondo PerpsbpFee ParadexbpOrdersPrice spread, now +0.125%Rate

Funding earned: $39.53
Price spread: +0.125% → +0.099%: $2.57
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Paradex: 2 bp × 2 orders: −$4
Net: $33.1
Costs to cover: 0.090%
Break-even: 1.1 days

Slippage unknown: Ondo Perps: no order-book sample; Paradex: live order book, 27 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Paradex live order book, 27 min ago	1.28 bp	3.3 bp −$3	7.3 bp −$73	doesn't fit	doesn't fit

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1288%	1h	93.228	+0.009%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.198	−0.024%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0091%	1h	93.220	long leg	$700K	$981K	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.301	+0.087%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.381	+0.173%	$85K	$345K	20x	as long as short
Phemex HYPEUSDT	−0.0056%	8h	93.365	+0.156%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0051%	1h	93.372	+0.163%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.351	+0.141%	$156K	$633K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.336	+0.124%	$111K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	+0.151%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.398	+0.191%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.385	+0.177%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.340	+0.129%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.398	+0.191%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.369	+0.160%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0032%	8h	93.310	+0.097%	$321.1M	$277.2M	75x	as long as short
Gate HYPE_USDT	+0.0052%	4h	93.384	+0.176%	$44.6M	$54.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.318	+0.105%	$114.2M	$302.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.380	+0.172%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.374	+0.165%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.371	+0.162%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.337	+0.126%	$89.8M	$80.7M	100x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.362	+0.152%	$378.9M	$876.6M	75x	as long as short
Paradex HYPE-USD-PERPshort	+0.0097%	8h	93.336	+0.125%	$339K	$162K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.330	+0.118%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.299	+0.084%	$5.8M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.445	+0.241%	$2.04B	$653.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.343	+0.132%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.386%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.344	+0.133%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.329	+0.117%	$225.7M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.350	+0.139%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.317	+0.104%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.307	+0.093%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.310	+0.097%	$339K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.326	+0.114%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.395	+0.188%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.390	+0.182%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.362	+0.152%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.341	+0.130%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.423	+0.218%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.352	+0.142%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.298	+0.084%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.338	+0.126%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.349	+0.138%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.400	+0.193%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0195%	4h	93.540	+0.343%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.346	+0.136%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0277%	8h	93.380	+0.172%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.398	+0.191%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.364	+0.154%	$17.0M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0393%	1h	93.441	+0.237%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.423	+0.218%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.180	−0.043%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.423	+0.218%	$20.7M	$29.9M	50x	as long as short