Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0159%/8h= +17.4% APRpaid last 24h +0.050%

Price spread now: Paradex against Orderly+0.017%7-day average +0.027% · you sell dearer than you buy

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

Long on Orderly Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.066%+$7 on $10k

Price spread, last 4 days (all we have)+0.059%+$6 · spread now +0.017%, 7d avg +0.027%

Together, before fees+0.125%+ Points / potential airdropParadex: Active · farm board+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.027%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	92.702	−0.0063	get 0.0032% / 4h	3h 56m	$157K	$653K	20x
Short	Paradex HYPE-USD-PERP	92.717	0.0096	get 0.0096% / 8h	3h 56m	$338K	$163K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Orderly. 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 OrderlybpFee ParadexbpOrdersPrice spread, now +0.017%Rate

Funding earned: $33.41
Price spread: +0.017% → +0.027%: −$1.04
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: $22.38
Costs to cover: 0.100%
Break-even: 2.3 days

Slippage unknown: Orderly: no order-book sample; Paradex: live order book, 63 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 Orderly no order-book sample	—	—	—	—	—
Sell Paradex live order book, 63 min ago	12.88 bp	14.9 bp −$15	18.7 bp −$187	doesn't fit	doesn't fit

Orderly: 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	−0.0512%	1h	92.750	+0.051%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.818	+0.125%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.667	−0.038%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.753	+0.055%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0063%	4h	92.702	long leg	$157K	$653K	20x
Gate HYPE_USDT	−0.0018%	4h	92.685	−0.018%	$44.4M	$53.4M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.772	+0.076%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.795	+0.100%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.703	+0.002%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.746	+0.047%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0040%	8h	92.758	+0.060%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	92.732	+0.032%	$87K	$362K	20x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	92.671	−0.033%	$315.6M	$281.7M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.888	+0.201%	$210K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	92.702	0.000%	$69K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0068%	4h	92.681	−0.023%	$8.7M	$36.2M	300x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.704	+0.002%	$224.3M	$98.7M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.869	+0.180%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERPshort	+0.0096%	8h	92.717	+0.017%	$338K	$163K	20x
Lighter HYPE	+0.0096%	1h	92.735	+0.036%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.737	+0.038%	$3.1M	$11.6M	20x	as long as short
Bullet HYPE-USD	+0.0099%	1h	92.735	+0.036%	$111K	$579K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.680	−0.024%	$38K	$1.7M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	92.712	+0.011%	$113.7M	$303.2M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.716	+0.016%	$7.5M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.778	+0.082%	$2.02B	$664.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.722	+0.021%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.747	+0.049%	$372.7M	$902.3M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	92.720	+0.019%	$697K	$1.1M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.106%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.716	+0.015%	$87.9M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.702	0.000%	$46.0M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.730	+0.030%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.780	+0.084%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	+0.169%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.198%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.892	+0.205%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.845	+0.154%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.784	+0.089%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.748	+0.050%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.708	+0.006%	$78K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.714	+0.013%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.756	+0.058%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.728	+0.028%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.214%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.663	−0.042%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.765	+0.068%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.800	+0.106%	$4.7M	$5.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.799	+0.104%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.050	+0.375%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.709	+0.007%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.727	+0.027%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.727	+0.027%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0440%	1h	92.842	+0.151%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.757	+0.060%	$3.1M	$6.4M	20x	as long as short