Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h +0.002%

Price spread now: Backpack against Paradex+0.078%7-day average +0.005% · 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−$40as in the Price arb table

costs, in and out, $10k−$470.474% of the position

Long on Paradex Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)+0.082%+$8 · spread now +0.078%, 7d avg +0.005%

Together, before fees+0.111%+ Points / potential airdropParadex: Active · farm board+$11 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: Backpack is 0.073% dearer against Paradex than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	92.911	0.0099	pay 0.0099% / 8h	1h 51m	$337K	$170K	20x
Short	Backpack HYPE_USDC_PERP	92.983	0.0100	get 0.0013% / 1h	51m 02s	$7.8M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Paradex. 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 ParadexbpFee BackpackbpOrdersPrice spread, now +0.078%Rate

Funding earned: $0.2
Price spread: +0.078% → +0.005%: $7.26
Slippage, 4 orders: −$33.36
Fee Paradex: 2 bp × 2 orders: −$4
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$39.89
Costs to cover: 0.474%
Break-even: 1370.0 days

Slippage from Paradex: live order book, 33 min ago; Backpack: live order book, 3 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 Paradex live order book, 33 min ago	16.62 bp	18.6 bp −$19	145.8 bp −$1,458	doesn't fit	doesn't fit
Sell Backpack live order book, 3 min ago	0.05 bp	5.1 bp −$5	6.9 bp −$69	72.8 bp −$7,275	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
Aftermath Perps HYPEUSD	−0.0297%	1h	93.091	+0.194%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.865	−0.049%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.931	+0.022%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0048%	1h	92.970	+0.063%	$196K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0012%	1h	92.913	+0.003%	$16.3M	$7.1M	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.910	−0.001%	$90K	$365K	20x	as long as short
Aster HYPEUSDT	0.0000%	4h	92.945	+0.037%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.009	+0.105%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.038	+0.137%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.002	+0.098%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	92.997	+0.093%	$20K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	92.894	−0.018%	$56K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.940	+0.032%	$323.2M	$286.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.039	+0.138%	$215K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.840	−0.076%	$697K	$921K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0042%	4h	92.966	+0.060%	$165K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.957	+0.050%	$44.0M	$57.3M	75x	as long as short
Bullet HYPE-USD	+0.0075%	1h	92.952	+0.045%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.015	+0.112%	$18.5M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.985	+0.080%	$3.0M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERPlong	+0.0099%	8h	92.911	long leg	$337K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	92.880	−0.033%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.909	−0.001%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.994	+0.090%	$2.02B	$670.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.916	+0.006%	$9.9M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.947	+0.039%	$382.5M	$891.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.914	+0.004%	$114.0M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.029%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.955	+0.048%	$90.5M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.993	+0.089%	$47.1M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.975	+0.069%	$225.3M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.958	+0.051%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	92.983	+0.078%	$7.8M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.107	+0.211%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.360%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	+0.113%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	+0.096%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.946	+0.038%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.947	+0.039%	$491K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.976	+0.070%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.001	+0.097%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.955	+0.048%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.980	+0.075%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.951	+0.043%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.972	+0.066%	$395K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0119%	4h	93.037	+0.136%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	+0.150%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.820	−0.098%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.953	+0.045%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	92.959	+0.051%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0293%	4h	93.103	+0.207%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	92.990	+0.086%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.975	+0.069%	$17.0M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0449%	1h	93.077	+0.179%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.086	+0.189%	$20.7M	$28.4M	50x	as long as short