Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0109%/8h= −11.9% APRpaid last 24h −0.018%

Price spread now: Derive against Paradex+0.027%7-day average −0.049% · you sell dearer than you buy

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

Long on Paradex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.020%−$2 on $10k

Price spread, last 3 days (all we have)−0.080%−$8 · spread now +0.027%, 7d avg −0.049%

Together, before fees−0.099%+ Points / potential airdropParadex: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Derive is 0.076% dearer against Paradex than usual: you sell high and buy low (spread +0.027% now, against its 7-day average of −0.049%): +$8 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.3 days. At the pace of the last 4 days (−0.020% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.960	0.0099	pay 0.0099% / 8h	2m 34s	$341K	$171K	20x
Short	Derive HYPE-PERP	93.985	−0.0010	pay 0.0001% / 1h	2m 34s	$16.4M	$7.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Paradex. 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 ParadexbpFee DerivebpOrdersPrice spread, now +0.027%Rate

Funding earned: −$22.89
Price spread: +0.027% → −0.049%: $7.55
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Derive: 3 bp × 2 orders: −$6
Net: −$25.34
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 12 min ago; Derive: no order-book sample. 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 Paradex live order book, 12 min ago	1.23 bp	3.2 bp −$3	9.2 bp −$92	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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	−0.1376%	1h	93.897	−0.067%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0357%	1h	93.936	−0.026%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.820	−0.149%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.950	−0.010%	$704K	$925K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.924	−0.038%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.931	−0.030%	$3K	$331	25x	as long as short
Derive HYPE-PERPshort	−0.0010%	1h	93.985	+0.027%	$16.4M	$7.2M	10x
dYdX HYPE-USD	−0.0007%	1h	93.976	+0.017%	$128K	$30K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	94.050	+0.096%	$170K	$593K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.081	+0.129%	$23K	$329K	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 −0.0003%	1h	94.070	+0.117%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	−0.066%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.935	−0.026%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.924	−0.038%	$323.3M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0028%	8h	93.997	+0.040%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.916	−0.046%	$88.3M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0047%	4h	93.933	−0.028%	$383.9M	$898.5M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.107%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.930	−0.032%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0068%	4h	93.906	−0.057%	$44.2M	$60.1M	75x	as long as short
Bullet HYPE-USD	+0.0079%	1h	94.020	+0.064%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	93.957	−0.003%	$115.9M	$322.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.989	+0.031%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.993	+0.036%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.045	+0.091%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.990	+0.032%	$42K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERPlong	+0.0099%	8h	93.960	long leg	$341K	$171K	20x
Nado HYPE-PERP	+0.0100%	1h	93.941	−0.019%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.071	+0.119%	$2.05B	$680.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.951	−0.009%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.075%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.917	−0.045%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.915	−0.047%	$227.5M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.899	−0.065%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.046	+0.092%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.157%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.102%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.817	−0.152%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.046	+0.092%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	+0.102%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.070	+0.117%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.059	+0.106%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.087	+0.136%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.039	+0.084%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.479%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.887	−0.077%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	+0.160%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0157%	8h	94.091	+0.140%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0185%	4h	93.999	+0.042%	$17.0M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0194%	4h	94.200	+0.256%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.042	+0.087%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.982	+0.024%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	94.066	+0.113%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0473%	1h	94.154	+0.207%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.151	+0.203%	$21.1M	$29.5M	50x	as long as short