Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0082%/8h= −8.9% APRpaid last 24h −0.034%

Price spread now: Gate against Paradex−0.005%7-day average −0.032% · 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−$28as in the Price arb table

costs, in and out, $10k−$310.311% of the position

Long on Paradex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.043%−$4 on $10k

Price spread, last 4 days (all we have)+0.148%+$15 · spread now −0.005%, 7d avg −0.032%

Together, before fees+0.105%+ Points / potential airdropParadex: Active · farm board+$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.027% dearer against Paradex than usual: you sell high and buy low (spread −0.005% now, against its 7-day average of −0.032%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 26 hours. At the pace of the last 4 days (−0.043% in total) that is about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.479	0.0100	pay 0.0100% / 8h	2h 37m	$340K	$170K	20x
Short	Gate HYPE_USDT	93.474	0.0018	get 0.0009% / 4h	2h 37m	$44.1M	$56.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.005%Rate

Funding earned: −$17.12
Price spread: −0.005% → −0.032%: $2.68
Slippage, 4 orders: −$12.14
Fee Paradex: 2 bp × 2 orders: −$4
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$45.58
Costs to cover: 0.311%
Break-even: never at this rate

Slippage from Paradex: live order book, 52 min ago; Gate: live order book, 2 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, 52 min ago	2.46 bp	4.5 bp −$4	11.1 bp −$111	doesn't fit	doesn't fit
Sell Gate live order book, 2 min ago	1.18 bp	12.0 bp −$12	18.5 bp −$185	33.0 bp −$3,296	56.7 bp −$28.3K

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	−0.1136%	1h	93.340	−0.149%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0256%	1h	93.250	−0.245%	$700K	$941K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0247%	1h	93.423	−0.060%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.507	+0.030%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.300	−0.191%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0013%	1h	93.455	−0.025%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0003%	1h	93.431	−0.051%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.485	+0.006%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.466	−0.014%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.506	+0.029%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0008%	4h	93.466	−0.014%	$8.9M	$35.9M	300x	as long as short
Gate HYPE_USDTshort	+0.0018%	4h	93.474	−0.005%	$44.1M	$56.5M	75x
Bybit HYPEUSDT	+0.0035%	8h	93.470	−0.009%	$325.7M	$287.4M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.527	+0.052%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0071%	4h	93.480	+0.001%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.481	+0.002%	$56K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.521	+0.045%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.504	+0.027%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERPlong	+0.0100%	8h	93.479	long leg	$340K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.470	−0.009%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.465	−0.015%	$6.0M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.531	+0.056%	$2.04B	$667.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.468	−0.012%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.497	+0.019%	$385.6M	$888.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.461	−0.019%	$114.8M	$315.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.428	−0.054%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.081%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.472	−0.007%	$92.8M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.508	+0.031%	$46.4M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.490	+0.012%	$227.1M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.482	+0.004%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.513	+0.037%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.110%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.408	−0.075%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.381	−0.104%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.372	−0.114%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.465	−0.014%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.489	+0.011%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.505	+0.028%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.510	+0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.470	−0.009%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.466	−0.014%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.460	−0.020%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.486	+0.008%	$398K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.538	+0.063%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.336	−0.152%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	−0.084%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.467	−0.013%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0274%	1h	93.576	+0.104%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.159%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.501	+0.024%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.449	−0.032%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0345%	4h	93.650	+0.183%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.531	+0.056%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.595	+0.125%	$19.2M	$25.9M	50x	as long as short