Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0045%/8h= +4.9% APRpaid last 24h +0.042%

Price spread now: HTX against Paradex+0.175%7-day average +0.031% · 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−$41as in the Price arb table

costs, in and out, $10k−$550.550% of the position

Long on Paradex Short on HTX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.045%+$4 on $10k

Price spread, last 4 days (all we have)−0.489%−$49 · spread now +0.175%, 7d avg +0.031%

Together, before fees−0.445%+ Points / potential airdropParadex: Active · farm board−$44 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and HTX is 0.145% dearer against Paradex than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	94.938	0.0055	pay 0.0055% / 8h	7h 44m	$339K	$154K	20x
Short	HTX HYPE-USDT	95.105	0.0100	get 0.0050% / 4h	3h 44m	$1.4M	$6.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.175%Rate

Funding earned: $9.4
Price spread: +0.175% → +0.031%: $14.46
Slippage, 4 orders: −$39
Fee Paradex: 2 bp × 2 orders: −$4
Fee HTX: 6 bp × 2 orders: −$12
Net: −$31.14
Costs to cover: 0.550%
Break-even: 30.2 days

Slippage from Paradex: live order book, 54 min ago; HTX: live order book, 4 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, 54 min ago	14.72 bp	16.7 bp −$17	154.5 bp −$1,545	doesn't fit	doesn't fit
Sell HTX live order book, 4 min ago	0.05 bp	12.6 bp −$13	15.8 bp −$158	47.5 bp −$4,754	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
Hibachi HYPE/USDT-P	−0.1216%	1h	94.851	−0.092%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0392%	1h	94.736	−0.213%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0305%	1h	94.858	−0.085%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0240%	8h	94.897	−0.044%	$12.9M	$2.9M	50x	as long as short
Bullet HYPE-USD	−0.0160%	1h	94.904	−0.036%	$112K	$577K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.883	−0.058%	$1.0M	$3.5M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.906	−0.034%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.948	+0.010%	$89K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0056%	1h	94.850	−0.093%	$707K	$1.3M	10x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.905	−0.035%	$19.2M	$35.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0005%	4h	94.913	−0.027%	$148K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.913	−0.026%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.968	+0.031%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.923	−0.016%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.943	+0.005%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.846	−0.097%	$211K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.960	+0.023%	$4.8M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	94.933	−0.006%	$227.9M	$99.9M	75x	as long as short
Derive HYPE-PERP	+0.0051%	1h	94.682	−0.270%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERPlong	+0.0055%	8h	94.938	long leg	$339K	$154K	20x
Vest HYPE-PERP	+0.0057%	1h	94.972	+0.035%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0061%	8h	94.905	−0.035%	$118.5M	$329.7M	50x	as long as short
Gate HYPE_USDT	+0.0082%	4h	94.904	−0.036%	$51.1M	$54.3M	75x	as long as short
SoDEX HYPE-USD	+0.0085%	1h	94.949	+0.011%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.770	−0.177%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.930	−0.009%	$16.3M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.933	−0.006%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.909	−0.031%	$148K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.860	−0.083%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.877	−0.065%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.049	+0.117%	$2.09B	$692.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.904	−0.036%	$9.7M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.919	−0.020%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.946	+0.008%	$382.3M	$938.3M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.924	−0.015%	$318.0M	$293.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	−0.262%	$221K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.946	+0.008%	$94.4M	$85.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.944	+0.006%	$47.3M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.926	−0.013%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.904	−0.036%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.929	−0.010%	$30.1M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.757	−0.191%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.921	−0.018%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.911	−0.029%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.973	+0.036%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.961	+0.024%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	95.105	+0.175%	$1.4M	$6.9M	75x
Extended HYPE-USD	+0.0104%	1h	94.920	−0.020%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.938	0.000%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.921	−0.018%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.244%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0161%	1h	95.018	+0.084%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.880	−0.061%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.950	+0.012%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.887	−0.054%	$17.2M	$12.7M	75x	as long as short