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Funding arb · Price arb /

HYPE

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 21:00 UTC+0.0247%/8h= +27.1% APRpaid last 24h +0.047%
Price spread now: Hyperliquid against Paradex+0.131%7-day average +0.030% · 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−$8as in the Price arb table
costs, in and out, $10k−$180.183% of the position
Long on ParadexShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 4 days (all we have)+0.063%+$6 on $10k
Price spread, last 4 days (all we have)−0.097%−$10 · spread now +0.131%, 7d avg +0.030%
Together, before fees−0.034%+ Points / potential airdropParadex: Active · Hyperliquid: Season 2 · farm board−$3 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Hyperliquid is 0.101% dearer against Paradex than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.030%.
The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.063% in total (about 6.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongParadex HYPE-USD-PERP93.5240.0101pay 0.0101% / 8h3h 28m$340K$172K20x
ShortHyperliquid HYPE93.6460.0348get 0.0044% / 1h28m 17s$2.04B$665.5M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Hyperliquid 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

Funding earned
$51.96
Price spread: +0.131% → +0.030%
$10.09
Slippage, 4 orders
−$5.31
Fee Paradex: 2 bp × 2 orders
−$4
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
$43.74
Costs to cover
0.183%
Break-even
1.1 days
Slippage from Paradex: live order book, 1 min ago; Hyperliquid: live order book, 6 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Paradex live order book, 1 min ago2.46 bp4.5 bp −$411.1 bp −$111doesn't fitdoesn't fit
Sell Hyperliquid live order book, 6 min ago0.05 bp4.8 bp −$56.2 bp −$62doesn't fitdoesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1368%1h93.482−0.045%$198K$239K7xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.548+0.026%$3K$33125xas long as short
Aftermath Perps HYPEUSD−0.0026%1h93.621+0.104%$22K$22K10xas long as short
Gate HYPE_USDT−0.0012%4h93.537+0.014%$44.1M$56.2M75xas long as short
dYdX HYPE-USD0.0000%1h93.525+0.001%$127K$33K5xas long as short
Kalshi KXHYPEPERP0.0000%8h93.916+0.419%$1.9M$5.3M2.3xas long as short
Perpl HYPE0.0000%43m93.543+0.021%$23K$350K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0005%1h93.603+0.084%$44K—150xas long as short
01 Exchange HYPEUSD+0.0024%1h93.566+0.045%$90K$340K20xas long as short
Aster HYPEUSDT+0.0035%4h93.607+0.089%$9.0M$36.7M300xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bybit HYPEUSDT+0.0056%8h93.580+0.060%$326.3M$286.7M75xas long as short
Kraken Futures PF_HYPEUSD+0.0066%1h93.727+0.217%$18.6M$24.1M50xas long as short
Orderly PERP_HYPE_USDC+0.0090%4h93.584+0.064%$178K$521K20xas long as short
Phoenix HYPE+0.0094%1h93.709+0.198%$211K$1.1M10xas long as short
Lighter HYPE+0.0096%1h93.544+0.021%$18.7M$58.3M20xas long as short
Lighter RH HYPE+0.0096%1h93.552+0.030%$3.1M$12.4M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.542+0.019%$56K$1.2M50xas long as short
Katana Perps HYPE-USD+0.0100%8h93.590+0.070%$21K$1.7M10xas long as short
Nado HYPE-PERP+0.0100%1h93.513−0.011%$5.8M$44.3M10xas long as short
Pacifica HYPE+0.0100%1h93.525+0.001%$10.0M$14.4M20xas long as short
Binance HYPEUSDT+0.0100%4h93.596+0.077%$388.7M$883.6M75xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.583+0.063%$114.7M$317.1M50xas long as short
Ondo Perps HYPE-USD.P+0.0100%1h93.740+0.231%$703K$954K10xas long as short
Arcus HYPE-USD+0.0100%1h93.501−0.025%$1.2M$4.0M10xas long as short
Bulk HYPE-USD+0.0100%1h93.684+0.171%$205K$9K10xas long as short
MEXC HYPE_USDT+0.0100%4h93.554+0.032%$90.0M$82.2M100xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.565+0.044%$46.4M$19.6M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.598+0.079%$226.9M$102.5M75xas long as short
BingX HYPE-USDT+0.0100%4h93.547+0.024%—$54.3M—as long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.607+0.089%$8.0M$11.5M20xas long as short
Variational Omni HYPE+0.0100%8h93.684+0.171%$28.8M$49.2M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.538+0.015%$7.5M$45.5M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.613+0.095%$382K$1.1M50xas long as short
StandX HYPE-USD+0.0100%1h93.617+0.099%$677K$2.3M20xas long as short
Vest HYPE-PERP+0.0100%1h93.631+0.114%—$454K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.577+0.057%$491K$2.6M20xas long as short
Bullet HYPE-USD+0.0100%1h93.560+0.038%$112K$576K20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.611+0.093%$76K$170K20xas long as short
Derive HYPE-PERP+0.0100%1h93.581+0.061%$16.4M$6.9M10xas long as short
SunX HYPE-USDT+0.0100%4h93.620+0.103%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.601+0.082%$2.0M$2.0M10xas long as short
Phemex HYPEUSDT+0.0100%8h93.605+0.086%$12.7M$2.5M50xas long as short
Paradex HYPE-USD-PERPlong+0.0101%8h93.524long leg$340K$172K20x
Extended HYPE-USD+0.0104%1h93.581+0.060%$18.2M$40.6M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.614+0.096%$398K$318K20xas long as short
edgeX HYPEUSDC+0.0119%4h93.646+0.130%$5.1M$29.1M30xas long as short
Coinbase International HYPE-PERP-INTX+0.0208%1h93.630+0.113%$4.9M$5.7M50xas long as short
Reya HYPERUSDPERP+0.0243%1h93.543+0.021%$77K$157K15xas long as short
Injective HYPE/USDC PERP+0.0254%1h93.580+0.060%$30K$182K12xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0338% / S −0.0165%1h93.563+0.042%$1.4M—100xas long as short
BloFin HYPE-USDT+0.0340%4h93.656+0.141%$17.1M$12.4M75xas long as short
Hyperliquid HYPEshort+0.0348%1h93.646+0.131%$2.04B$665.5M10x
RISEx HYPE/USDC+0.0422%1h93.608+0.089%$2.9M$6.7M20xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0444%1h93.715+0.204%$7.4M$4.6M50xas long as short
HTX HYPE-USDT+0.0489%4h93.750+0.242%$1.5M$7.5M75xas long as short