Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +11.0% APRpaid last 24h +0.028%

Price spread now: Kraken Futures against Paradex+0.060%7-day average +0.019% · 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−$21as in the Price arb table

costs, in and out, $10k−$250.246% of the position

Long on Paradex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.058%+$6 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now +0.060%, 7d avg +0.019%

Together, before fees−0.051%+ Points / potential airdropParadex: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Kraken Futures is 0.041% dearer against Paradex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	92.932	0.0096	pay 0.0096% / 8h	3h 49m	$339K	$163K	20x
Short	Kraken Futures PF_HYPEUSD	92.987	0.0197	get 0.0025% / 1h	49m 41s	$20.6M	$30.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.060%Rate

Funding earned: $21.06
Price spread: +0.060% → +0.019%: $4.08
Slippage, 4 orders: −$10.58
Fee Paradex: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $0.56
Costs to cover: 0.246%
Break-even: 6.8 days

Slippage from Paradex: live order book, 4 min ago; Kraken Futures: 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, 4 min ago	1.18 bp	3.2 bp −$3	8.8 bp −$88	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	1.13 bp	8.3 bp −$8	11.8 bp −$118	19.9 bp −$1,994	66.2 bp −$33.1K

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	−0.0680%	1h	92.799	−0.143%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	92.908	−0.026%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.880	−0.056%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.925	−0.007%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.882	−0.054%	$157K	$660K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.948	+0.017%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.993	+0.066%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.918	−0.015%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.946	+0.015%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	93.032	+0.108%	$210K	$1.2M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0028%	1h	92.910	−0.024%	$699K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	92.893	−0.042%	$316.3M	$282.3M	75x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	92.906	−0.028%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.906	−0.028%	$44.7M	$53.7M	75x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.949	+0.018%	$87K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0078%	4h	92.905	−0.029%	$225.1M	$99.0M	75x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	92.935	+0.004%	$4.9M	$29.6M	30x	as long as short
Aster HYPEUSDT	+0.0087%	4h	92.915	−0.018%	$8.7M	$36.2M	300x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	92.914	−0.019%	$69K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.929	−0.003%	$16.1M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.930	−0.002%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERPlong	+0.0096%	8h	92.932	long leg	$339K	$163K	20x
Katana Perps HYPE-USD	+0.0099%	8h	92.880	−0.056%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.945	+0.014%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.967	+0.038%	$2.03B	$665.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.938	+0.007%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.913	−0.020%	$373.7M	$904.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.906	−0.028%	$113.9M	$304.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.011%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.912	−0.021%	$87.6M	$79.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.919	−0.014%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.909	−0.025%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.920	−0.013%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.989	+0.061%	$28.6M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.015	+0.089%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.928	−0.004%	$351K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.011	+0.085%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.984	+0.056%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.953	+0.023%	$469K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	92.922	−0.011%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.914	−0.019%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.897	−0.038%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.901	−0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.909	−0.025%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.877	−0.059%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.907	−0.027%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.940	+0.009%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0163%	4h	93.082	+0.161%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0197%	1h	92.987	+0.060%	$20.6M	$30.5M	50x
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.235%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.905	−0.029%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.932	+0.001%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.981	+0.053%	$16.7M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0396%	1h	92.998	+0.071%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.981	+0.053%	$3.1M	$6.4M	20x	as long as short