Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0005%/8h= +0.5% APRpaid last 24h −0.020%

Price spread now: Nado against Paradex−0.039%7-day average −0.021% · 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−$16as in the Price arb table

costs, in and out, $10k−$140.144% of the position

Long on Paradex Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.021%−$2 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.039%, 7d avg −0.021%

Together, before fees+0.086%+ Points / potential airdropParadex: Active · Nado: Active · farm board+$9 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.898	0.0095	pay 0.0095% / 8h	6h 23m	$341K	$164K	20x
Short	Nado HYPE-PERP	93.862	0.0100	get 0.0012% / 1h	23m 59s	$5.7M	$45.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.039%Rate

Funding earned: $0.99
Price spread: −0.039% → −0.021%: −$1.79
Slippage, 4 orders: −$3.42
Fee Paradex: 2 bp × 2 orders: −$4
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$15.21
Costs to cover: 0.144%
Break-even: 114.1 days

Slippage from Paradex: live order book, 45 min ago; Nado: live order book, 5 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, 45 min ago	1.44 bp	3.4 bp −$3	9.8 bp −$98	doesn't fit	doesn't fit
Sell Nado live order book, 5 min ago	0.05 bp	3.7 bp −$4	5.6 bp −$56	25.5 bp −$2,551	doesn't fit

HYPE on 54 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	−0.0968%	1h	93.788	−0.118%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.705	−0.206%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0132%	1h	93.791	−0.115%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0126%	8h	93.853	−0.048%	$12.7M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.854	−0.047%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0074%	1h	93.860	−0.041%	$703K	$926K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.817	−0.087%	$157K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.838	−0.064%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0038%	1h	93.855	−0.046%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0028%	4h	93.890	−0.009%	$44.4M	$55.1M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0002%	4h	93.901	+0.003%	—	$53.7M	—	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.888	−0.011%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.936	+0.040%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.857	−0.044%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.879	−0.021%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0005%	8h	93.863	−0.038%	$322.3M	$281.2M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.904	+0.006%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	93.900	+0.002%	$87.9M	$82.9M	100x	as long as short
Binance HYPEUSDT	+0.0068%	4h	93.884	−0.015%	$382.1M	$892.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0069%	8h	93.880	−0.020%	$115.4M	$308.7M	50x	as long as short
Bullet HYPE-USD	+0.0076%	1h	93.855	−0.046%	$112K	$578K	20x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.907	+0.009%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERPlong	+0.0095%	8h	93.898	long leg	$341K	$164K	20x
Lighter HYPE	+0.0096%	1h	93.880	−0.020%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.867	−0.033%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.822	−0.081%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.850	−0.052%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.850	−0.052%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	93.862	−0.039%	$5.7M	$45.1M	10x
Hyperliquid HYPE	+0.0100%	1h	93.978	+0.085%	$2.05B	$665.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.882	−0.017%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.909	+0.011%	$46.5M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.883	−0.016%	$227.5M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	+0.012%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.889	−0.010%	$7.6M	$47.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.834	−0.069%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.876	−0.024%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.910	+0.013%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.894	−0.005%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.820	−0.084%	$79K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.822	−0.082%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.921	+0.024%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.850	−0.052%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	−0.020%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.827	−0.076%	$18.3M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.940	+0.044%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.760	−0.147%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0208%	4h	93.976	+0.083%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.896	−0.002%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.860	−0.041%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0275%	8h	93.921	+0.024%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.873	−0.027%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0410%	1h	93.944	+0.049%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.935	+0.039%	$21.0M	$29.8M	50x	as long as short