Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0182%/8h= −20.0% APRpaid last 24h −0.038%

Price spread now: Ondo Perps against Paradex−0.129%7-day average −0.098% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.102%−$10 on $10k

Price spread, last 4 days (all we have)+0.149%+$15 · spread now −0.129%, 7d avg −0.098%

Together, before fees+0.047%+ Points / potential airdropParadex: Active · Ondo Perps: Active · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Ondo Perps is 0.031% cheaper against Paradex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.098%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	95.183	0.0048	pay 0.0048% / 8h	7h 11m	$340K	$38K	20x
Short	Ondo Perps HYPE-USD.P	95.060	−0.0134	pay 0.0017% / 1h	11m 28s	$695K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Paradex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.129%Rate

Funding earned: −$38.31
Price spread: −0.129% → −0.098%: −$3.08
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$50.39
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 23 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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, 23 min ago	5.08 bp	7.1 bp −$7	13.0 bp −$130	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0856%	1h	95.015	−0.176%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0541%	1h	95.066	−0.123%	$79K	$148K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0235%	1h	95.092	−0.095%	$22K	$19K	10x	as long as short
Phemex HYPEUSDT	−0.0219%	8h	95.057	−0.132%	$13.0M	$2.8M	50x	as long as short
Bullet HYPE-USD	−0.0197%	1h	95.193	+0.011%	$113K	$576K	20x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0134%	1h	95.060	−0.129%	$695K	$1.3M	10x
dYdX HYPE-USD	−0.0120%	1h	95.170	−0.013%	$130K	$93K	5x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.133	−0.052%	$1.0M	$3.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	95.189	+0.007%	$90K	$353K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.031	−0.159%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.096	−0.091%	$18.9M	$35.7M	50x	as long as short
BingX HYPE-USDT	−0.0012%	4h	95.171	−0.012%	—	$52.6M	—	as long as short
Bybit HYPEUSDT	−0.0008%	8h	95.150	−0.034%	$319.8M	$286.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	95.091	−0.096%	$147K	$670K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	95.149	−0.035%	$52.8M	$56.8M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.122	−0.064%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.121	−0.065%	$19K	$273K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.210	+0.029%	$86K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.142	−0.043%	$212K	$1.2M	10x	as long as short
Vest HYPE-PERP	+0.0011%	1h	95.206	+0.024%	—	$126K	5x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.030	−0.160%	$4.7M	$5.8M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0035%	8h	95.149	−0.035%	$118.7M	$323.3M	50x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	95.142	−0.043%	$228.6M	$94.5M	75x	as long as short
Paradex HYPE-USD-PERPlong	+0.0048%	8h	95.183	long leg	$340K	$38K	20x
Backpack HYPE_USDC_PERP	+0.0058%	1h	95.074	−0.114%	$7.6M	$10.1M	20x	as long as short
Aster HYPEUSDT	+0.0091%	4h	95.133	−0.052%	$9.0M	$36.5M	300x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	95.053	−0.136%	$5.1M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.155	−0.029%	$16.3M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.164	−0.020%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.164	−0.020%	$181K	$1.2M	50x	as long as short
SoDEX HYPE-USD	+0.0098%	1h	95.113	−0.073%	$2.1M	$1.9M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.120	−0.066%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.150	−0.035%	$5.4M	$54.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.282	+0.104%	$2.10B	$681.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.190	+0.007%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.173	−0.011%	$383.1M	$912.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.126	−0.059%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.183	0.000%	$98.3M	$89.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.181	−0.002%	$47.5M	$18.5M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.091	−0.096%	$29.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.088	−0.099%	$7.7M	$44.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.052	−0.137%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.050	−0.139%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.163	−0.021%	$500K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.062	−0.127%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.252	+0.073%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.132	−0.053%	$18.2M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.061	−0.127%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.192	+0.010%	$3.1M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.207%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0170%	1h	95.194	+0.012%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.013	−0.178%	$85K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.156	−0.028%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.015	−0.176%	$17.2M	$12.3M	75x	as long as short