Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0035%/8h= −3.8% APRpaid last 24h +0.012%

Price spread now: Phoenix against Paradex−0.054%46s7-day average +0.069% · 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—prices read too far apart to compare

costs, in and out, $10k−$150.149% of the position

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.122%+$12 on $10k

Price spread, last 4 days (all we have)+0.217%+$22 · spread now −0.054%, 7d avg +0.069%

Together, before fees+0.339%+ Points / potential airdropParadex: Active · farm board+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.123% cheaper against Paradex than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.069%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.122%, so the current rate has only just turned against you. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.955	0.0095	pay 0.0095% / 8h	6h 26m	$341K	$164K	20x
Short	Phoenix HYPE	93.904	0.0060	get 0.0007% / 1h	26m 41s	$211K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$7.38
Price spread: −0.054% → +0.069%: −$12.3
Slippage, 4 orders: −$3.86
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$34.54
Costs to cover: 0.149%
Break-even: never at this rate

Slippage from Paradex: live order book, 42 min ago; Phoenix: live order book, 2 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, 42 min ago	1.44 bp	3.4 bp −$3	9.8 bp −$98	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	0.05 bp	3.6 bp −$4	7.4 bp −$74	143.4 bp −$14.3K	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	−0.0920%	1h	93.818	−0.146%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.807	−0.158%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0156%	8h	93.853	−0.109%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0140%	1h	93.712	−0.259%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0083%	1h	93.910	−0.048%	$701K	$938K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.973	+0.019%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.869	−0.092%	$157K	$648K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.919	−0.038%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0044%	1h	93.821	−0.143%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0036%	4h	93.857	−0.104%	$44.4M	$54.9M	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	93.852	−0.110%	—	$53.7M	—	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.888	−0.071%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.869	−0.091%	$129K	$31K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.910	−0.048%	$322.5M	$281.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.929	−0.028%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.910	−0.048%	$26K	—	150x	as long as short
Phoenix HYPEshort	+0.0060%	1h	93.904	−0.054%	$211K	$1.2M	10x
Bullet HYPE-USD	+0.0064%	1h	93.922	−0.035%	$112K	$578K	20x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.895	−0.064%	$87.9M	$82.9M	100x	as long as short
Binance HYPEUSDT	+0.0068%	4h	93.888	−0.071%	$382.1M	$894.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.903	−0.055%	$115.4M	$309.2M	50x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.800	−0.165%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERPlong	+0.0095%	8h	93.955	long leg	$341K	$164K	20x
Lighter HYPE	+0.0096%	1h	93.901	−0.058%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.896	−0.063%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.903	−0.055%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.891	−0.068%	$399K	$177K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.843	−0.119%	$16.3M	$7.7M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	−0.069%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.963	+0.009%	$5.8M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.977	+0.023%	$2.05B	$672.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.919	−0.038%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.932	−0.025%	$46.5M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.872	−0.088%	$227.5M	$98.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.367%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.824	−0.140%	$7.6M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.834	−0.129%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.837	−0.126%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.972	+0.018%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.958	+0.003%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.829	−0.134%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.969	+0.015%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.859	−0.102%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.647%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.782	−0.185%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.960	+0.005%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.920	−0.037%	$31K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.978	+0.024%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	94.130	+0.186%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.901	−0.057%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0272%	8h	93.955	0.000%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.921	−0.036%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0357%	1h	93.959	+0.004%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.949	−0.006%	$21.0M	$29.8M	50x	as long as short