Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0161%/8h= +17.6% APRpaid last 24h +0.026%

Price spread now: Reya against Paradex−0.163%47s7-day average −0.031% · you buy dearer than you sell

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

Long on Paradex Short on Reya

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.654%+$65 · spread now −0.163%, 7d avg −0.031%

Together, before fees+0.651%+ Points / potential airdropParadex: Active · Reya: Active · farm board+$65 on $10k · with fees, hour by hour

Funding pays, the price is against you. Reya is 0.132% cheaper against Paradex than usual: you would sell low and buy high (spread −0.163% now, against its 7-day average of −0.031%). If the spread goes back, that is −$13 on $10k: about 2.8 days of funding at the current rate (+$5 a day). The two prices were read 47 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	93.605	0.0097	pay 0.0097% / 8h	5h 31m	$340K	$162K	20x
Short	Reya HYPERUSDPERP	93.452	0.0258	get 0.0032% / 1h	31m 37s	$79K	$140K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.163%Rate

Funding earned: $33.71
Price spread: −0.163% → −0.031%: −$13.25
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Reya: 3 bp × 2 orders: −$6
Net: $10.46
Costs to cover: 0.100%
Break-even: 4.8 days

Slippage unknown: Paradex: live order book, 33 min ago; Reya: 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, 33 min ago	1.28 bp	3.3 bp −$3	8.5 bp −$85	doesn't fit	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 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	−0.1296%	1h	93.403	−0.216%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.453	−0.163%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.320	−0.305%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.512	−0.100%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0065%	8h	93.401	−0.218%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0064%	1h	93.426	−0.191%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.603	−0.002%	$85K	$344K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0042%	4h	93.423	−0.195%	$154K	$648K	20x	as long as short
Bullet HYPE-USD	−0.0006%	1h	93.440	−0.177%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.560	−0.049%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.447	−0.169%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.454	−0.162%	$62K	—	150x	as long as short
BingX HYPE-USDT	+0.0024%	4h	93.558	−0.050%	—	$53.0M	—	as long as short
Phoenix HYPE	+0.0026%	1h	93.393	−0.227%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0026%	4h	93.567	−0.041%	$8.8M	$35.5M	300x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	93.564	−0.044%	$321.9M	$277.0M	75x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.558	−0.050%	$44.7M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.544	−0.065%	$114.4M	$302.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.582	−0.024%	$16.3M	$61.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.569	−0.039%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.590	−0.016%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERPlong	+0.0097%	8h	93.605	long leg	$340K	$162K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.580	−0.027%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.555	−0.054%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.621	+0.017%	$2.04B	$654.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.587	−0.020%	$10.1M	$14.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.578	−0.029%	$379.5M	$876.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.258%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.555	−0.054%	$89.9M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.583	−0.024%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.572	−0.035%	$226.2M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.407	−0.212%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.367	−0.255%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.532	−0.078%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.349	−0.274%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.512	−0.100%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.496	−0.117%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.496	−0.117%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.400	−0.219%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.389	−0.231%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.519	−0.092%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.415	−0.203%	$2.0M	$1.9M	10x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	93.459	−0.156%	$5.1M	$29.7M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.547	−0.063%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.423	−0.195%	$397K	$162K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.520	−0.091%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0188%	4h	93.592	−0.014%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERPshort	+0.0258%	1h	93.452	−0.163%	$79K	$140K	15x
Kalshi KXHYPEPERP	+0.0278%	8h	93.461	−0.154%	$1.9M	$5.0M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.501	−0.111%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.460	−0.155%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.487	−0.126%	$17.0M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.665	+0.064%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.370	−0.251%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.477	−0.137%	$20.8M	$29.7M	50x	as long as short