Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0594%/8h= +65.0% APRpaid last 24h +0.036%

Price spread now: RISEx against Paradex+0.031%7-day average +0.002% · 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−$36as in the Price arb table

costs, in and out, $10k−$390.387% of the position

Long on Paradex Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.116%+$12 on $10k

Price spread, last 4 days (all we have)+0.142%+$14 · spread now +0.031%, 7d avg +0.002%

Together, before fees+0.258%+ Points / potential airdropParadex: Active · farm board+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and RISEx is 0.029% dearer against Paradex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.002%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.116% in total (about 11.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	92.713	0.0093	pay 0.0093% / 8h	4h 23m	$339K	$163K	20x
Short	RISEx HYPE/USDC	92.742	0.0687	get 0.0086% / 1h	23m 33s	$3.2M	$6.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.031%Rate

Funding earned: $124.68
Price spread: +0.031% → +0.002%: $2.93
Slippage, 4 orders: −$28.68
Fee Paradex: 2 bp × 2 orders: −$4
Fee RISEx: 3 bp × 2 orders: −$6
Net: $88.93
Costs to cover: 0.387%
Break-even: 2.0 days

Slippage from Paradex: live order book, 36 min ago; RISEx: 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, 36 min ago	12.88 bp	14.9 bp −$15	149.0 bp −$1,490	doesn't fit	doesn't fit
Sell RISEx live order book, 5 min ago	1.46 bp	4.5 bp −$4	6.9 bp −$69	doesn't fit	doesn't fit

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
Arcus HYPE-USD	−0.0948%	1h	92.614	−0.106%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.680	−0.035%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0222%	1h	92.616	−0.104%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.700	−0.014%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.672	−0.044%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	92.700	−0.014%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.674	−0.041%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.688	−0.026%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.728	+0.017%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	92.747	+0.037%	$12.5M	$2.7M	50x	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	+0.0024%	1h	92.640	−0.078%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0028%	1h	92.698	−0.016%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	+0.0035%	4h	92.686	−0.028%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.675	−0.041%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.065%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0048%	8h	92.658	−0.059%	$316.5M	$282.1M	75x	as long as short
Gate HYPE_USDT	+0.0082%	4h	92.670	−0.046%	$44.5M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	92.670	−0.046%	$113.5M	$304.1M	50x	as long as short
Paradex HYPE-USD-PERPlong	+0.0093%	8h	92.713	long leg	$339K	$163K	20x
Lighter HYPE	+0.0096%	1h	92.687	−0.028%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.705	−0.008%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.677	−0.038%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.660	−0.057%	$41K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.680	−0.035%	$6.5M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.702	−0.011%	$2.02B	$662.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.705	−0.008%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.675	−0.041%	$372.0M	$904.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.680	−0.035%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.674	−0.042%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.663	−0.053%	$224.3M	$98.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.700	−0.014%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.091%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.667	−0.049%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.679	−0.036%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.665	−0.051%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.729	+0.018%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.687	−0.028%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.678	−0.037%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.695	−0.019%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.713	0.000%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.727	+0.016%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.841	+0.139%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.012%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.652	−0.065%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.712	−0.001%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	92.646	−0.071%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.590	−0.132%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.720	+0.008%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0242%	8h	92.779	+0.072%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.664	−0.053%	$79K	$134K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.716	+0.004%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.777	+0.069%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.668	−0.048%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0419%	1h	92.799	+0.093%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDCshort	+0.0687%	1h	92.742	+0.031%	$3.2M	$6.4M	20x