Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0005%/8h= +0.5% APRpaid last 24h −0.004%

Price spread now: SoDEX against Paradex−0.001%7-day average −0.023% · 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−$24as in the Price arb table

costs, in and out, $10k−$260.265% of the position

Long on Paradex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.033%−$3 · spread now −0.001%, 7d avg −0.023%

Together, before fees−0.034%+ Points / potential airdropParadex: Active · farm board−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SoDEX is 0.022% dearer against Paradex than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	94.186	0.0095	pay 0.0095% / 8h	2h 13m	$342K	$158K	20x
Short	SoDEX HYPE-USD	94.185	0.0100	get 0.0013% / 1h	13m 19s	$2.0M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.001%Rate

Funding earned: $1.05
Price spread: −0.001% → −0.023%: $2.24
Slippage, 4 orders: −$14.46
Fee Paradex: 2 bp × 2 orders: −$4
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$23.17
Costs to cover: 0.265%
Break-even: 160.9 days

Slippage from Paradex: live order book, 36 min ago; SoDEX: live order book, 1 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	3.73 bp	5.7 bp −$6	10.8 bp −$108	doesn't fit	doesn't fit
Sell SoDEX live order book, 1 min ago	0.37 bp	7.6 bp −$8	12.6 bp −$126	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
Hibachi HYPE/USDT-P	−0.1328%	1h	94.055	−0.139%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0391%	1h	93.960	−0.240%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.149	−0.039%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0016%	1h	94.183	−0.004%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.155	−0.033%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.186	+0.001%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.173	−0.014%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.193	+0.007%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.200	+0.015%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.145	−0.044%	$1.1M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0020%	4h	94.173	−0.014%	$227.2M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	94.200	+0.015%	$319.6M	$284.1M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.200	+0.015%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0027%	8h	94.145	−0.044%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0067%	1h	94.080	−0.113%	$709K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERPlong	+0.0095%	8h	94.186	long leg	$342K	$158K	20x
Lighter HYPE	+0.0096%	1h	94.195	+0.010%	$16.4M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.196	+0.011%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.159	−0.029%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	−0.028%	$28K	$1.7M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	94.090	−0.102%	$5.0M	$30.2M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.154	−0.033%	$7.2M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.262	+0.081%	$2.06B	$676.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.198	+0.013%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.185	−0.001%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.215	+0.031%	$378.2M	$919.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.204	+0.019%	$116.4M	$315.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.879%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.172	−0.015%	$48.1M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.185	−0.001%	$90.4M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.201	+0.016%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.176	−0.011%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.192	+0.006%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.099	−0.092%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.125	−0.065%	$7.7M	$48.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.113	−0.077%	$337K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.142	−0.047%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.234	+0.051%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.184	−0.002%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.192	+0.006%	$80K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.165	−0.023%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.244	+0.062%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	94.185	−0.001%	$2.0M	$1.9M	10x
HTX HYPE-USDT	+0.0100%	4h	94.333	+0.156%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.152	−0.036%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.176	−0.010%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	94.246	+0.064%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.132%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.220	+0.036%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0153%	1h	94.254	+0.072%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.172	−0.014%	$81K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.190	+0.004%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.260	+0.079%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.169	−0.018%	$16.8M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.225	+0.041%	$3.2M	$6.3M	20x	as long as short