Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0211%/8h= −23.1% APRpaid last 24h −0.035%

Price spread now: 01 Exchange against Paradex−0.048%7-day average +0.012% · 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−$51as in the Price arb table

costs, in and out, $10k−$450.449% of the position

Long on Paradex Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.046%−$5 on $10k

Price spread, last 4 days (all we have)+0.234%+$23 · spread now −0.048%, 7d avg +0.012%

Together, before fees+0.188%+ Points / potential airdropParadex: Active · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and 01 Exchange is 0.060% cheaper against Paradex than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.012%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.046% in total (about -4.7% 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	92.253	0.0091	pay 0.0091% / 8h	4h 47m	$338K	$163K	20x
Short	01 Exchange HYPEUSD	92.209	−0.0120	pay 0.0015% / 1h	47m 05s	$86K	$352K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.048%Rate

Funding earned: −$44.28
Price spread: −0.048% → +0.012%: −$6
Slippage, 4 orders: −$33.86
Fee Paradex: 2 bp × 2 orders: −$4
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$95.14
Costs to cover: 0.449%
Break-even: never at this rate

Slippage from Paradex: live order book, 12 min ago; 01 Exchange: live order book, 12 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, 12 min ago	12.88 bp	14.9 bp −$15	149.0 bp −$1,490	doesn't fit	doesn't fit
Sell 01 Exchange live order book, 12 min ago	0.05 bp	7.1 bp −$7	11.1 bp −$111	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	92.199	−0.059%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0648%	1h	92.231	−0.024%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0124%	1h	92.461	+0.225%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSDshort	−0.0120%	1h	92.209	−0.048%	$86K	$352K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	92.187	−0.072%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.190	−0.068%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0064%	1h	92.248	−0.006%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0040%	1h	92.170	−0.090%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0011%	4h	92.188	−0.071%	$8.6M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	−0.017%	$126K	$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	92.283	+0.032%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.260	+0.007%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.199	−0.059%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.170	−0.090%	$315.4M	$280.8M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.169	−0.091%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.192%	$209K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.193	−0.065%	$44.3M	$54.7M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	92.244	−0.010%	$12.5M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.174	−0.086%	$112.6M	$300.5M	50x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.192	−0.066%	$87.1M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0078%	4h	92.191	−0.067%	$370.6M	$896.8M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.257	+0.004%	$67K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	92.311	+0.063%	$4.9M	$29.4M	30x	as long as short
Paradex HYPE-USD-PERPlong	+0.0091%	8h	92.253	long leg	$338K	$163K	20x
ApeX Omni HYPEUSDT	+0.0093%	1h	92.333	+0.087%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.213	−0.043%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.206	−0.051%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.220	−0.036%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.287	+0.036%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.230	−0.025%	$2.01B	$663.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.260	+0.008%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.593%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.240	−0.014%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.150	−0.112%	$223.1M	$97.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.181	−0.078%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	+0.234%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	+0.080%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.258	+0.005%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.271	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.267	+0.015%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.240	−0.014%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.191	−0.067%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.370	+0.127%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.163	−0.098%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.215	−0.042%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.810%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.260	+0.007%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.223	−0.032%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0261%	8h	92.317	+0.069%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0311%	4h	92.180	−0.079%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.254	+0.001%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.237	−0.017%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0433%	1h	92.286	+0.036%	$7.5M	$4.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0527%	1h	92.201	−0.057%	$78K	$169K	20x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.349	+0.104%	$3.1M	$6.4M	20x	as long as short