Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h −0.015%

Price spread now: Paradex against Phoenix−0.044%7-day average −0.070% · 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−$46as in the Price arb table

costs, in and out, $10k−$490.486% of the position

Long on Phoenix Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.131%−$13 on $10k

Price spread, last 4 days (all we have)+0.204%+$20 · spread now −0.044%, 7d avg −0.070%

Together, before fees+0.073%+ Points / potential airdropParadex: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Paradex is 0.026% dearer against Phoenix than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.070%. Mind the row above: over the last 4 days funding on this pair cost −0.131%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	93.106	0.0034	pay 0.0004% / 1h	35m 13s	$214K	$1.2M	10x
Short	Paradex HYPE-USD-PERP	93.065	0.0098	get 0.0098% / 8h	1h 35m	$338K	$170K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Phoenix. 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 PhoenixbpFee ParadexbpOrdersPrice spread, now −0.044%Rate

Funding earned: $13.44
Price spread: −0.044% → −0.070%: $2.61
Slippage, 4 orders: −$37.64
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$32.59
Costs to cover: 0.486%
Break-even: 24.0 days

Slippage from Phoenix: live order book, 3 min ago; Paradex: live order book, 49 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 Phoenix live order book, 3 min ago	1.18 bp	5.7 bp −$6	10.7 bp −$107	doesn't fit	doesn't fit
Sell Paradex live order book, 49 min ago	16.62 bp	18.6 bp −$19	21.0 bp −$210	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
Aftermath Perps HYPEUSD	−0.0375%	1h	93.139	+0.036%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0192%	1h	93.147	+0.044%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.060	−0.049%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0107%	1h	93.070	−0.039%	$698K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.118	+0.013%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.101	−0.005%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.106	0.000%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.136	+0.032%	$8.9M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.036	−0.075%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.124	+0.020%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.175	+0.074%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0026%	8h	93.140	+0.037%	$323.2M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0031%	4h	93.136	+0.032%	$172K	$520K	20x	as long as short
Bullet HYPE-USD	+0.0031%	1h	93.119	+0.014%	$111K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0031%	1h	93.113	+0.007%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPElong	+0.0034%	1h	93.106	long leg	$214K	$1.2M	10x
Gate HYPE_USDT	+0.0042%	4h	93.149	+0.046%	$43.9M	$58.0M	75x	as long as short
Binance HYPEUSDT	+0.0083%	4h	93.132	+0.028%	$382.9M	$893.1M	75x	as long as short
MEXC HYPE_USDT	+0.0088%	4h	93.151	+0.048%	$89.9M	$81.8M	100x	as long as short
Lighter HYPE	+0.0096%	1h	93.199	+0.100%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.173	+0.072%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0098%	8h	93.065	−0.044%	$338K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.140	+0.037%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.106	−0.001%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.167	+0.066%	$2.02B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.111	+0.006%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.133	+0.029%	$113.8M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.305%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.160	+0.058%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.155	+0.053%	$225.8M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.147	+0.044%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.173	+0.072%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.034	−0.077%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.137	+0.033%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	+0.150%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.047	−0.063%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.145	+0.042%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.147	+0.044%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.162	+0.060%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.174	+0.073%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.135	+0.031%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.160	+0.058%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.125	+0.021%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.134	+0.030%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	93.240	+0.144%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.120	+0.015%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	+0.047%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.970	−0.146%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.141	+0.038%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0256%	4h	93.300	+0.208%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.159	+0.057%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0323%	4h	93.167	+0.066%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.168	+0.066%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0437%	1h	93.252	+0.157%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.257	+0.163%	$20.8M	$28.9M	50x	as long as short