Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0036%/8h= +3.9% APRpaid last 24h +0.006%

Price spread now: Paradex against Popdex+0.051%7-day average +0.007% · 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−$40as in the Price arb table

costs, in and out, $10k−$440.440% of the position

Long on Popdex Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 4 days (all we have)−0.220%−$22 · spread now +0.051%, 7d avg +0.007%

Together, before fees−0.212%+ Points / potential airdropParadex: Active · farm board−$21 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Paradex is 0.045% dearer against Popdex than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	93.639	0.0064	pay 0.0008% / 1h	22m 23s	$57K	$1.2M	50x
Short	Paradex HYPE-USD-PERP	93.687	0.0100	get 0.0100% / 8h	2h 22m	$340K	$170K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Popdex. 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 PopdexbpFee ParadexbpOrdersPrice spread, now +0.051%Rate

Funding earned: $7.48
Price spread: +0.051% → +0.007%: $4.45
Slippage, 4 orders: −$33.62
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$32.09
Costs to cover: 0.440%
Break-even: 37.0 days

Slippage from Popdex: live order book, 2 min ago; Paradex: live order book, 2 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 Popdex live order book, 2 min ago	0.11 bp	3.4 bp −$3	4.0 bp −$40	22.2 bp −$2,216	doesn't fit
Sell Paradex live order book, 2 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
Hibachi HYPE/USDT-P	−0.1008%	1h	93.647	+0.008%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0291%	1h	93.660	+0.023%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0238%	1h	93.630	−0.010%	$702K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.679	+0.043%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.677	+0.041%	$90K	$343K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.638	−0.001%	$111K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.599	−0.042%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.087%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.651	+0.013%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.684	+0.048%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0029%	4h	93.673	+0.036%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.656	+0.018%	$44.1M	$57.1M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	93.639	0.000%	$326.1M	$287.0M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0063%	4h	93.644	+0.005%	$175K	$536K	20x	as long as short
Popdex HYPEUSDTlong	+0.0064%	1h	93.639	long leg	$57K	$1.2M	50x
Phoenix HYPE	+0.0068%	1h	93.742	+0.110%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.700	+0.065%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.707	+0.073%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0100%	8h	93.687	+0.051%	$340K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.690	+0.054%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.638	−0.001%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.748	+0.116%	$2.04B	$669.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.680	+0.043%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.641	+0.003%	$386.3M	$888.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.632	−0.007%	$115.0M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.627	−0.013%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.640	+0.001%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.663	+0.026%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.646	+0.007%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.640	+0.001%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.712	+0.078%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.652	+0.014%	$29.0M	$50.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.028%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.100%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.752	+0.121%	$678K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.698	+0.063%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.685	+0.049%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.644	+0.005%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.698	+0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.724	+0.091%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.676	+0.040%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.088%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.628	−0.012%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.656	+0.018%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.090%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.775	+0.145%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0145%	1h	93.826	+0.200%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.760	+0.129%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.639	0.000%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.610	−0.031%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0310%	4h	93.864	+0.240%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.686	+0.050%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.715	+0.081%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.710	+0.076%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0571%	1h	93.849	+0.225%	$19.2M	$26.0M	50x	as long as short