Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0413%/8h= −45.2% APRpaid last 24h −0.031%

Price spread now: Paradex against RISEx−0.061%7-day average −0.001% · 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−$21as in the Price arb table

costs, in and out, $10k−$150.153% of the position

Long on RISEx Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.110%−$11 on $10k

Price spread, last 4 days (all we have)−0.070%−$7 · spread now −0.061%, 7d avg −0.001%

Together, before fees−0.179%+ Points / potential airdropParadex: Active · farm board−$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Paradex is 0.059% cheaper against RISEx than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.110% in total (about -11.3% 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	RISEx HYPE/USDC	93.205	0.0510	pay 0.0064% / 1h	13m 06s	$3.2M	$6.3M	20x
Short	Paradex HYPE-USD-PERP	93.149	0.0097	get 0.0097% / 8h	5h 13m	$339K	$162K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against RISEx. 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 RISExbpFee ParadexbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$86.77
Price spread: −0.061% → −0.001%: −$5.92
Slippage, 4 orders: −$5.25
Fee RISEx: 3 bp × 2 orders: −$6
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$107.95
Costs to cover: 0.153%
Break-even: never at this rate

Slippage from RISEx: live order book, 1 min ago; Paradex: live order book, 51 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 RISEx live order book, 1 min ago	1.34 bp	4.3 bp −$4	6.5 bp −$65	doesn't fit	doesn't fit
Sell Paradex live order book, 51 min ago	1.28 bp	3.3 bp −$3	7.3 bp −$73	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	−0.1016%	1h	93.092	−0.121%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.002	−0.218%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0139%	1h	93.060	−0.156%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.096	−0.117%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.122	−0.089%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.079	−0.136%	$155K	$654K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0044%	1h	93.279	+0.079%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.163	−0.046%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.124	−0.087%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.107	−0.106%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0013%	8h	93.115	−0.097%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.069	−0.147%	$8.8M	$35.9M	300x	as long as short
Bullet HYPE-USD	+0.0018%	1h	93.087	−0.127%	$111K	$579K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	−0.053%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0034%	4h	93.048	−0.169%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.057	−0.159%	$44.5M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	93.045	−0.172%	$320.1M	$277.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.035	−0.183%	$113.5M	$299.3M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.060	−0.156%	$16.1M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.093	−0.121%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.083	−0.131%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.104	−0.109%	$70K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERPshort	+0.0097%	8h	93.149	−0.061%	$339K	$162K	20x
Binance HYPEUSDT	+0.0099%	4h	93.049	−0.168%	$376.2M	$880.5M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.130	−0.081%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.112	−0.101%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.132	−0.079%	$2.03B	$657.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.135	−0.075%	$10.0M	$14.8M	20x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.067	−0.148%	$89.4M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.076	−0.139%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.044	−0.173%	$225.0M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.049	−0.168%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.184%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.364	+0.170%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.292	+0.093%	$339K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.148	−0.062%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.147	−0.063%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.138	−0.072%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.055	−0.161%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.121	−0.091%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.081	−0.133%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	−0.054%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.013	−0.207%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.043	−0.174%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.295	+0.097%	$5.0M	$29.1M	30x	as long as short
HTX HYPE-USDT	+0.0141%	4h	93.245	+0.043%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	−0.059%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.096	−0.117%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0269%	8h	93.157	−0.052%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.109	−0.104%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	93.088	−0.126%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0448%	1h	93.180	−0.027%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDClong	+0.0510%	1h	93.205	long leg	$3.2M	$6.3M	20x
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.563%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.132	−0.079%	$20.7M	$29.8M	50x	as long as short