Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h +0.004%

Price spread now: Paradex against SoDEX+0.062%7-day average +0.021% · 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−$16as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on SoDEX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now +0.062%, 7d avg +0.021%

Together, before fees−0.004%+ Points / potential airdropParadex: Active · farm board$0 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: Paradex is 0.040% dearer against SoDEX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	93.401	0.0100	pay 0.0013% / 1h	3m 42s	$2.0M	$1.9M	10x
Short	Paradex HYPE-USD-PERP	93.459	0.0097	get 0.0097% / 8h	6h 03m	$339K	$163K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against SoDEX. 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 SoDEXbpFee ParadexbpOrdersPrice spread, now +0.062%Rate

Funding earned: −$0.65
Price spread: +0.062% → +0.021%: $4.04
Slippage, 4 orders: −$8.02
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$16.63
Costs to cover: 0.200%
Break-even: never at this rate

Slippage from SoDEX: live order book, 5 min ago; Paradex: live order book, just now.

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 SoDEX live order book, 5 min ago	0.05 bp	6.6 bp −$7	12.3 bp −$123	103.5 bp −$10.3K	doesn't fit
Sell Paradex live order book, just now	1.28 bp	3.3 bp −$3	7.3 bp −$73	doesn't fit	doesn't fit

HYPE on 54 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	−0.1120%	1h	93.308	−0.099%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.352	−0.052%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.347	−0.058%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0075%	8h	93.388	−0.014%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0061%	1h	93.330	−0.076%	$699K	$905K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.381	−0.021%	$156K	$640K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.501	+0.107%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0034%	1h	93.481	+0.085%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0003%	4h	93.448	+0.050%	$8.8M	$35.7M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	−0.019%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.485	+0.090%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.438	+0.040%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.427	+0.028%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0013%	1h	93.393	−0.009%	$7.4M	$10.4M	20x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.359	−0.045%	$320.3M	$276.9M	75x	as long as short
Gate HYPE_USDT	+0.0018%	4h	93.429	+0.030%	$44.3M	$55.4M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	+0.025%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.434	+0.035%	$88.2M	$83.5M	100x	as long as short
Bullet HYPE-USD	+0.0075%	1h	93.425	+0.026%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.374	−0.029%	$114.7M	$302.3M	50x	as long as short
Binance HYPEUSDT	+0.0080%	4h	93.407	+0.006%	$380.0M	$880.6M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.295	−0.114%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.445	+0.047%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.432	+0.033%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.480	+0.085%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.412	+0.012%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0097%	8h	93.459	+0.062%	$339K	$163K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.490	+0.095%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.422	+0.023%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.528	+0.136%	$2.04B	$657.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.427	+0.028%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.071%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.442	+0.044%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.426	+0.027%	$226.1M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	−0.056%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	−0.010%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	−0.065%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.370	−0.033%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.484	+0.089%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.475	+0.079%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.370	−0.033%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.367	−0.037%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.524	+0.132%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	93.401	long leg	$2.0M	$1.9M	10x
Extended HYPE-USD	+0.0104%	1h	93.413	+0.013%	$18.3M	$43.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	+0.010%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.834%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0194%	4h	93.600	+0.213%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.559	+0.169%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.426	+0.026%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.460	+0.063%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.429	+0.031%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0382%	1h	93.477	+0.081%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.474	+0.078%	$20.8M	$29.8M	50x	as long as short