Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h +0.001%

Price spread now: Paradex against Backpack+0.002%7-day average +0.001% · 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−$23as in the Price arb table

costs, in and out, $10k−$240.235% of the position

Long on Backpack Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.028%−$3 on $10k

Price spread, last 4 days (all we have)−0.099%−$10 · spread now +0.002%, 7d avg +0.001%

Together, before fees−0.128%+ Points / potential airdropParadex: Active · farm board−$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	94.153	0.0100	pay 0.0013% / 1h	4m 36s	$7.6M	$10.6M	20x
Short	Paradex HYPE-USD-PERP	94.155	0.0064	get 0.0064% / 8h	1h 04m	$336K	$156K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Backpack. 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 BackpackbpFee ParadexbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$7.56
Price spread: +0.002% → +0.001%: $0.11
Slippage, 4 orders: −$9.54
Fee Backpack: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$30.99
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from Backpack: live order book, 5 min ago; Paradex: live order book, 40 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 Backpack live order book, 5 min ago	0.05 bp	11.2 bp −$11	13.5 bp −$135	84.8 bp −$8,482	doesn't fit
Sell Paradex live order book, 40 min ago	1.66 bp	3.7 bp −$4	7.8 bp −$78	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	−0.1096%	1h	94.278	+0.132%	$201K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0158%	1h	94.294	+0.150%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0101%	1h	94.110	−0.046%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.373	+0.234%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0070%	1h	94.180	+0.028%	$111K	$578K	20x	as long as short
Bluefin HYPE-PERP	−0.0060%	1h	94.120	−0.035%	$80K	$155K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	94.133	−0.021%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.127	−0.028%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0006%	8h	94.130	−0.024%	$317.1M	$289.4M	75x	as long as short
BingX HYPE-USDT	−0.0004%	4h	94.144	−0.010%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.178	+0.027%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.255	+0.108%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.421	+0.284%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.195	+0.044%	$117K	—	150x	as long as short
Derive HYPE-PERP	+0.0003%	1h	94.317	+0.175%	$16.4M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	+0.074%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.111	−0.045%	$226.5M	$99.9M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.191	+0.040%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERPshort	+0.0064%	8h	94.155	+0.002%	$336K	$156K	20x
Arcus HYPE-USD	+0.0084%	1h	94.114	−0.041%	$1.0M	$3.5M	10x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	94.169	+0.017%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	94.137	−0.017%	$117.0M	$320.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.148	−0.005%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.149	−0.004%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.119	−0.036%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	+0.007%	$15K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.144	−0.009%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.248	+0.101%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.147	−0.006%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.178	+0.027%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.140	−0.014%	$376.8M	$932.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	+0.032%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.132	−0.022%	$49.3M	$57.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.136	−0.018%	$89.7M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.154	+0.001%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	94.153	long leg	$7.6M	$10.6M	20x
Variational Omni HYPE	+0.0100%	8h	94.239	+0.091%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.264	+0.118%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.207	+0.057%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.384	+0.245%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.257	+0.110%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.180	+0.029%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.199	+0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.154	+0.001%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.315	+0.172%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.086	−0.071%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.193	+0.043%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	+0.039%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.220	+0.071%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.422%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0206%	1h	94.253	+0.106%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.133	−0.022%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.149	−0.004%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.216	+0.066%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.165	+0.013%	$3.2M	$6.4M	20x	as long as short