Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0005%/8h= −0.5% APRpaid last 24h −0.010%

Price spread now: Paradex against Bluefin+0.040%7-day average +0.028% · 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−$42as in the Price arb table

costs, in and out, $10k−$440.436% of the position

Long on Bluefin Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.047%+$5 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now +0.040%, 7d avg +0.028%

Together, before fees+0.064%+ Points / potential airdropParadex: Active · farm board+$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	94.276	0.0100	pay 0.0013% / 1h	10m 41s	$80K	$166K	20x
Short	Paradex HYPE-USD-PERP	94.313	0.0095	get 0.0095% / 8h	2h 10m	$343K	$158K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Bluefin. 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 BluefinbpFee ParadexbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$0.99
Price spread: +0.040% → +0.028%: $1.2
Slippage, 4 orders: −$32.6
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$43.4
Costs to cover: 0.436%
Break-even: never at this rate

Slippage from Bluefin: live order book, 38 min ago; Paradex: live order book, 38 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 Bluefin live order book, 38 min ago	3.36 bp	16.3 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Paradex live order book, 38 min ago	3.73 bp	5.7 bp −$6	9.0 bp −$90	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	−0.1320%	1h	94.189	−0.093%	$200K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0373%	1h	94.067	−0.221%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.304	+0.030%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0015%	1h	94.274	−0.002%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.258	−0.019%	$147K	$677K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.279	+0.003%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.306	+0.032%	$86K	$370K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.301	+0.027%	$22K	$291K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.290	+0.015%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.296	+0.021%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0021%	8h	94.284	+0.008%	$319.2M	$285.8M	75x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	94.260	−0.017%	$12.8M	$2.8M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	94.200	−0.081%	$209K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	94.310	+0.036%	$227.5M	$99.2M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0069%	1h	94.220	−0.059%	$711K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.154	−0.129%	$5.0M	$30.1M	30x	as long as short
Paradex HYPE-USD-PERPshort	+0.0095%	8h	94.313	+0.040%	$343K	$158K	20x
Lighter HYPE	+0.0096%	1h	94.312	+0.038%	$16.4M	$63.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.318	+0.045%	$3.2M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.300	+0.025%	$72K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	+0.004%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.269	−0.007%	$7.2M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.389	+0.120%	$2.07B	$679.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.315	+0.041%	$8.8M	$36.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.318	+0.044%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.305	+0.031%	$378.4M	$922.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.300	+0.025%	$116.4M	$316.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.318	+0.045%	$48.2M	$55.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.297	+0.022%	$90.2M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.325	+0.052%	$46.6M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.306	+0.032%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.318	+0.045%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	−0.040%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.125	−0.160%	$7.7M	$48.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.180	−0.102%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.243	−0.035%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.347	+0.076%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.309	+0.035%	$479K	$2.8M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	94.276	long leg	$80K	$166K	20x
Derive HYPE-PERP	+0.0100%	1h	94.272	−0.004%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.350	+0.078%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.289	+0.014%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.426	+0.159%	$1.4M	$6.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.197	−0.083%	$217K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.293	+0.018%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.266	−0.011%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	94.325	+0.052%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.230	−0.049%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.290	+0.015%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0163%	1h	94.367	+0.097%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.291	+0.016%	$78K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.298	+0.023%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.363	+0.092%	$21.0M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.229	−0.050%	$16.8M	$12.2M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.356	+0.085%	$3.2M	$6.3M	20x	as long as short