Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0141%/8h= +15.4% APRpaid last 24h +0.011%

Price spread now: Paradex against Bullet+0.129%7-day average −0.005% · 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−$7as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on Bullet Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.017%+$2 on $10k

Price spread, last 3 days (all we have)−0.318%−$32 · spread now +0.129%, 7d avg −0.005%

Together, before fees−0.301%+ Points / potential airdropParadex: Active · farm board−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Paradex is 0.134% dearer against Bullet than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.435	−0.0042	get 0.0005% / 1h	1m 43s	$113K	$579K	20x
Short	Paradex HYPE-USD-PERP	93.556	0.0099	get 0.0099% / 8h	7h 01m	$340K	$165K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Bullet. 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 BulletbpFee ParadexbpOrdersPrice spread, now +0.129%Rate

Funding earned: $29.62
Price spread: +0.129% → −0.005%: $13.39
Slippage, 4 orders: −$8.45
Fee Bullet: 4 bp × 2 orders: −$8
Fee Paradex: 2 bp × 2 orders: −$4
Net: $22.57
Costs to cover: 0.204%
Break-even: 1.7 days

Slippage from Bullet: live order book, 7 min ago; Paradex: live order book, 7 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 Bullet live order book, 7 min ago	0.64 bp	6.4 bp −$6	12.3 bp −$123	doesn't fit	doesn't fit
Sell Paradex live order book, 7 min ago	1.44 bp	3.4 bp −$3	7.7 bp −$77	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	−0.1120%	1h	93.805	+0.396%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.372	−0.067%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0190%	1h	93.839	+0.432%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0104%	1h	93.580	+0.155%	$710K	$963K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.477	+0.045%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.510	+0.080%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0078%	1h	93.595	+0.171%	$128K	$31K	5x	as long as short
Gate HYPE_USDT	−0.0060%	4h	93.467	+0.034%	$44.3M	$60.6M	75x	as long as short
Bullet HYPE-USDlong	−0.0042%	1h	93.435	long leg	$113K	$579K	20x
Orderly PERP_HYPE_USDC	−0.0039%	4h	93.434	−0.001%	$158K	$644K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0006%	4h	93.441	+0.007%	$8.9M	$36.0M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.501	+0.071%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.469	+0.036%	$27K	—	150x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.470	+0.038%	$321.3M	$279.6M	75x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.440	+0.005%	$16.3M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	93.513	+0.084%	$12.7M	$2.6M	50x	as long as short
Phoenix HYPE	+0.0034%	1h	93.887	+0.484%	$213K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0046%	4h	93.448	+0.014%	$380.9M	$898.0M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.487	+0.056%	$87.5M	$83.6M	100x	as long as short
Bluefin HYPE-PERP	+0.0067%	1h	93.476	+0.044%	$76K	$170K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.455	+0.022%	$115.6M	$313.7M	50x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.454%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.448	+0.014%	$18.8M	$60.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.483	+0.052%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.475	+0.043%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.461	+0.028%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0099%	8h	93.556	+0.129%	$340K	$165K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.480	+0.048%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.523	+0.095%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.516	+0.087%	$2.04B	$669.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	+0.120%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.511	+0.082%	$46.4M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.475	+0.043%	$226.3M	$100.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.486	+0.055%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.437	+0.002%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	+0.356%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.861	+0.456%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.820	+0.412%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.742	+0.329%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.560	+0.134%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.496	+0.066%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.515	+0.086%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.457	+0.024%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.491%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.466	+0.033%	$18.3M	$44.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.540	+0.113%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.570	+0.145%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0217%	4h	93.624	+0.203%	$17.0M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.510	+0.080%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0248%	8h	93.761	+0.349%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.451	+0.017%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.476	+0.044%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0355%	4h	93.650	+0.230%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0552%	1h	93.568	+0.143%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0675%	1h	93.532	+0.104%	$20.9M	$29.8M	50x	as long as short