Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h +0.006%

Price spread now: Paradex against Coinbase International+0.002%7-day average +0.045% · 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−$29as in the Price arb table

costs, in and out, $10k−$250.247% of the position

Long on Coinbase International Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.146%+$15 on $10k

Price spread, last 4 days (all we have)+0.081%+$8 · spread now +0.002%, 7d avg +0.045%

Together, before fees+0.228%+ Points / potential airdropParadex: Active · farm board+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Paradex is 0.043% cheaper against Coinbase International than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.045%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.146%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	93.550	0.0144	pay 0.0018% / 1h	49m 44s	$4.8M	$5.6M	50x
Short	Paradex HYPE-USD-PERP	93.552	0.0095	get 0.0095% / 8h	2h 49m	$340K	$162K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Coinbase International. 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 Coinbase InternationalbpFee ParadexbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$10.35
Price spread: +0.002% → +0.045%: −$4.25
Slippage, 4 orders: −$10.68
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$39.28
Costs to cover: 0.247%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 4 min ago; Paradex: live order book, 64 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 Coinbase International live order book, 4 min ago	3.21 bp	10.1 bp −$10	13.7 bp −$137	33.1 bp −$3,313	doesn't fit
Sell Paradex live order book, 64 min ago	1.18 bp	3.2 bp −$3	6.7 bp −$67	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	−0.1880%	1h	93.511	−0.042%	$197K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0373%	1h	93.547	−0.003%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0082%	1h	93.541	−0.009%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.613	+0.067%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0033%	4h	93.512	−0.041%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.615	+0.069%	$88K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0011%	1h	93.580	+0.032%	$704K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.530	−0.021%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.556	+0.007%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.557	+0.007%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.473	−0.082%	$1.0M	$3.9M	10x	as long as short
Phemex HYPEUSDT	+0.0018%	8h	93.489	−0.065%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	93.504	−0.049%	$226.2M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.510	−0.043%	$318.0M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.701	+0.161%	$210K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.497	−0.057%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERPshort	+0.0095%	8h	93.552	+0.002%	$340K	$162K	20x
Lighter HYPE	+0.0096%	1h	93.522	−0.030%	$16.2M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.522	−0.030%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.600	+0.053%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.580	+0.032%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.597	+0.051%	$7.6M	$48.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.567	+0.018%	$2.04B	$666.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.512	−0.041%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	−0.003%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.501	−0.052%	$374.9M	$911.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.510	−0.043%	$114.7M	$309.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	+0.069%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.512	−0.041%	$46.4M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.508	−0.045%	$92.0M	$80.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.522	−0.030%	$46.8M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.498	−0.056%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.516	−0.036%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.649	+0.105%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.576	+0.028%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.516	−0.036%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.661	+0.119%	$670K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.647	+0.104%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.602	+0.056%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.493	−0.061%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.486	−0.069%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.580	+0.032%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.463	−0.093%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.650	+0.107%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.472	−0.084%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.526	−0.026%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.666	+0.124%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.570	+0.021%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0144%	1h	93.550	long leg	$4.8M	$5.6M	50x
Reya HYPERUSDPERP	+0.0268%	1h	93.544	−0.007%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.548	−0.002%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.673	+0.131%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.526	−0.025%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0381%	1h	93.572	+0.024%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.666	+0.124%	$3.2M	$6.3M	20x	as long as short