Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0025%/8h= −2.7% APRpaid last 24h −0.042%

Price spread now: Paradex against HTX−0.155%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$260.257% of the position

Long on HTX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.045%−$4 on $10k

Price spread, last 4 days (all we have)+0.297%+$30 · spread now −0.155%, 7d avg −0.033%

Together, before fees+0.252%+ Points / potential airdropParadex: Active · farm board+$25 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 0.122% cheaper against HTX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of −0.033%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	95.252	0.0100	pay 0.0050% / 4h	1h 49m	$1.4M	$5.3M	75x
Short	Paradex HYPE-USD-PERP	95.105	0.0075	get 0.0075% / 8h	5h 49m	$339K	$34K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against HTX. 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 HTXbpFee ParadexbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$5.16
Price spread: −0.155% → −0.033%: −$12.2
Slippage, 4 orders: −$9.75
Fee HTX: 6 bp × 2 orders: −$12
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$43.1
Costs to cover: 0.257%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; Paradex: live order book, 62 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 HTX live order book, 2 min ago	1.10 bp	7.6 bp −$8	17.2 bp −$172	58.4 bp −$5,843	doesn't fit
Sell Paradex live order book, 62 min ago	1.42 bp	3.4 bp −$3	6.3 bp −$63	doesn't fit	doesn't fit

HYPE on 54 exchanges

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	−0.1088%	1h	95.235	−0.018%	$215K	$263K	7x	as long as short
Phemex HYPEUSDT	−0.0272%	8h	95.055	−0.207%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.073	−0.188%	$18.5M	$35.2M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0193%	1h	95.090	−0.170%	$689K	$1.3M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0131%	1h	95.215	−0.039%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.093	−0.167%	$1.1M	$2.4M	10x	as long as short
Lighter HYPE	−0.0120%	1h	95.053	−0.209%	$16.3M	$57.5M	20x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.096	−0.164%	$95K	$339K	20x	as long as short
Gate HYPE_USDT	−0.0086%	4h	95.051	−0.211%	$54.8M	$53.2M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.064%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.110	−0.149%	$4.7M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0050%	1h	95.085	−0.175%	$113K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0044%	4h	95.037	−0.226%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0043%	4h	95.058	−0.204%	$9.0M	$32.7M	300x	as long as short
Popdex HYPEUSDT	−0.0040%	1h	95.102	−0.157%	$274K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0014%	8h	95.046	−0.216%	$119.1M	$302.4M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.326	+0.078%	$199K	$1.1M	10x	as long as short
SoDEX HYPE-USD	−0.0002%	1h	95.055	−0.207%	$2.1M	$340K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.169	−0.087%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.106	−0.154%	$24K	$251K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.150	−0.107%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.192	−0.064%	$100K	—	150x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	95.059	−0.203%	$228.5M	$86.8M	75x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	95.070	−0.191%	$320.2M	$265.5M	75x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.018%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERPshort	+0.0075%	8h	95.105	−0.155%	$339K	$34K	20x
edgeX HYPEUSDC	+0.0078%	4h	95.131	−0.127%	$5.1M	$29.2M	30x	as long as short
Bluefin HYPE-PERP	+0.0079%	1h	95.064	−0.197%	$79K	$135K	20x	as long as short
Binance HYPEUSDT	+0.0082%	4h	95.052	−0.210%	$382.1M	$851.7M	75x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	95.024	−0.239%	$90.0M	$83.1M	100x	as long as short
StandX HYPE-USD	+0.0086%	1h	95.142	−0.115%	$692K	$2.7M	20x	as long as short
BingX HYPE-USDT	+0.0092%	4h	95.064	−0.197%	—	$49.4M	—	as long as short
Lighter RH HYPE	+0.0096%	1h	95.078	−0.183%	$3.3M	$10.0M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.110	−0.149%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.091	−0.169%	$7.4M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.178	−0.078%	$2.11B	$645.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.129	−0.129%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.057	−0.205%	$47.3M	$17.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.098	−0.162%	$7.8M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.111	−0.148%	$30.0M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.192	−0.063%	$7.7M	$39.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.135	−0.123%	$347K	$882K	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.174	−0.081%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.135	−0.123%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.169	−0.087%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	95.252	long leg	$1.4M	$5.3M	75x
Extended HYPE-USD	+0.0104%	1h	95.024	−0.240%	$18.4M	$39.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.038	−0.224%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	95.197	−0.058%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.199	−0.055%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.108	−0.151%	$85K	$96K	15x	as long as short
BloFin HYPE-USDT	+0.0326%	4h	95.132	−0.126%	$17.3M	$11.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.199	−0.056%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.260%	$31K	$334K	12x	as long as short