Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0003%/8h= −0.3% APRpaid last 24h +0.020%

Price spread now: Paradex against Nado+0.037%7-day average +0.022% · 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−$13as in the Price arb table

costs, in and out, $10k−$140.142% of the position

Long on Nado Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.020%+$2 on $10k

Price spread, last 4 days (all we have)−1.039%−$104 · spread now +0.037%, 7d avg +0.022%

Together, before fees−1.019%+ Points / potential airdropNado: Active · Paradex: Active · farm board−$102 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado HYPE-PERP	93.254	0.0100	pay 0.0012% / 1h	26m 49s	$5.8M	$43.1M	10x
Short	Paradex HYPE-USD-PERP	93.289	0.0097	get 0.0097% / 8h	5h 26m	$339K	$162K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Nado. 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 NadobpFee ParadexbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$0.65
Price spread: +0.037% → +0.022%: $1.48
Slippage, 4 orders: −$3.22
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$13.39
Costs to cover: 0.142%
Break-even: never at this rate

Slippage from Nado: live order book, 2 min ago; Paradex: live order book, 37 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 Nado live order book, 2 min ago	0.05 bp	4.1 bp −$4	6.8 bp −$68	25.5 bp −$2,547	doesn't fit
Sell Paradex live order book, 37 min ago	1.28 bp	3.3 bp −$3	7.3 bp −$73	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	−0.1280%	1h	93.345	+0.097%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.150	−0.112%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0113%	1h	93.320	+0.070%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.305	+0.054%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.246	−0.009%	$85K	$344K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0047%	1h	93.402	+0.158%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.194	−0.065%	$153K	$652K	20x	as long as short
Phemex HYPEUSDT	−0.0038%	8h	93.261	+0.007%	$12.6M	$2.7M	50x	as long as short
Bullet HYPE-USD	−0.0019%	1h	93.217	−0.040%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.309	+0.059%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.273	+0.020%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.237	−0.019%	$61K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	93.229	−0.027%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.609	+0.380%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	93.214	−0.043%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0040%	8h	93.220	−0.037%	$320.6M	$276.8M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.214	−0.043%	$44.6M	$55.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.213	−0.045%	$113.9M	$301.0M	50x	as long as short
Derive HYPE-PERP	+0.0083%	1h	93.192	−0.067%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.234	−0.022%	$16.2M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.233	−0.023%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.244	−0.011%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERPshort	+0.0097%	8h	93.289	+0.037%	$339K	$162K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.006%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERPlong	+0.0100%	1h	93.254	long leg	$5.8M	$43.1M	10x
Hyperliquid HYPE	+0.0100%	1h	93.288	+0.036%	$2.04B	$654.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.278	+0.025%	$10.0M	$14.7M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.216	−0.041%	$378.2M	$876.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	+0.118%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.213	−0.045%	$89.6M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.226	−0.031%	$45.8M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.217	−0.040%	$225.4M	$96.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.218	−0.039%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.546	+0.312%	$31.2M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.348	+0.100%	$7.5M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.581	+0.350%	$340K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.415	+0.172%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.305	+0.055%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.280	+0.027%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.188	−0.071%	$79K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.290	+0.038%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.215	−0.042%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.195	−0.064%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.222	−0.034%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0111%	4h	93.350	+0.103%	$5.1M	$29.0M	30x	as long as short
HTX HYPE-USDT	+0.0174%	4h	93.442	+0.201%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.280	+0.027%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.231	−0.025%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0277%	8h	93.296	+0.045%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.251	−0.004%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.252	−0.003%	$16.9M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0501%	1h	93.312	+0.062%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.334	+0.085%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.150	−0.112%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.281	+0.029%	$20.7M	$29.7M	50x	as long as short