Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h −0.102%

Price spread now: Arcus against Paradex−0.071%7-day average −0.056% · 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−$15as in the Price arb table

costs, in and out, $10k−$140.137% of the position

Long on Paradex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.131%−$13 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now −0.071%, 7d avg −0.056%

Together, before fees−0.030%+ Points / potential airdropParadex: Active · farm board−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.056%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair cost −0.131%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	94.153	0.0059	pay 0.0059% / 8h	59m 14s	$336K	$156K	20x
Short	Arcus HYPE-USD	94.086	0.0084	get 0.0010% / 1h	59m 14s	$1.0M	$3.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Paradex. 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 ParadexbpFee ArcusbpOrdersPrice spread, now −0.071%Rate

Funding earned: $5.24
Price spread: −0.071% → −0.056%: −$1.55
Slippage, 4 orders: −$5.19
Fee Paradex: 2 bp × 2 orders: −$4
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$10
Costs to cover: 0.137%
Break-even: 20.4 days

Slippage from Paradex: live order book, 45 min ago; Arcus: live order book, 5 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 Paradex live order book, 45 min ago	1.66 bp	3.7 bp −$4	9.5 bp −$95	doesn't fit	doesn't fit
Sell Arcus live order book, 5 min ago	0.53 bp	3.2 bp −$3	7.8 bp −$78	29.3 bp −$2,926	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	−0.1088%	1h	94.072	−0.086%	$201K	$235K	7x	as long as short
Bluefin HYPE-PERP	−0.0490%	1h	94.090	−0.067%	$80K	$155K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0399%	1h	94.080	−0.078%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0287%	1h	94.113	−0.042%	$111K	$578K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0174%	1h	94.230	+0.082%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0152%	1h	94.115	−0.040%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.103	−0.053%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0010%	8h	94.140	−0.014%	$317.2M	$289.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.094	−0.063%	$146K	$685K	20x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.111	−0.045%	—	$53.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.176	+0.024%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.231	+0.083%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.129	−0.025%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	−0.046%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.140	−0.014%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.107%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	94.107	−0.049%	$226.4M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.167	+0.015%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERPlong	+0.0059%	8h	94.153	long leg	$336K	$156K	20x
SoDEX HYPE-USD	+0.0061%	1h	94.121	−0.034%	$2.0M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.210	+0.060%	$4.7M	$6.2M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.140	−0.014%	$5.0M	$30.8M	30x	as long as short
Arcus HYPE-USDshort	+0.0084%	1h	94.086	−0.071%	$1.0M	$3.5M	10x
OKX HYPE-USDT-SWAP	+0.0089%	8h	94.160	+0.007%	$117.4M	$322.3M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.121	−0.034%	$16.2M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.142	−0.012%	$3.2M	$10.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.104	−0.052%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.150	−0.003%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.103	−0.053%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.217	+0.068%	$2.07B	$689.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.128	−0.027%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.153	0.000%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.146	−0.007%	$376.7M	$932.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.094%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.090	−0.067%	$49.4M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.111	−0.045%	$90.7M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.138	−0.016%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.147	−0.006%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.100%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.167	+0.015%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.120	−0.035%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.189	+0.038%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.169	+0.017%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.138	−0.016%	$494K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.180	+0.029%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.261	+0.115%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.092	−0.065%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.145	−0.009%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.157	+0.004%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.550	+0.422%	$31K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.183	+0.031%	$20.2M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0228%	1h	94.211	+0.062%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.151	−0.002%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.097	−0.060%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.136	−0.018%	$17.0M	$12.4M	75x	as long as short