Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0006%/8h= +0.6% APRpaid last 24h +0.010%

Price spread now: Bluefin against Paradex+0.020%7-day average −0.026% · 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−$57as in the Price arb table

costs, in and out, $10k−$620.620% of the position

Long on Paradex Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.050%−$5 on $10k

Price spread, last 4 days (all we have)−0.145%−$14 · spread now +0.020%, 7d avg −0.026%

Together, before fees−0.195%+ Points / potential airdropParadex: Active · farm board−$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.047% dearer against Paradex than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	92.791	0.0094	pay 0.0094% / 8h	4h 12m	$339K	$163K	20x
Short	Bluefin HYPE-PERP	92.810	0.0100	get 0.0013% / 1h	12m 38s	$79K	$170K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now +0.020%Rate

Funding earned: $1.16
Price spread: +0.020% → −0.026%: $4.66
Slippage, 4 orders: −$50.98
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$56.16
Costs to cover: 0.620%
Break-even: 346.9 days

Slippage from Paradex: live order book, 46 min ago; Bluefin: live order book, 46 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, 46 min ago	12.88 bp	14.9 bp −$15	149.0 bp −$1,490	doesn't fit	doesn't fit
Sell Bluefin live order book, 46 min ago	4.21 bp	14.9 bp −$15	doesn't fit	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
Arcus HYPE-USD	−0.0948%	1h	92.715	−0.082%	$1.1M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.720	−0.077%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0251%	1h	92.744	−0.051%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.793	+0.002%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.771	−0.022%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.783	−0.009%	$87K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.780	−0.012%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.795	+0.004%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.820	+0.031%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	92.764	−0.029%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0030%	1h	92.771	−0.022%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0033%	1h	92.750	−0.044%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0037%	4h	92.755	−0.039%	—	$53.5M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.820	+0.031%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0046%	8h	92.750	−0.044%	$316.7M	$281.0M	75x	as long as short
Aster HYPEUSDT	+0.0051%	4h	92.776	−0.016%	$8.7M	$36.2M	300x	as long as short
OKX HYPE-USDT-SWAP	+0.0092%	8h	92.768	−0.025%	$113.7M	$303.5M	50x	as long as short
Gate HYPE_USDT	+0.0094%	4h	92.752	−0.042%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERPlong	+0.0094%	8h	92.791	long leg	$339K	$163K	20x
Lighter HYPE	+0.0096%	1h	92.763	−0.031%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.773	−0.020%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.760	−0.034%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.740	−0.055%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.768	−0.024%	$6.9M	$45.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.818	+0.029%	$2.02B	$663.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.790	−0.001%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.759	−0.035%	$372.6M	$902.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.760	−0.034%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.748	−0.047%	$88.1M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.764	−0.029%	$46.1M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.750	−0.044%	$224.5M	$98.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.779	−0.013%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.669	−0.132%	$28.7M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.765	−0.029%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.732	−0.064%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.801	+0.011%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.814	+0.025%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.822	+0.033%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	92.810	+0.020%	$79K	$170K	20x
Derive HYPE-PERP	+0.0100%	1h	92.782	−0.010%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.823	+0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.792	+0.001%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.950	+0.171%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	92.706	−0.092%	$5.0M	$29.6M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.734	−0.062%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.795	+0.004%	$392K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.225%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.840	+0.053%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0235%	8h	92.850	+0.063%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.791	−0.001%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0267%	1h	92.878	+0.094%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.806	+0.016%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.850	+0.063%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.775	−0.017%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.823	+0.034%	$3.2M	$6.4M	20x	as long as short