Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0148%/8h= −16.2% APRpaid last 24h −0.017%

Price spread now: Bullet against Paradex−0.033%7-day average −0.001% · 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−$24as in the Price arb table

costs, in and out, $10k−$210.212% of the position

Long on Paradex Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.017%−$2 on $10k

Price spread, last 4 days (all we have)+0.221%+$22 · spread now −0.033%, 7d avg −0.001%

Together, before fees+0.205%+ Points / potential airdropParadex: Active · farm board+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bullet is 0.032% cheaper against Paradex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.687	0.0077	pay 0.0077% / 8h	1h 27m	$335K	$161K	20x
Short	Bullet HYPE-USD	93.656	−0.0070	pay 0.0009% / 1h	27m 11s	$111K	$579K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$31.03
Price spread: −0.033% → −0.001%: −$3.2
Slippage, 4 orders: −$9.2
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$55.43
Costs to cover: 0.212%
Break-even: never at this rate

Slippage from Paradex: live order book, 17 min ago; Bullet: live order book, 17 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, 17 min ago	1.66 bp	3.7 bp −$4	9.5 bp −$95	doesn't fit	doesn't fit
Sell Bullet live order book, 17 min ago	0.43 bp	8.3 bp −$8	13.3 bp −$133	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	−0.0992%	1h	93.495	−0.204%	$198K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0189%	1h	93.552	−0.143%	$22K	$21K	10x	as long as short
BingX HYPE-USDT	−0.0100%	4h	93.659	−0.029%	—	$53.5M	—	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.616	−0.075%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0079%	1h	93.520	−0.178%	$703K	$1.2M	10x	as long as short
Bullet HYPE-USDshort	−0.0070%	1h	93.656	−0.033%	$111K	$579K	20x
01 Exchange HYPEUSD	−0.0040%	1h	93.704	+0.019%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.634	−0.056%	$145K	$683K	20x	as long as short
Bluefin HYPE-PERP	−0.0003%	1h	93.644	−0.045%	$79K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.682	−0.005%	$128K	$26K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	0.0000%	8h	93.649	−0.040%	$316.0M	$287.2M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.667	−0.021%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.580	−0.114%	$83K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.410%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.623	−0.068%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	93.672	−0.016%	$225.7M	$99.4M	75x	as long as short
Paradex HYPE-USD-PERPlong	+0.0077%	8h	93.687	long leg	$335K	$161K	20x
Arcus HYPE-USD	+0.0084%	1h	93.632	−0.058%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0086%	8h	93.649	−0.040%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	93.551	−0.145%	$5.0M	$30.5M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.672	−0.016%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.674	−0.013%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.667	−0.021%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.620	−0.071%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.643	−0.047%	$7.5M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.764	+0.083%	$2.05B	$682.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.675	−0.012%	$8.8M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.681	−0.006%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.672	−0.016%	$374.8M	$928.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.664	−0.024%	$115.6M	$314.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.668	−0.020%	$48.6M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.669	−0.019%	$90.3M	$84.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.663	−0.025%	$46.4M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.685	−0.002%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.254%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.492	−0.207%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.566	−0.129%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.579	−0.115%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.700	+0.014%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.672	−0.016%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.725	+0.041%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.666	−0.022%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.779	+0.099%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.265%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.635	−0.055%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.670	−0.018%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	93.720	+0.036%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.660	−0.028%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	93.681	−0.006%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.540	−0.157%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0230%	1h	93.754	+0.072%	$7.4M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.535	−0.162%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.642	−0.048%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.742	+0.059%	$20.9M	$29.5M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.700	+0.014%	$3.2M	$6.3M	20x	as long as short