Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0146%/8h= +16.0% APRpaid last 24h +0.041%

Price spread now: Deribit against Paradex−0.021%7-day average +0.026% · 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−$26as in the Price arb table

costs, in and out, $10k−$220.216% of the position

Long on Paradex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.004%$0 · spread now −0.021%, 7d avg +0.026%

Together, before fees+0.002%+ Points / potential airdropParadex: Active · farm board$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.046% cheaper against Paradex than usual: you would sell low and buy high (spread −0.021% now, against its 7-day average of +0.026%). If the spread goes back, that is −$5 on $10k: about 25 hours of funding at the current rate (+$4 a day). At the pace of the last 4 days (+0.007% in total) that is about 27 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	94.489	0.0059	pay 0.0059% / 8h	51m 02s	$338K	$156K	20x
Short	Deribit HYPE_USDC-PERPETUAL	94.470	0.0205	get 0.0026% / 1h	51m 02s	$7.4M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.021%Rate

Funding earned: $30.69
Price spread: −0.021% → +0.026%: −$4.61
Slippage, 4 orders: −$10.61
Fee Paradex: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $4.46
Costs to cover: 0.216%
Break-even: 6.0 days

Slippage from Paradex: live order book, 53 min ago; Deribit: live order book, 3 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, 53 min ago	1.66 bp	3.7 bp −$4	9.5 bp −$95	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	2.60 bp	6.2 bp −$6	11.9 bp −$119	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	−0.1144%	1h	94.247	−0.256%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERP	−0.0344%	1h	94.366	−0.131%	$80K	$155K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0195%	1h	94.270	−0.232%	$711K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0131%	1h	94.322	−0.178%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.439	−0.053%	$87K	$366K	20x	as long as short
Bullet HYPE-USD	−0.0094%	1h	94.418	−0.076%	$112K	$575K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.298	−0.203%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.421	−0.072%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0026%	1h	94.325	−0.174%	$16.4M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0014%	8h	94.361	−0.136%	$317.6M	$289.5M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0012%	4h	94.370	−0.126%	—	$53.5M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0003%	4h	94.369	−0.127%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.425	−0.069%	$129K	$60K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.467	−0.024%	$1.8M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.351	−0.146%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.427	−0.066%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.425	−0.068%	$117K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.347	−0.151%	$226.9M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0042%	8h	94.357	−0.140%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERPlong	+0.0059%	8h	94.489	long leg	$338K	$156K	20x
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.380	−0.116%	$4.7M	$6.2M	50x	as long as short
Lighter HYPE	+0.0080%	1h	94.382	−0.113%	$16.3M	$63.9M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0087%	8h	94.350	−0.148%	$117.6M	$323.9M	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.390	−0.105%	$3.2M	$10.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.434	−0.059%	$82K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.430	−0.063%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.421	−0.072%	$6.6M	$51.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.486	−0.004%	$2.08B	$688.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.405	−0.090%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.469	−0.021%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.390	−0.105%	$377.8M	$933.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.449%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.378	−0.118%	$49.4M	$56.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.394	−0.101%	$91.1M	$82.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.391	−0.104%	$47.1M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.349	−0.149%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.098	−0.415%	$29.2M	$55.2M	—	as long as short
edgeX HYPEUSDC	+0.0100%	4h	94.238	−0.266%	$5.0M	$30.7M	30x	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.258	−0.245%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.249	−0.254%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.324	−0.175%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.487	−0.002%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.462	−0.029%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.497	+0.008%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.382	−0.114%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.552	+0.066%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.315	−0.184%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.374	−0.122%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.395	−0.100%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.400	−0.095%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0205%	1h	94.470	−0.021%	$7.4M	$4.3M	50x
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.429	−0.064%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.457	−0.035%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.404	−0.091%	$83K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.368	−0.129%	$17.0M	$12.4M	75x	as long as short