Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0123%/8h= −13.5% APRpaid last 24h −0.052%

Price spread now: Hotstuff against Paradex−0.044%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · Hotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Hotstuff is 0.044% cheaper against Paradex than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	94.295	0.0043	pay 0.0043% / 8h	7h 30m	$337K	$39K	20x
Short	Hotstuff HYPE-PERP	94.253	−0.0080	pay 0.0010% / 1h	30m 30s	$3K	$331	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$25.88
Price spread: −0.044% → 0.000%: −$4.43
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$39.31
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 4 min ago; Hotstuff: no order-book sample. Net counts fees only.

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, 4 min ago	5.08 bp	7.1 bp −$7	13.0 bp −$130	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0816%	1h	94.297	+0.003%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0613%	1h	94.161	−0.142%	$79K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0294%	1h	94.498	+0.216%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0263%	1h	94.207	−0.093%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0188%	1h	94.230	−0.069%	$701K	$1.3M	10x	as long as short
Gate HYPE_USDT	−0.0114%	4h	94.199	−0.102%	$51.4M	$55.3M	75x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.223	−0.076%	$89K	$366K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.235	−0.063%	$1.0M	$3.4M	10x	as long as short
Hotstuff HYPE-PERPshort	−0.0080%	1h	94.253	−0.044%	$3K	$331	25x
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.310	+0.016%	$18.8M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0040%	8h	94.195	−0.106%	$317.3M	$294.7M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.183	−0.119%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.298	+0.004%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.384	+0.095%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.348	+0.057%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.344	+0.053%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.289	−0.006%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.234	−0.064%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.330	+0.037%	$4.7M	$6.0M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.240	−0.058%	$226.6M	$98.5M	75x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.294	−0.001%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERPlong	+0.0043%	8h	94.295	long leg	$337K	$39K	20x
OKX HYPE-USDT-SWAP	+0.0046%	8h	94.201	−0.099%	$117.5M	$326.8M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0057%	1h	94.263	−0.034%	$7.5M	$10.4M	20x	as long as short
SoDEX HYPE-USD	+0.0059%	1h	94.305	+0.011%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.360	+0.069%	$5.0M	$30.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.277	−0.019%	$16.2M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.280	−0.016%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.232	−0.067%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	−0.047%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.238	−0.060%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.302	+0.008%	$2.07B	$689.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.193	−0.107%	$9.5M	$38.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.289	−0.006%	$10.1M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.209	−0.091%	$379.4M	$933.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.285%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.219	−0.080%	$93.0M	$86.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.223	−0.076%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.206	−0.094%	—	$53.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	+0.037%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.369%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.293	−0.002%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.294	−0.001%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.316	+0.023%	$497K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.380	+0.090%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.469	+0.185%	$1.4M	$6.9M	75x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	94.326	+0.033%	$12.9M	$2.9M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.220	−0.079%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.411	+0.123%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.294	−0.001%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.928%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.305	+0.011%	$85K	$104K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0312%	1h	94.412	+0.124%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.360	+0.070%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.295	0.000%	$17.2M	$12.5M	75x	as long as short