Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0084%/8hpaid last 24h +0.046%

Price spread now: Hyperliquid against Paradex+0.035%7-day average +0.030% · 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−$15as in the Price arb table

costs, in and out, $10k−$160.158% of the position

Long on Paradex Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.061%+$6 on $10k

Price spread, last 3 days (all we have)−0.014%−$1 · spread now +0.035%, 7d avg +0.030%

Together, before fees+0.048%+ Points / potential airdropParadex: Active · Hyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.030%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.318	0.0101	pay 0.0101% / 8h	4h 07m	$341K	$172K	20x
Short	Hyperliquid HYPE	93.351	0.0185	get 0.0023% / 1h	7m 07s	$2.02B	$660.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.035%Rate

Funding earned: $17.55
Price spread: +0.035% → +0.030%: $0.49
Slippage, 4 orders: −$2.76
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $2.28
Costs to cover: 0.158%
Break-even: 6.1 days

Slippage from Paradex: live order book, 26 min ago; Hyperliquid: live order book, 11 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, 26 min ago	1.29 bp	3.3 bp −$3	8.6 bp −$86	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	0.05 bp	4.6 bp −$5	5.8 bp −$58	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	−0.1056%	1h	93.273	−0.048%	$196K	$244K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.302	−0.017%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0005%	1h	93.352	+0.036%	$22K	$22K	10x	as long as short
Injective HYPE/USDC PERP	−0.0004%	1h	93.620	+0.324%	$30K	$177K	12x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.336	+0.019%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.361	+0.046%	$2.0M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.280	−0.041%	$24K	$372K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0006%	1h	93.289	−0.031%	$43K	—	150x	as long as short
Aster HYPEUSDT	+0.0025%	4h	93.256	−0.066%	$8.9M	$36.2M	300x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	93.276	−0.045%	$90K	$323K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0076%	4h	93.255	−0.067%	$44.1M	$56.1M	75x	as long as short
Arcus HYPE-USD	+0.0082%	1h	93.255	−0.067%	$1.2M	$4.0M	10x	as long as short
Bybit HYPEUSDT	+0.0085%	8h	93.212	−0.114%	$324.9M	$286.6M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.310	−0.008%	$18.7M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.278	−0.043%	$3.1M	$12.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.271	−0.050%	$55K	$1.3M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0097%	4h	93.269	−0.052%	$181K	$505K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.310	−0.009%	$21K	$1.8M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.261	−0.061%	$6.3M	$43.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.302	−0.017%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.251	−0.071%	$390.0M	$869.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.210	−0.116%	$114.6M	$313.4M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.320	+0.002%	$701K	$945K	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.380	+0.066%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.249	−0.074%	$91.7M	$83.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.268	−0.054%	$46.4M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.232	−0.092%	$225.6M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.225	−0.100%	—	$54.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.263	−0.059%	$8.0M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.355	+0.039%	$29.1M	$49.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.070%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.365	+0.050%	$457K	$943K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.341	+0.025%	$675K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.332	+0.016%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.299	−0.020%	$460K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.278	−0.043%	$113K	$573K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.288	−0.032%	$76K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.241	−0.083%	$16.3M	$7.0M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.275	−0.046%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.256	−0.066%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.290	−0.030%	$12.6M	$2.5M	50x	as long as short
Paradex HYPE-USD-PERPlong	+0.0101%	8h	93.318	long leg	$341K	$172K	20x
edgeX HYPEUSDC	+0.0104%	4h	93.353	+0.038%	$5.1M	$28.9M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.261	−0.061%	$18.1M	$40.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.262	−0.060%	$397K	$320K	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0151%	1h	93.322	+0.005%	$16.2M	$20.9M	50x	as long as short
Phoenix HYPE	+0.0172%	1h	93.411	+0.100%	$208K	$954K	10x	as long as short
Hyperliquid HYPEshort	+0.0185%	1h	93.351	+0.035%	$2.02B	$660.5M	10x
Coinbase International HYPE-PERP-INTX	+0.0200%	1h	93.430	+0.120%	$4.9M	$5.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0232%	1h	93.358	+0.043%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0242%	1h	93.272	−0.049%	$77K	$157K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.280	−0.040%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.249	−0.074%	$17.4M	$12.3M	75x	as long as short
HTX HYPE-USDT	+0.0407%	4h	93.450	+0.141%	$1.5M	$7.5M	75x	as long as short
RISEx HYPE/USDC	+0.0516%	1h	93.342	+0.026%	$2.7M	$6.4M	20x	as long as short