Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0008%/8h= +0.8% APRpaid last 24h −0.011%

Price spread now: KuCoin against Paradex−0.054%7-day average −0.019% · 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−$51as in the Price arb table

costs, in and out, $10k−$480.480% of the position

Long on Paradex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.234%+$23 · spread now −0.054%, 7d avg −0.019%

Together, before fees+0.226%+ Points / potential airdropParadex: Active · farm board+$23 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: KuCoin is 0.035% cheaper against Paradex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	92.301	0.0092	pay 0.0092% / 8h	4h 35m	$338K	$163K	20x
Short	KuCoin HYPEUSDTM	92.251	0.0100	get 0.0050% / 4h	35m 43s	$45.8M	$18.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.054%Rate

Funding earned: $1.62
Price spread: −0.054% → −0.019%: −$3.53
Slippage, 4 orders: −$31.96
Fee Paradex: 2 bp × 2 orders: −$4
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$49.87
Costs to cover: 0.480%
Break-even: 222.6 days

Slippage from Paradex: live order book, 23 min ago; KuCoin: 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, 23 min ago	12.88 bp	14.9 bp −$15	149.0 bp −$1,490	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	0.32 bp	8.9 bp −$9	13.9 bp −$139	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	92.234	−0.072%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0384%	1h	92.274	−0.029%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0151%	1h	92.318	+0.019%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	92.197	−0.112%	$86K	$357K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.212	−0.096%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.133	−0.182%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0041%	1h	92.169	−0.143%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0023%	1h	92.160	−0.152%	$693K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.261	−0.043%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.216	−0.091%	$22K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0001%	4h	92.232	−0.074%	$8.7M	$36.3M	300x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.181	−0.130%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0034%	4h	92.290	−0.012%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.379	+0.085%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0057%	8h	92.280	−0.022%	$315.5M	$281.6M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	92.250	−0.055%	$44.3M	$55.0M	75x	as long as short
Phemex HYPEUSDT	+0.0071%	8h	92.187	−0.123%	$12.4M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	92.281	−0.021%	$112.9M	$302.3M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	92.333	+0.035%	$4.9M	$29.5M	30x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.300	−0.001%	$87.2M	$80.6M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	92.260	−0.044%	$369.8M	$902.2M	75x	as long as short
Paradex HYPE-USD-PERPlong	+0.0092%	8h	92.301	long leg	$338K	$163K	20x
Lighter HYPE	+0.0096%	1h	92.251	−0.054%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.256	−0.048%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.168	−0.144%	$68K	$1.2M	50x	as long as short
Derive HYPE-PERP	+0.0097%	1h	92.134	−0.180%	$16.0M	$7.5M	10x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.250	−0.055%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.168	−0.143%	$6.8M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.284	−0.018%	$2.01B	$665.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.291	−0.011%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.060%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	92.251	−0.054%	$45.8M	$18.3M	75x
Bitget HYPEUSDT	+0.0100%	4h	92.304	+0.004%	$223.9M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.185	−0.125%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.139	−0.175%	$28.2M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.315	+0.015%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.378	+0.084%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.239	−0.067%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.235	−0.071%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.182	−0.129%	$474K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.142	−0.172%	$78K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.215	−0.093%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.150	−0.163%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.300	−0.001%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.247	−0.058%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.150	−0.164%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.230	−0.077%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.240	−0.066%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0251%	8h	92.200	−0.109%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.161	−0.152%	$79K	$137K	15x	as long as short
BloFin HYPE-USDT	+0.0324%	4h	92.213	−0.095%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.171	−0.140%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.205	−0.104%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0433%	1h	92.252	−0.053%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.344	+0.046%	$3.1M	$6.4M	20x	as long as short