Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0069%/8h= +7.5% APRpaid last 24h −0.003%

Price spread now: Pacifica against Paradex−0.007%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−$44as in the Price arb table

costs, in and out, $10k−$430.431% of the position

Long on Paradex Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.007%, 7d avg +0.001%

Together, before fees+0.016%+ Points / potential airdropParadex: Active · Pacifica: Active · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: +$2 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	94.319	0.0031	pay 0.0031% / 8h	19m 30s	$337K	$154K	20x
Short	Pacifica HYPE	94.313	0.0100	get 0.0013% / 1h	19m 30s	$10.2M	$15.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.007%Rate

Funding earned: $14.44
Price spread: −0.007% → +0.001%: −$0.72
Slippage, 4 orders: −$31.11
Fee Paradex: 2 bp × 2 orders: −$4
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$29.39
Costs to cover: 0.431%
Break-even: 21.3 days

Slippage from Paradex: live order book, 20 min ago; Pacifica: live order book, 5 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, 20 min ago	14.72 bp	16.7 bp −$17	154.5 bp −$1,545	doesn't fit	doesn't fit
Sell Pacifica live order book, 5 min ago	0.05 bp	4.2 bp −$4	doesn't fit	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	−0.1712%	1h	94.057	−0.278%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0413%	1h	94.235	−0.089%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0218%	1h	94.190	−0.137%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0214%	1h	94.332	+0.013%	$111K	$577K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	94.196	−0.131%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.369	+0.053%	$88K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.153	−0.176%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.377%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.300	−0.020%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0040%	1h	94.261	−0.062%	$16.3M	$64.5M	20x	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	−0.0020%	4h	94.323	+0.004%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.322	+0.003%	$317.0M	$289.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.221	−0.104%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.225	−0.100%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.272	−0.050%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.214%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.314	−0.006%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.364	+0.047%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0002%	1h	94.348	+0.030%	$497K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.313	−0.007%	$226.6M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERPlong	+0.0031%	8h	94.319	long leg	$337K	$154K	20x
Vest HYPE-PERP	+0.0039%	1h	94.350	+0.032%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0040%	1h	94.250	−0.073%	$2.1M	$1.9M	10x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	94.234	−0.090%	$12.9M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.260	−0.063%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.324	+0.005%	$117.7M	$324.7M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.282	−0.040%	$50.1M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.346%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.286	−0.035%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.325	+0.006%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	−0.042%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.275	−0.046%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.419	+0.106%	$2.07B	$687.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.325	+0.006%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPEshort	+0.0100%	1h	94.313	−0.007%	$10.2M	$15.0M	20x
Binance HYPEUSDT	+0.0100%	4h	94.331	+0.013%	$377.8M	$933.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.013%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.340	+0.022%	$89.1M	$84.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.327	+0.008%	$46.8M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.209	−0.117%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.255%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.093	−0.240%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.309%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.093	−0.240%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.173	−0.155%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.350	+0.033%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.255	−0.069%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.233	−0.091%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.288	−0.033%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.446%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.296	−0.024%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0248%	1h	94.338	+0.020%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.344	+0.026%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.311	−0.009%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.094	−0.239%	$17.1M	$12.3M	75x	as long as short