Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0042%/8h= −4.5% APRpaid last 24h +0.006%

Price spread now: Phoenix against Paradex+0.170%46s7-day average +0.067% · 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—prices read too far apart to compare

costs, in and out, $10k−$150.153% of the position

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.125%+$12 on $10k

Price spread, last 4 days (all we have)−0.227%−$23 · spread now +0.170%, 7d avg +0.067%

Together, before fees−0.103%+ Points / potential airdropParadex: Active · farm board−$10 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.103% dearer against Paradex than usual: you sell high and buy low (spread +0.170% now, against its 7-day average of +0.067%): +$10 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 8.3 days. Mind the row above: over the last 4 days funding on this pair paid +0.125%, so the current rate has only just turned against you. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	94.094	0.0059	pay 0.0059% / 8h	1h 00m	$336K	$156K	20x
Short	Phoenix HYPE	94.254	0.0017	get 0.0002% / 1h	0m 35s	$206K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.170%Rate

Funding earned: −$8.72
Price spread: +0.170% → +0.067%: $10.29
Slippage, 4 orders: −$4.28
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$13.71
Costs to cover: 0.153%
Break-even: never at this rate

Slippage from Paradex: live order book, 44 min ago; Phoenix: live order book, 2 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, 44 min ago	1.66 bp	3.7 bp −$4	9.5 bp −$95	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	0.05 bp	3.6 bp −$4	6.8 bp −$68	113.0 bp −$11.3K	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	−0.1088%	1h	94.149	+0.058%	$201K	$235K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0164%	1h	94.256	+0.172%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.980	−0.121%	$709K	$1.2M	10x	as long as short
Bluefin HYPE-PERP	−0.0096%	1h	94.092	−0.002%	$80K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0080%	1h	94.141	+0.050%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.214	+0.127%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	94.155	+0.065%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.109	+0.016%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0007%	8h	94.060	−0.036%	$316.9M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.063	−0.033%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.094	0.000%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.188	+0.100%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.158	+0.068%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	+0.016%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.170	+0.081%	$117K	—	150x	as long as short
Phoenix HYPEshort	+0.0017%	1h	94.254	+0.170%	$206K	$1.1M	10x
Bitget HYPEUSDT	+0.0044%	4h	94.058	−0.038%	$226.3M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.140	+0.049%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERPlong	+0.0059%	8h	94.094	long leg	$336K	$156K	20x
edgeX HYPEUSDC	+0.0082%	4h	94.160	+0.070%	$5.0M	$30.8M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.087	−0.008%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0091%	8h	94.079	−0.016%	$117.3M	$321.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.060	−0.036%	$16.2M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.072	−0.024%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.137	+0.046%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.200	+0.113%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.136	+0.045%	$7.3M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.175	+0.086%	$2.07B	$688.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.087	−0.008%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.106	+0.013%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.057	−0.039%	$376.4M	$932.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.031%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.112	+0.019%	$49.4M	$57.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.051	−0.046%	$90.8M	$85.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.071	−0.025%	$46.8M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.070	−0.026%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.038%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.203	+0.116%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.175	+0.086%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.233	+0.148%	$681K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.163	+0.073%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.221	+0.135%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.123	+0.031%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.300	+0.219%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.224	+0.138%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.089	−0.006%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.172	+0.082%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.230	+0.144%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.195	+0.107%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.485%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0228%	1h	94.227	+0.141%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.126	+0.033%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.122	+0.030%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.194	+0.106%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.162	+0.072%	$3.2M	$6.4M	20x	as long as short