Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0005%/8h= −0.5% APRpaid last 24h +0.005%

Price spread now: Paradex against StandX−0.056%7-day average +0.017% · 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−$29as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on StandX Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.161%+$16 · spread now −0.056%, 7d avg +0.017%

Together, before fees+0.157%+ Points / potential airdropStandX: Active · Paradex: Active · farm board+$16 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: Paradex is 0.073% cheaper against StandX than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	StandX HYPE-USD	94.424	0.0100	pay 0.0013% / 1h	4m 57s	$676K	$2.8M	20x
Short	Paradex HYPE-USD-PERP	94.371	0.0095	get 0.0095% / 8h	2h 04m	$343K	$158K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against StandX. 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 StandXbpFee ParadexbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$1.02
Price spread: −0.056% → +0.017%: −$7.27
Slippage, 4 orders: −$10.12
Fee StandX: 4 bp × 2 orders: −$8
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$30.41
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from StandX: live order book, 4 min ago; Paradex: live order book, 44 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 StandX live order book, 4 min ago	1.33 bp	5.3 bp −$5	5.5 bp −$55	12.5 bp −$1,250	doesn't fit
Sell Paradex live order book, 44 min ago	3.73 bp	5.7 bp −$6	9.0 bp −$90	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	−0.1304%	1h	94.273	−0.160%	$200K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0338%	1h	94.298	−0.133%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.427	+0.003%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.309	−0.122%	$150K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	94.333	−0.096%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.351	−0.077%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.334	−0.095%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.362	−0.066%	$22K	$291K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.343	−0.086%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.302	−0.129%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0021%	8h	94.335	−0.094%	$318.7M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.015%	$211K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0030%	8h	94.323	−0.107%	$12.8M	$2.8M	50x	as long as short
Bitget HYPEUSDT	+0.0034%	4h	94.329	−0.101%	$227.5M	$99.4M	75x	as long as short
BingX HYPE-USDT	+0.0066%	4h	94.332	−0.097%	—	$53.8M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0067%	1h	94.300	−0.131%	$711K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	94.364	−0.063%	$5.0M	$30.4M	30x	as long as short
Paradex HYPE-USD-PERPshort	+0.0095%	8h	94.371	−0.056%	$343K	$158K	20x
Lighter HYPE	+0.0096%	1h	94.327	−0.102%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.341	−0.088%	$3.2M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.313	−0.118%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.290	−0.142%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.340	−0.088%	$7.2M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.432	+0.008%	$2.07B	$679.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.344	−0.085%	$8.8M	$36.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.403	−0.022%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.352	−0.076%	$379.2M	$925.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.337	−0.092%	$116.5M	$317.9M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.337	−0.092%	$48.3M	$55.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.346	−0.083%	$90.1M	$82.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.336	−0.093%	$46.6M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.359	−0.069%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	−0.038%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	+0.003%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.375	−0.052%	$345K	$1.0M	50x	as long as short
StandX HYPE-USDlong	+0.0100%	1h	94.424	long leg	$676K	$2.8M	20x
Vest HYPE-PERP	+0.0100%	1h	94.406	−0.019%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.328	−0.102%	$479K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.311	−0.120%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.295	−0.136%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.447	+0.024%	$33K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.316	−0.114%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.550	+0.133%	$1.4M	$6.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.197	−0.240%	$217K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.309	−0.122%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.312	−0.119%	$399K	$159K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.197%	$31K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	94.472	+0.051%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.460	+0.038%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0163%	1h	94.381	−0.046%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.305	−0.126%	$78K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.340	−0.089%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0337%	1h	94.401	−0.025%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.335	−0.094%	$16.8M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.356	−0.073%	$3.2M	$6.3M	20x	as long as short