Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0026%/8h= +2.8% APRpaid last 24h −0.005%

Price spread now: Paradex against Coinbase International+0.089%7-day average +0.042% · 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−$28as in the Price arb table

costs, in and out, $10k−$330.328% of the position

Long on Coinbase International Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.147%+$15 on $10k

Price spread, last 4 days (all we have)+0.170%+$17 · spread now +0.089%, 7d avg +0.042%

Together, before fees+0.317%+ Points / potential airdropParadex: Active · farm board+$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Paradex is 0.047% dearer against Coinbase International than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	94.230	0.0016	pay 0.0002% / 1h	28m 01s	$4.7M	$5.9M	50x
Short	Paradex HYPE-USD-PERP	94.314	0.0042	get 0.0042% / 8h	7h 28m	$337K	$39K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Coinbase International. 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 Coinbase InternationalbpFee ParadexbpOrdersPrice spread, now +0.089%Rate

Funding earned: $5.39
Price spread: +0.089% → +0.042%: $4.71
Slippage, 4 orders: −$18.81
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$22.71
Costs to cover: 0.328%
Break-even: 36.5 days

Slippage from Coinbase International: live order book, 1 min ago; Paradex: live order book, 6 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 Coinbase International live order book, 1 min ago	3.18 bp	9.4 bp −$9	14.4 bp −$144	38.4 bp −$3,838	doesn't fit
Sell Paradex live order book, 6 min ago	5.08 bp	7.1 bp −$7	11.5 bp −$115	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	−0.0816%	1h	94.248	+0.019%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0608%	1h	94.282	+0.055%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0293%	1h	94.418	+0.199%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0258%	1h	94.231	+0.001%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0192%	1h	94.210	−0.021%	$701K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.188	−0.045%	$90K	$366K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.204	−0.028%	$1.0M	$3.4M	10x	as long as short
Gate HYPE_USDT	−0.0098%	4h	94.381	+0.160%	$51.6M	$55.3M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.255	+0.027%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.326	+0.101%	$18.8M	$35.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0037%	8h	94.400	+0.180%	$317.9M	$294.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.261	+0.033%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.293	+0.067%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.352	+0.129%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.232	+0.002%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.257	+0.029%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.404	+0.185%	$210K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.074%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0016%	1h	94.230	long leg	$4.7M	$5.9M	50x
Bitget HYPEUSDT	+0.0030%	4h	94.401	+0.181%	$227.1M	$98.3M	75x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.313	+0.088%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERPshort	+0.0042%	8h	94.314	+0.089%	$337K	$39K	20x
Backpack HYPE_USDC_PERP	+0.0045%	1h	94.360	+0.138%	$7.6M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0046%	8h	94.409	+0.190%	$117.7M	$327.9M	50x	as long as short
SoDEX HYPE-USD	+0.0048%	1h	94.319	+0.094%	$2.1M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0075%	8h	94.344	+0.121%	$12.9M	$2.9M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.269	+0.041%	$5.0M	$31.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.339	+0.115%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.358	+0.136%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.199	−0.033%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.220	−0.011%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.183	−0.049%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.485	+0.271%	$2.07B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.388	+0.167%	$9.6M	$38.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.282	+0.055%	$10.1M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.385	+0.165%	$379.7M	$932.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.018%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.368	+0.146%	$93.0M	$86.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.374	+0.153%	$47.1M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.396	+0.176%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	+0.106%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.308	+0.083%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.315	+0.090%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.250	+0.021%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.299	+0.073%	$497K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.270	+0.042%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.450	+0.233%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.390	+0.170%	$18.2M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.329	+0.105%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.248	+0.019%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.998%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0238%	1h	94.403	+0.184%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.218	−0.013%	$82K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.282	+0.055%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.351	+0.128%	$17.3M	$12.5M	75x	as long as short