Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0281%/8h= −30.8% APRpaid last 24h −0.027%

Price spread now: Paradex against Deribit−0.093%7-day average −0.024% · 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−$53as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on Deribit Short on Paradex

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)+0.180%+$18 · spread now −0.093%, 7d avg −0.024%

Together, before fees+0.188%+ Points / potential airdropParadex: Active · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Paradex is 0.069% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.024%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.008% in total (about 0.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	92.824	0.0375	pay 0.0047% / 1h	16m 33s	$7.5M	$4.4M	50x
Short	Paradex HYPE-USD-PERP	92.737	0.0094	get 0.0094% / 8h	4h 16m	$338K	$163K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Deribit. 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 DeribitbpFee ParadexbpOrdersPrice spread, now −0.093%Rate

Funding earned: −$59.01
Price spread: −0.093% → −0.024%: −$6.88
Slippage, 4 orders: −$34.81
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$111.7
Costs to cover: 0.458%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Paradex: live order book, 43 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 Deribit live order book, 3 min ago	1.51 bp	7.5 bp −$8	11.4 bp −$114	doesn't fit	doesn't fit
Sell Paradex live order book, 43 min ago	12.88 bp	14.9 bp −$15	18.7 bp −$187	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	92.663	−0.173%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.657	−0.180%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0246%	1h	92.707	−0.126%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.724	−0.108%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.703	−0.130%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.740	−0.090%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	−0.058%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.707	−0.126%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.725	−0.107%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0025%	8h	92.731	−0.100%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0033%	1h	92.660	−0.177%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.702	−0.131%	—	$53.4M	—	as long as short
Bullet HYPE-USD	+0.0041%	1h	92.678	−0.157%	$110K	$578K	20x	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	−0.008%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0044%	4h	92.714	−0.118%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.700	−0.134%	$316.5M	$281.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0090%	8h	92.710	−0.123%	$113.6M	$303.7M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.700	−0.134%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERPshort	+0.0094%	8h	92.737	−0.093%	$338K	$163K	20x
Lighter HYPE	+0.0096%	1h	92.729	−0.103%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.727	−0.104%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.709	−0.124%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.710	−0.123%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.709	−0.124%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.761	−0.068%	$2.02B	$663.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.741	−0.089%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.713	−0.120%	$372.4M	$902.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.690	−0.144%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.710	−0.123%	$45.9M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.713	−0.120%	$224.4M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.728	−0.103%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.147%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	−0.017%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.760	−0.069%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.701	−0.133%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.769	−0.059%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.729	−0.102%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.717	−0.115%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.718	−0.114%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.733	−0.098%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.733	−0.098%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.896	+0.078%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.132%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.683	−0.151%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.733	−0.098%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	92.754	−0.076%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.190%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.750	−0.080%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0237%	8h	92.792	−0.034%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.703	−0.131%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.744	−0.086%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.797	−0.030%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.733	−0.098%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0375%	1h	92.824	long leg	$7.5M	$4.4M	50x
RISEx HYPE/USDC	+0.0687%	1h	92.778	−0.050%	$3.2M	$6.4M	20x	as long as short