Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1070%/8h= +117.2% APRpaid last 24h +0.265%

Price spread now: Paradex against Hibachi+0.824%46s7-day average +0.085% · 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−$660.657% of the position

Long on Hibachi Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+1.381%+$138 on $10k

Price spread, last 4 days (all we have)−0.873%−$87 · spread now +0.824%, 7d avg +0.085%

Together, before fees+0.508%+ Points / potential airdropHibachi: Active · Paradex: Active · farm board+$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$32 a day on $10k at the current rate, and Paradex is 0.739% dearer against Hibachi than usual: you sell high and buy low: +$74 more if the spread goes back to its 7-day average of +0.085%. 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	Hibachi HYPE/USDT-P	93.495	−0.0992	get 0.0124% / 1h	25m 35s	$198K	$238K	7x
Short	Paradex HYPE-USD-PERP	94.266	0.0078	get 0.0078% / 8h	1h 25m	$337K	$161K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Hibachi. 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 HibachibpFee ParadexbpOrdersPrice spread, now +0.824%Rate

Funding earned: $224.8
Price spread: +0.824% → +0.085%: $73.93
Slippage, 4 orders: −$52.67
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Paradex: 2 bp × 2 orders: −$4
Net: $233.06
Costs to cover: 0.657%
Break-even: from the start

Slippage from Hibachi: live order book, 18 min ago; Paradex: live order book, 19 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 Hibachi live order book, 18 min ago	18.66 bp	33.9 bp −$34	53.7 bp −$537	doesn't fit	doesn't fit
Sell Paradex live order book, 19 min ago	1.66 bp	3.7 bp −$4	7.8 bp −$78	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-Plong	−0.0992%	1h	93.495	long leg	$198K	$238K	7x
Aftermath Perps HYPEUSD	−0.0191%	1h	93.590	+0.102%	$22K	$21K	10x	as long as short
BingX HYPE-USDT	−0.0100%	4h	94.211	+0.766%	—	$53.6M	—	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.207	+0.761%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0066%	1h	93.879	+0.411%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0062%	1h	94.170	+0.722%	$705K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.240	+0.797%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.032	+0.574%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.880	+0.411%	$129K	$26K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.907	+0.441%	$20K	$290K	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	+0.0002%	8h	94.220	+0.775%	$318.4M	$288.2M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.048	+0.592%	$83K	—	150x	as long as short
Bluefin HYPE-PERP	+0.0006%	1h	94.072	+0.617%	$79K	$155K	20x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.206%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.623	+0.137%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.172	+0.724%	$226.9M	$99.5M	75x	as long as short
Paradex HYPE-USD-PERPshort	+0.0078%	8h	94.266	+0.824%	$337K	$161K	20x
edgeX HYPEUSDC	+0.0080%	4h	93.620	+0.133%	$5.0M	$30.5M	30x	as long as short
Phemex HYPEUSDT	+0.0081%	8h	94.187	+0.740%	$12.9M	$2.8M	50x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.180	+0.732%	$1.0M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.219	+0.774%	$16.3M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.231	+0.787%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.198	+0.752%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.210	+0.765%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.208	+0.763%	$7.5M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.323	+0.885%	$2.07B	$690.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.200	+0.753%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.236	+0.792%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.207	+0.761%	$377.0M	$931.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.209	+0.763%	$116.2M	$317.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.221	+0.776%	$48.9M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.213	+0.768%	$89.5M	$84.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.248	+0.805%	$46.6M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.311	+0.873%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	+0.549%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.696	+0.215%	$7.6M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.663	+0.179%	$357K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.643	+0.158%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.227	+0.782%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.895	+0.428%	$471K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.925	+0.460%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.141	+0.691%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.352	+0.916%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.061%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.138	+0.687%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.104	+0.651%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	94.131	+0.680%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	+0.743%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	93.681	+0.199%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.540	+0.048%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	93.879	+0.411%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.642	+0.157%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.262	+0.821%	$21.0M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0462%	1h	94.187	+0.740%	$7.5M	$4.2M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.935	+0.471%	$3.2M	$6.3M	20x	as long as short