Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0003%/8h= −0.4% APRpaid last 24h +0.003%

Price spread now: Paradex against Pacifica+0.056%7-day average −0.001% · 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−$12as in the Price arb table

costs, in and out, $10k−$170.174% of the position

Long on Pacifica Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.065%−$6 · spread now +0.056%, 7d avg −0.001%

Together, before fees−0.058%+ Points / potential airdropPacifica: Active · Paradex: Active · farm board−$6 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 0.056% dearer against Pacifica than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.001%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Pacifica HYPE	93.345	0.0100	pay 0.0013% / 1h	46m 24s	$10.0M	$14.7M	20x
Short	Paradex HYPE-USD-PERP	93.397	0.0097	get 0.0097% / 8h	6h 46m	$339K	$165K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Pacifica. 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 PacificabpFee ParadexbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$0.72
Price spread: +0.056% → −0.001%: $5.63
Slippage, 4 orders: −$5.36
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$12.45
Costs to cover: 0.174%
Break-even: never at this rate

Slippage from Pacifica: live order book, 8 min ago; Paradex: live order book, 23 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 Pacifica live order book, 8 min ago	0.81 bp	5.2 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Paradex live order book, 23 min ago	1.44 bp	3.4 bp −$3	7.7 bp −$77	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	−0.1048%	1h	93.365	+0.021%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.182	−0.174%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0186%	1h	93.361	+0.017%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0125%	1h	93.296	−0.052%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	93.240	−0.112%	$698K	$977K	10x	as long as short
Gate HYPE_USDT	−0.0084%	4h	93.285	−0.064%	$44.2M	$53.9M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.376	+0.033%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.315	−0.032%	$84K	$361K	20x	as long as short
Phemex HYPEUSDT	−0.0064%	8h	93.331	−0.015%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.269	−0.081%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0026%	4h	93.311	−0.036%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.318	−0.029%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.325	−0.022%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.318	−0.029%	$26K	—	150x	as long as short
Bluefin HYPE-PERP	+0.0006%	1h	93.269	−0.081%	$79K	$174K	20x	as long as short
Bybit HYPEUSDT	+0.0011%	8h	93.280	−0.069%	$319.2M	$283.2M	75x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.294	−0.055%	—	$54.3M	—	as long as short
Bullet HYPE-USD	+0.0027%	1h	93.285	−0.064%	$111K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.321	−0.026%	$88.2M	$82.4M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.291	−0.058%	$380.3M	$905.1M	75x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.257	−0.094%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.166%	$212K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.437	+0.099%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	93.292	−0.057%	$115.0M	$315.3M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.341	−0.004%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.356	+0.012%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.329	−0.017%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.271	−0.080%	$397K	$177K	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0097%	8h	93.397	+0.056%	$339K	$165K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.360	+0.016%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.284	−0.065%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.404	+0.063%	$2.04B	$675.1M	10x	as long as short
Pacifica HYPElong	+0.0100%	1h	93.345	long leg	$10.0M	$14.7M	20x
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.063%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.331	−0.015%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.301	−0.047%	$225.8M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.241	−0.112%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.420	+0.081%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.460	+0.123%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.428	+0.089%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.356	+0.012%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.326	−0.020%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.350	+0.005%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.292	−0.057%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.268	−0.083%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	+0.070%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.250	−0.102%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.067%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.367	+0.023%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.290	−0.059%	$79K	$142K	15x	as long as short
HTX HYPE-USDT	+0.0259%	4h	93.490	+0.155%	$1.4M	$6.1M	75x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	93.441	+0.103%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.314	−0.033%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0457%	1h	93.402	+0.061%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.377	+0.035%	$20.8M	$30.0M	50x	as long as short