Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.101%

Price spread now: Arcus against Paradex−0.029%7-day average −0.056% · 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−$15as in the Price arb table

costs, in and out, $10k−$180.179% of the position

Long on Paradex Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.131%−$13 on $10k

Price spread, last 4 days (all we have)+0.098%+$10 · spread now −0.029%, 7d avg −0.056%

Together, before fees−0.032%+ Points / potential airdropParadex: Active · farm board−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Arcus is 0.028% dearer against Paradex than usual: you sell high and buy low (spread −0.029% now, against its 7-day average of −0.056%): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.281	0.0094	pay 0.0094% / 8h	2h 29m	$339K	$160K	20x
Short	Arcus HYPE-USD	93.254	0.0011	get 0.0001% / 1h	29m 22s	$1.0M	$3.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Paradex. 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 ParadexbpFee ArcusbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$17.5
Price spread: −0.029% → −0.056%: $2.76
Slippage, 4 orders: −$9.4
Fee Paradex: 2 bp × 2 orders: −$4
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$32.64
Costs to cover: 0.179%
Break-even: never at this rate

Slippage from Paradex: live order book, 20 min ago; Arcus: live order book, 5 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 Paradex live order book, 20 min ago	3.73 bp	5.7 bp −$6	10.8 bp −$108	doesn't fit	doesn't fit
Sell Arcus live order book, 5 min ago	0.59 bp	3.1 bp −$3	7.7 bp −$77	26.2 bp −$2,620	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	−0.1528%	1h	93.137	−0.154%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0370%	1h	93.259	−0.023%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	−0.048%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0058%	1h	93.249	−0.034%	$111K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.211	−0.075%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.311	+0.033%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.295	+0.016%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.255	−0.028%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.280	−0.001%	$62K	—	150x	as long as short
Arcus HYPE-USDshort	+0.0011%	1h	93.254	−0.029%	$1.0M	$3.9M	10x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.196	−0.091%	$225.2M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.210	−0.076%	$316.6M	$282.7M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0021%	1h	93.250	−0.033%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.282	+0.002%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.297	+0.018%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	93.175	−0.113%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERPlong	+0.0094%	8h	93.281	long leg	$339K	$160K	20x
Lighter HYPE	+0.0096%	1h	93.248	−0.035%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.242	−0.041%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.294	+0.014%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	−0.022%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.279	−0.001%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.305	+0.026%	$2.03B	$669.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.259	−0.023%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.269	−0.012%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.266	−0.016%	$373.7M	$912.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.221	−0.064%	$114.4M	$309.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.054%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.241	−0.042%	$46.7M	$54.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.255	−0.027%	$91.0M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.299	+0.020%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.246	−0.037%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.324	+0.047%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.131	−0.161%	$28.5M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.193	−0.094%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.165	−0.124%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.238	−0.046%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.325	+0.048%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.279	−0.002%	$483K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.232	−0.052%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.211	−0.074%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.204	−0.082%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.275	−0.006%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.341	+0.065%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.234	−0.050%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.223	−0.062%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.313	+0.035%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.120	−0.172%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.210	−0.076%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.257	−0.025%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.274	−0.007%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.160	−0.129%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.323	+0.045%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0511%	1h	93.361	+0.086%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.348	+0.073%	$3.2M	$6.2M	20x	as long as short