Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0001%/8h= +0.1% APRpaid last 24h +0.011%

Price spread now: Bluefin against Paradex−0.036%7-day average −0.023% · 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−$34as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on Paradex Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.044%−$4 on $10k

Price spread, last 3 days (all we have)−0.021%−$2 · spread now −0.036%, 7d avg −0.023%

Together, before fees−0.065%+ Points / potential airdropParadex: Active · farm board−$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	94.044	0.0099	pay 0.0099% / 8h	7h 52m	$342K	$171K	20x
Short	Bluefin HYPE-PERP	94.010	0.0100	get 0.0013% / 1h	52m 19s	$76K	$171K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.036%Rate

Funding earned: $0.11
Price spread: −0.036% → −0.023%: −$1.3
Slippage, 4 orders: −$21.37
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$33.55
Costs to cover: 0.324%
Break-even: 2055.4 days

Slippage from Paradex: live order book, 22 min ago; Bluefin: live order book, 22 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, 22 min ago	1.23 bp	3.2 bp −$3	9.2 bp −$92	doesn't fit	doesn't fit
Sell Bluefin live order book, 22 min ago	2.45 bp	13.8 bp −$14	doesn't fit	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	−0.1392%	1h	93.944	−0.106%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.914	−0.138%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0304%	1h	93.960	−0.089%	$22K	$22K	10x	as long as short
Phemex HYPEUSDT	−0.0269%	8h	93.865	−0.190%	$12.8M	$2.6M	50x	as long as short
ApeX Omni HYPEUSDT	−0.0224%	1h	93.928	−0.123%	$340K	$1.1M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0168%	1h	93.900	−0.153%	$705K	$927K	10x	as long as short
Gate HYPE_USDT	−0.0122%	4h	94.032	−0.013%	$44.5M	$59.0M	75x	as long as short
Bullet HYPE-USD	−0.0111%	1h	94.037	−0.007%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.051	+0.008%	$86K	$364K	20x	as long as short
dYdX HYPE-USD	−0.0102%	1h	94.007	−0.039%	$128K	$29K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERP	−0.0080%	1h	93.996	−0.051%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0073%	8h	93.873	−0.182%	$322.9M	$283.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	93.972	−0.076%	$169K	$594K	20x	as long as short
Derive HYPE-PERP	−0.0007%	1h	93.917	−0.135%	$16.4M	$7.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.023	−0.022%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.068	+0.026%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0019%	4h	94.031	−0.014%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.228%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0038%	4h	94.041	−0.003%	$88.2M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	93.966	−0.082%	$383.7M	$896.6M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.918	−0.134%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	94.044	0.000%	$60K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0083%	8h	93.881	−0.173%	$116.1M	$321.1M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.008	−0.038%	$400K	$191K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.952	−0.098%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.918	−0.134%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERPlong	+0.0099%	8h	94.044	long leg	$342K	$171K	20x
Katana Perps HYPE-USD	+0.0100%	8h	94.040	−0.004%	$39K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.026	−0.018%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.125	+0.086%	$2.05B	$675.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.028	−0.017%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.062	+0.019%	$46.6M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.884	−0.170%	$227.5M	$101.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.036	−0.008%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.019	−0.026%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.832	−0.225%	$31.2M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.944	−0.107%	$7.6M	$45.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.978	−0.070%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.056	+0.013%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.078	+0.036%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	94.010	−0.036%	$76K	$171K	20x
SunX HYPE-USDT	+0.0100%	4h	93.962	−0.087%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.877	−0.177%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	−0.107%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.865	−0.190%	$18.4M	$42.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.010	−0.036%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0156%	4h	93.963	−0.086%	$17.0M	$12.4M	75x	as long as short
Kalshi KXHYPEPERP	+0.0164%	8h	94.024	−0.021%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	+0.113%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.087	+0.046%	$2.8M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.016	−0.029%	$77K	$145K	15x	as long as short
HTX HYPE-USDT	+0.0308%	4h	94.100	+0.060%	$1.5M	$7.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.069	+0.027%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0506%	1h	93.997	−0.050%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.959	−0.090%	$21.0M	$29.7M	50x	as long as short