Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0201%/8h= −22.0% APRpaid last 24h −0.011%

Price spread now: Bullet against Paradex−0.037%7-day average +0.005% · 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−$28as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on Paradex Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.017%−$2 on $10k

Price spread, last 3 days (all we have)+0.226%+$23 · spread now −0.037%, 7d avg +0.005%

Together, before fees+0.209%+ Points / potential airdropParadex: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Bullet is 0.042% cheaper against Paradex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.017% in total (about -1.9% 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	Paradex HYPE-USD-PERP	94.195	0.0099	pay 0.0099% / 8h	7h 26m	$342K	$165K	20x
Short	Bullet HYPE-USD	94.160	−0.0102	pay 0.0013% / 1h	26m 13s	$113K	$580K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$42.2
Price spread: −0.037% → +0.005%: −$4.19
Slippage, 4 orders: −$11.56
Fee Paradex: 2 bp × 2 orders: −$4
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$69.95
Costs to cover: 0.236%
Break-even: never at this rate

Slippage from Paradex: live order book, 48 min ago; Bullet: live order book, 48 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, 48 min ago	1.23 bp	3.2 bp −$3	9.2 bp −$92	doesn't fit	doesn't fit
Sell Bullet live order book, 48 min ago	0.27 bp	10.0 bp −$10	14.3 bp −$143	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	−0.1376%	1h	94.105	−0.096%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.061	−0.143%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0225%	1h	94.144	−0.055%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0150%	1h	94.090	−0.112%	$711K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0139%	1h	94.123	−0.077%	$129K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0115%	8h	94.166	−0.031%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USDshort	−0.0102%	1h	94.160	−0.037%	$113K	$580K	20x
01 Exchange HYPEUSD	−0.0080%	1h	94.172	−0.025%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.124	−0.076%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0020%	8h	94.135	−0.064%	$323.4M	$280.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0019%	4h	94.155	−0.043%	$160K	$645K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.135	−0.064%	$23K	$327K	10x	as long as short
Gate HYPE_USDT	+0.0002%	4h	94.191	−0.005%	$44.6M	$59.8M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.206	+0.011%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	94.173	−0.024%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.121	−0.079%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.146	−0.053%	$16.5M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.185	−0.011%	$89.3M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0049%	4h	94.185	−0.011%	$384.2M	$893.1M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	94.004	−0.203%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.141	−0.058%	$116.2M	$318.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.223	+0.029%	$19.2M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.184	−0.012%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.168	−0.029%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.165	−0.033%	$401K	$180K	20x	as long as short
Paradex HYPE-USD-PERPlong	+0.0099%	8h	94.195	long leg	$342K	$165K	20x
Katana Perps HYPE-USD	+0.0100%	8h	94.180	−0.016%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.147	−0.051%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.261	+0.070%	$2.06B	$677.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.173	−0.024%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.204	+0.009%	$46.7M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.172	−0.025%	$228.4M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.152	−0.046%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.159	−0.039%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.149	−0.049%	$31.5M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	−0.114%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.057	−0.147%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.130	−0.069%	$681K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.187	−0.009%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.186	−0.010%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.183	−0.013%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.246	+0.054%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.195	0.000%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.047%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.174	−0.023%	$18.8M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.176%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0198%	4h	94.138	−0.061%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.313%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.210	+0.015%	$2.8M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0225%	8h	94.221	+0.027%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.167	−0.031%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.212	+0.018%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0415%	4h	94.349	+0.163%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0429%	1h	94.289	+0.099%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.290	+0.101%	$21.1M	$29.7M	50x	as long as short