Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0111%/8h= −12.1% APRpaid last 24h −0.019%

Price spread now: Derive against Paradex−0.377%158s7-day average −0.054% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Paradex Short on Derive

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.024%−$2 on $10k

Price spread, last 4 days (all we have)+0.312%+$31 · spread now −0.377%, 7d avg −0.054%

Together, before fees+0.288%+ Points / potential airdropParadex: Active · farm board+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Derive is 0.323% cheaper against Paradex than usual: you would sell low and buy high (−$32 if the spread goes back to its 7-day average of −0.054%). Swap the legs. The two prices were read 158 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	Paradex HYPE-USD-PERP	94.319	0.0031	pay 0.0031% / 8h	19m 00s	$337K	$154K	20x
Short	Derive HYPE-PERP	93.964	−0.0080	pay 0.0010% / 1h	19m 00s	$16.4M	$7.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.377%Rate

Funding earned: −$23.26
Price spread: −0.377% → −0.054%: −$32.32
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Derive: 3 bp × 2 orders: −$6
Net: −$65.58
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Paradex: live order book, 20 min ago; Derive: no order-book sample. Net counts fees only.

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	14.72 bp	16.7 bp −$17	154.5 bp −$1,545	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1712%	1h	94.057	−0.278%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0406%	1h	94.325	+0.006%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0218%	1h	94.190	−0.137%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0214%	1h	94.332	+0.013%	$111K	$577K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	94.196	−0.131%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.369	+0.053%	$88K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.153	−0.176%	$3K	$331	25x	as long as short
Derive HYPE-PERPshort	−0.0080%	1h	93.964	−0.377%	$16.4M	$7.5M	10x
Arcus HYPE-USD	−0.0045%	1h	94.300	−0.020%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0040%	1h	94.351	+0.033%	$16.4M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.412	+0.098%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.400	+0.086%	$317.3M	$289.3M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.327	+0.008%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.225	−0.100%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.348	+0.030%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.214%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.314	−0.006%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.364	+0.047%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0002%	1h	94.348	+0.030%	$497K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.394	+0.079%	$226.8M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERPlong	+0.0031%	8h	94.319	long leg	$337K	$154K	20x
Vest HYPE-PERP	+0.0039%	1h	94.350	+0.032%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	94.344	+0.026%	$12.9M	$2.9M	50x	as long as short
SoDEX HYPE-USD	+0.0043%	1h	94.355	+0.038%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.360	+0.043%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.420	+0.107%	$117.7M	$325.3M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.402	+0.088%	$50.2M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.346%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.376	+0.060%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.325	+0.006%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	−0.042%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.275	−0.046%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.469	+0.159%	$2.08B	$687.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.400	+0.085%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.313	−0.007%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.405	+0.091%	$378.5M	$933.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.013%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.424	+0.111%	$89.0M	$84.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.380	+0.064%	$46.9M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.378	+0.062%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.255%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.093	−0.240%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.309%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.093	−0.240%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.341	+0.023%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.192%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.324	+0.005%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.309	−0.011%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.411	+0.097%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.446%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0195%	1h	94.434	+0.122%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.387	+0.072%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.344	+0.026%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.311	−0.009%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.362	+0.045%	$17.2M	$12.4M	75x	as long as short