Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0010%/8h= +1.1% APRpaid last 24h −0.002%

Price spread now: Extended against Paradex−0.042%7-day average −0.059% · 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−$33as in the Price arb table

costs, in and out, $10k−$350.349% of the position

Long on Paradex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.042%, 7d avg −0.059%

Together, before fees+0.063%+ Points / potential airdropParadex: Active · Extended: Active · farm board+$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.059%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	92.757	0.0094	pay 0.0094% / 8h	4h 17m	$338K	$163K	20x
Short	Extended HYPE-USD	92.718	0.0104	get 0.0013% / 1h	17m 31s	$18.1M	$43.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.042%Rate

Funding earned: $2.13
Price spread: −0.042% → −0.059%: $1.7
Slippage, 4 orders: −$25.88
Fee Paradex: 2 bp × 2 orders: −$4
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$31.04
Costs to cover: 0.349%
Break-even: 109.0 days

Slippage from Paradex: live order book, 42 min ago; Extended: live order book, 2 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, 42 min ago	12.88 bp	14.9 bp −$15	149.0 bp −$1,490	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	0.05 bp	2.6 bp −$3	3.5 bp −$35	24.5 bp −$2,445	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
Arcus HYPE-USD	−0.0948%	1h	92.676	−0.087%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.678	−0.085%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0242%	1h	92.680	−0.083%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.687	−0.075%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.654	−0.111%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.757	0.000%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.015%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.686	−0.076%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.707	−0.054%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	92.666	−0.098%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0035%	1h	92.660	−0.105%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.736	−0.023%	—	$53.4M	—	as long as short
Bullet HYPE-USD	+0.0039%	1h	92.688	−0.075%	$111K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0042%	4h	92.728	−0.031%	$8.7M	$36.2M	300x	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	+0.065%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0046%	8h	92.711	−0.050%	$316.6M	$281.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	92.735	−0.024%	$113.6M	$303.9M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.735	−0.024%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERPlong	+0.0094%	8h	92.757	long leg	$338K	$163K	20x
Lighter HYPE	+0.0096%	1h	92.742	−0.016%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.741	−0.017%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.741	−0.017%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.730	−0.029%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.723	−0.036%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.763	+0.006%	$2.02B	$663.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.769	+0.013%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.743	−0.015%	$372.6M	$902.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.742	−0.016%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.744	−0.014%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.741	−0.017%	$224.5M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.721	−0.039%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.075%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.055%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.760	+0.003%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.701	−0.060%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.781	+0.025%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.747	−0.011%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.655	−0.110%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.666	−0.098%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.700	−0.061%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.677	−0.086%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.826	+0.074%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.060%	$202K	$13K	10x	as long as short
Extended HYPE-USDshort	+0.0104%	1h	92.718	−0.042%	$18.1M	$43.4M	50x
Aevo HYPE-PERP	+0.0104%	1h	92.678	−0.085%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	92.754	−0.004%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.262%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.810	+0.057%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0239%	8h	92.750	−0.008%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.718	−0.042%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.696	−0.066%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.743	−0.015%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.775	+0.019%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0343%	1h	92.770	+0.014%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.806	+0.053%	$3.2M	$6.4M	20x	as long as short