Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h +0.011%

Price spread now: GMX against Paradex−0.093%7-day average −0.004% · you buy dearer than you sell

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

Long on Paradex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.055%+$5 on $10k

Price spread, last 3 days (all we have)+0.127%+$13 · spread now −0.093%, 7d avg −0.004%

Together, before fees+0.181%+ Points / potential airdropParadex: Active · farm board+$18 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.088% cheaper against Paradex than usual: you would sell low and buy high (spread −0.093% now, against its 7-day average of −0.004%). If the spread goes back, that is −$9 on $10k: about 5.0 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.983	0.0099	pay 0.0099% / 8h	7h 03m	$341K	$165K	20x
Short	GMX HYPE/USD [WBTC.b-USDC]	93.895	L +0.0333% / S −0.0157%	get 0.0020% / 1h	3m 50s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.093%Rate

Funding earned: $12.28
Price spread: −0.093% → −0.004%: −$8.84
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: −$12.56
Costs to cover: 0.160%
Break-even: 14.2 days

Slippage unknown: Paradex: live order book, 5 min ago; GMX: 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, 5 min ago	1.44 bp	3.4 bp −$3	9.8 bp −$98	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.1120%	1h	93.756	−0.241%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.785	−0.210%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.910	−0.078%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0090%	1h	93.810	−0.184%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0081%	1h	93.953	−0.031%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.884	−0.105%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.912	−0.075%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0073%	8h	93.801	−0.193%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0046%	1h	93.872	−0.118%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0035%	4h	93.840	−0.152%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0014%	4h	93.709	−0.291%	$44.4M	$60.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.919	−0.068%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.898	−0.090%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0004%	4h	93.806	−0.188%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.810	−0.184%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.657	−0.346%	$322.1M	$278.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.066%	$214K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.695	−0.306%	$88.1M	$83.4M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.689	−0.313%	$382.6M	$893.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.677	−0.325%	$115.8M	$314.0M	50x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	−0.132%	$5.1M	$29.7M	30x	as long as short
Bluefin HYPE-PERP	+0.0076%	1h	93.841	−0.151%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.866	−0.125%	$18.9M	$60.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.839	−0.153%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.881	−0.108%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.851	−0.140%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERPlong	+0.0099%	8h	93.983	long leg	$341K	$165K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.900	−0.088%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.927	−0.059%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.843	−0.149%	$2.05B	$668.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.935	−0.051%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.769	−0.227%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.724	−0.275%	$226.9M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.662	−0.341%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.736	−0.262%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	−0.229%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.017%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.040%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.827	−0.166%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.910	−0.078%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.906	−0.082%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.940	−0.045%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.824	−0.169%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	−0.094%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.690	−0.311%	$18.4M	$44.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.900	−0.088%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.760	−0.237%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0216%	4h	93.818	−0.175%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.933	−0.053%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0246%	8h	93.912	−0.075%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.873	−0.117%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0333% / S −0.0157%	1h	93.895	−0.093%	$1.4M	—	100x
HTX HYPE-USDT	+0.0366%	4h	94.112	+0.138%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0421%	1h	93.922	−0.064%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.906	−0.082%	$20.9M	$29.7M	50x	as long as short