Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1178%/8h= −129.0% APRpaid last 24h −0.273%

Price spread now: Hibachi against Paradex−0.082%7-day average −0.085% · 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−$65as in the Price arb table

costs, in and out, $10k−$660.657% of the position

Long on Paradex Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−1.394%−$139 on $10k

Price spread, last 4 days (all we have)+1.186%+$119 · spread now −0.082%, 7d avg −0.085%

Together, before fees−0.208%+ Points / potential airdropParadex: Active · Hibachi: Active · farm board−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.085%, so right now this pair is about funding alone: −$35 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	94.336	0.0058	pay 0.0058% / 8h	51m 41s	$337K	$156K	20x
Short	Hibachi HYPE/USDT-P	94.259	−0.1120	pay 0.0140% / 1h	51m 41s	$201K	$234K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.082%Rate

Funding earned: −$247.38
Price spread: −0.082% → −0.085%: $0.24
Slippage, 4 orders: −$52.67
Fee Paradex: 2 bp × 2 orders: −$4
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$312.8
Costs to cover: 0.657%
Break-even: never at this rate

Slippage from Paradex: live order book, 52 min ago; Hibachi: live order book, 52 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, 52 min ago	1.66 bp	3.7 bp −$4	9.5 bp −$95	doesn't fit	doesn't fit
Sell Hibachi live order book, 52 min ago	18.66 bp	24.5 bp −$24	43.9 bp −$439	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-Pshort	−0.1120%	1h	94.259	−0.082%	$201K	$234K	7x
Bluefin HYPE-PERP	−0.0351%	1h	94.381	+0.047%	$80K	$155K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0209%	1h	94.270	−0.070%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0144%	1h	94.353	+0.018%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0124%	1h	94.291	−0.048%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.362	+0.027%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.298	−0.041%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.306	−0.032%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0040%	1h	94.307	−0.032%	$16.4M	$7.5M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0034%	1h	94.057	−0.296%	$362K	$1.0M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0014%	8h	94.420	+0.089%	$317.8M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0012%	4h	94.428	+0.097%	—	$53.5M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	94.337	+0.001%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.345	+0.009%	$129K	$60K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.417	+0.085%	$1.8M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.351	+0.015%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.328	−0.009%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.377	+0.043%	$117K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.435	+0.104%	$227.1M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	94.374	+0.040%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERPlong	+0.0058%	8h	94.336	long leg	$337K	$156K	20x
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.360	+0.025%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	94.434	+0.103%	$117.7M	$324.2M	50x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	94.094	−0.257%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.436	+0.106%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.441	+0.111%	$3.2M	$10.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.337	+0.001%	$82K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.310	−0.028%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.316	−0.021%	$7.1M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.538	+0.214%	$2.08B	$688.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.441	+0.111%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.469	+0.141%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.446	+0.116%	$378.0M	$932.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.288%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.437	+0.107%	$49.5M	$56.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.450	+0.120%	$91.4M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.454	+0.125%	$47.1M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.364	+0.029%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.098	−0.253%	$29.2M	$55.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.258	−0.084%	$7.6M	$46.0M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.320	−0.017%	$682K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.380	+0.046%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.405	+0.073%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.394	+0.061%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.173%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.395	+0.062%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.425	+0.094%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.351	+0.015%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.395	+0.062%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0174%	1h	94.460	+0.131%	$7.5M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.240	−0.102%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.447	+0.117%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.361	+0.026%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.334	−0.003%	$83K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.219	−0.124%	$17.0M	$12.4M	75x	as long as short