Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0006%/8h= +0.6% APRpaid last 24h −0.005%

Price spread now: StandX against Paradex+0.080%7-day average −0.017% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on Paradex Short on StandX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.186%−$19 · spread now +0.080%, 7d avg −0.017%

Together, before fees−0.182%+ Points / potential airdropParadex: Active · StandX: Active · farm board−$18 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: StandX is 0.098% dearer against Paradex than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.017%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	94.240	0.0094	pay 0.0094% / 8h	2h 02m	$342K	$158K	20x
Short	StandX HYPE-USD	94.316	0.0100	get 0.0013% / 1h	2m 23s	$675K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now +0.080%Rate

Funding earned: $1.2
Price spread: +0.080% → −0.017%: $9.76
Slippage, 4 orders: −$10.12
Fee Paradex: 2 bp × 2 orders: −$4
Fee StandX: 4 bp × 2 orders: −$8
Net: −$11.16
Costs to cover: 0.221%
Break-even: 71.8 days

Slippage from Paradex: live order book, 47 min ago; StandX: live order book, 1 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, 47 min ago	3.73 bp	5.7 bp −$6	10.8 bp −$108	doesn't fit	doesn't fit
Sell StandX live order book, 1 min ago	1.33 bp	5.3 bp −$5	5.5 bp −$55	11.9 bp −$1,189	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	−0.1280%	1h	94.260	+0.021%	$202K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0298%	1h	94.289	+0.052%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	+0.093%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.168	−0.077%	$150K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.272	+0.033%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.236	−0.004%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.214	−0.028%	$22K	$290K	10x	as long as short
Bullet HYPE-USD	+0.0001%	1h	94.207	−0.035%	$112K	$580K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.223	−0.019%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.198	−0.045%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0019%	8h	94.190	−0.053%	$318.2M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.210%	$211K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.265	+0.026%	$12.8M	$2.8M	50x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.211	−0.031%	$227.3M	$99.4M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0059%	1h	94.220	−0.021%	$711K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERPlong	+0.0094%	8h	94.240	long leg	$342K	$158K	20x
Lighter HYPE	+0.0096%	1h	94.213	−0.029%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.217	−0.025%	$3.2M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.218	−0.024%	$78K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	94.343	+0.109%	$5.0M	$30.4M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.230	−0.011%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.191	−0.052%	$6.7M	$49.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.325	+0.090%	$2.07B	$680.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.213	−0.029%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.237	−0.003%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.210	−0.032%	$378.6M	$925.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.203	−0.039%	$116.4M	$317.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.028%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.198	−0.045%	$48.2M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.218	−0.024%	$91.0M	$82.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.218	−0.024%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.213	−0.029%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.328	+0.093%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	+0.157%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	+0.198%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.313	+0.077%	$344K	$1.0M	50x	as long as short
StandX HYPE-USDshort	+0.0100%	1h	94.316	+0.080%	$675K	$2.8M	20x
Vest HYPE-PERP	+0.0100%	1h	94.291	+0.054%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.228	−0.013%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.279	+0.041%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.269	+0.030%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.313	+0.077%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.289	+0.052%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.400	+0.170%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.175	−0.069%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.288	+0.051%	$399K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.307	+0.071%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.392%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.460	+0.233%	$4.7M	$6.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.198	−0.045%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.228	−0.012%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.374	+0.142%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.285	+0.048%	$16.8M	$12.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0354%	1h	94.374	+0.142%	$7.5M	$4.1M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.269	+0.031%	$3.2M	$6.3M	20x	as long as short