HyENA vs Paradex Funding Arbitrage
2 shared markets · net of estimated fees · updated every few minutes
HyENA and Paradex both quote 2 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread right now is PUMP — long HyENA / short Paradex at 6.8% net APR — but the median across all shared markets is 6.0%, which is the number worth planning around.
HyENA / Paradex spreads by market
top 2 by net APR| Market | Long | Short | Gross APR | Net APR | 7d avg | 24h vol · lower leg |
|---|---|---|---|---|---|---|
| PUMP | HyENA | Paradex | 11.0% | 6.8% | -27.7% | — |
| XPL | HyENA | Paradex | 10.2% | 5.2% | +16.7% | — |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Which venue is the long leg
The long leg is whichever venue currently prices funding lower for that market — it is a property of the market, not of the exchange, and it flips as rates move.
HyENA vs Paradex — FAQ
How many markets can you arbitrage between HyENA and Paradex?
2 perpetual markets are quoted on both HyENA and Paradex right now. 2 of them show a net spread of at least 5% APR after estimated fees, and 0 have at least $1M of 24h volume on the smaller leg.
What is the best HyENA / Paradex funding spread right now?
PUMP: long HyENA and short Paradex for about 6.8% net APR after estimated fees. The median across all 2 shared markets is 6.0%, so the top of the list is not typical.
Which side pays on the HyENA / Paradex pair?
It varies by market: HyENA is the long (funding-receiving) leg in 2 of the shared markets and Paradex in the other 0. The direction is set per market by which venue currently prices funding lower.
Trading the HyENA / Paradex spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. Direction risk is largely offset, and the position earns the funding difference each interval. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Per-market detail, including a backtest, is on each market's funding page; the full calculation is in the methodology.
Venue detail: HyENA funding rates · Paradex funding rates
Coverage note: HyENA and Paradex share 2 markets, 0 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.