Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h +0.003%

Price spread now: Paradex against Lighter+0.063%7-day average −0.018% · 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$0as in the Price arb table

costs, in and out, $10k−$80.079% of the position

Long on Lighter Short on Paradex

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)−0.059%−$6 · spread now +0.063%, 7d avg −0.018%

Together, before fees−0.063%+ Points / potential airdropLighter: Season 3 · Paradex: Active · farm board−$6 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: Paradex is 0.081% dearer against Lighter than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.839	0.0096	pay 0.0012% / 1h	22m 57s	$16.4M	$62.6M	20x
Short	Paradex HYPE-USD-PERP	93.897	0.0095	get 0.0095% / 8h	6h 22m	$341K	$164K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Lighter. 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 LighterbpFee ParadexbpOrdersPrice spread, now +0.063%Rate

Funding earned: −$0.13
Price spread: +0.063% → −0.018%: $8.09
Slippage, 4 orders: −$3.92
Fee Lighter: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: $0.04
Costs to cover: 0.079%
Break-even: from the start

Slippage from Lighter: live order book, 6 min ago; Paradex: live order book, 46 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 Lighter live order book, 6 min ago	0.52 bp	0.5 bp −$1	1.4 bp −$14	9.3 bp −$935	35.8 bp −$17.9K
Sell Paradex live order book, 46 min ago	1.44 bp	3.4 bp −$3	7.7 bp −$77	doesn't fit	doesn't fit

HYPE on 54 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	−0.1000%	1h	93.698	−0.150%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.729	−0.117%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0138%	8h	93.853	+0.015%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0129%	1h	93.810	−0.031%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.875	+0.039%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0078%	1h	93.850	+0.012%	$703K	$924K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.787	−0.055%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.844	+0.006%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0035%	1h	93.796	−0.046%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0030%	4h	93.860	+0.023%	$44.5M	$55.1M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0002%	4h	93.859	+0.022%	—	$53.6M	—	as long as short
Aster HYPEUSDT	−0.0002%	4h	93.822	−0.017%	$8.9M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.844	+0.006%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.859	+0.021%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.822	−0.018%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0003%	8h	93.866	+0.029%	$322.3M	$281.1M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.922	+0.089%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	93.910	+0.076%	$87.9M	$82.9M	100x	as long as short
Binance HYPEUSDT	+0.0069%	4h	93.884	+0.048%	$382.1M	$892.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0069%	8h	93.882	+0.046%	$115.3M	$308.5M	50x	as long as short
Bullet HYPE-USD	+0.0074%	1h	93.819	−0.021%	$112K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.907	+0.072%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERPshort	+0.0095%	8h	93.897	+0.063%	$341K	$164K	20x
Lighter HYPElong	+0.0096%	1h	93.839	long leg	$16.4M	$62.6M	20x
Lighter RH HYPE	+0.0096%	1h	93.828	−0.011%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.836	−0.003%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.812	−0.028%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.860	+0.023%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.876	+0.040%	$5.8M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.948	+0.116%	$2.05B	$665.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.887	+0.051%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.908	+0.074%	$46.5M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.889	+0.054%	$227.5M	$98.5M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	+0.075%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.947	+0.115%	$7.6M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.891	+0.056%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.836	−0.003%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.901	+0.066%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.868	+0.031%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.774	−0.069%	$79K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.787	−0.056%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.947	+0.115%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.798	−0.043%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	+0.044%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.889	+0.053%	$18.3M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.920	+0.087%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.800	−0.041%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0205%	4h	93.976	+0.146%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.910	+0.076%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.820	−0.020%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.905	+0.071%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.836	−0.003%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0389%	1h	93.897	+0.062%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.902	+0.067%	$21.0M	$29.8M	50x	as long as short