Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.004%

Price spread now: Paradex against Lighter RH−0.009%7-day average +0.006% · 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−$43as in the Price arb table

costs, in and out, $10k−$410.412% of the position

Long on Lighter RH Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.003%$0 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now −0.009%, 7d avg +0.006%

Together, before fees+0.047%+ Points / potential airdropLighter RH: Points live · Paradex: Active · farm board+$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	93.307	0.0096	pay 0.0012% / 1h	9m 09s	$3.1M	$12.4M	20x
Short	Paradex HYPE-USD-PERP	93.299	0.0099	get 0.0099% / 8h	2h 09m	$339K	$170K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex against Lighter RH. 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 Lighter RHbpFee ParadexbpOrdersPrice spread, now −0.009%Rate

Funding earned: $0.67
Price spread: −0.009% → +0.006%: −$1.44
Slippage, 4 orders: −$37.17
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$41.94
Costs to cover: 0.412%
Break-even: 445.8 days

Slippage from Lighter RH: live order book, 5 min ago; Paradex: live order book, 15 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 RH live order book, 5 min ago	1.07 bp	2.4 bp −$2	5.0 bp −$50	28.0 bp −$2,801	doesn't fit
Sell Paradex live order book, 15 min ago	16.62 bp	18.6 bp −$19	21.0 bp −$210	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-P	−0.0896%	1h	93.344	+0.039%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0255%	1h	93.456	+0.160%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0237%	1h	93.230	−0.083%	$700K	$930K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.285	−0.024%	$90K	$355K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.289	−0.019%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.232	−0.081%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0019%	1h	93.266	−0.044%	$110K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	+0.082%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.302	−0.005%	$23K	$334K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.316	+0.009%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0010%	4h	93.267	−0.043%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0022%	4h	93.264	−0.046%	$43.9M	$57.7M	75x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.280	−0.029%	$324.9M	$287.1M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.268	−0.042%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0054%	4h	93.293	−0.015%	$165K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.319%	$216K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0091%	1h	93.267	−0.043%	$2.0M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.315	+0.008%	$18.6M	$59.9M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	93.307	long leg	$3.1M	$12.4M	20x
Paradex HYPE-USD-PERPshort	+0.0099%	8h	93.299	−0.009%	$339K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.310	+0.003%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.275	−0.034%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.363	+0.060%	$2.03B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.293	−0.015%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.267	−0.043%	$384.9M	$889.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.250	−0.061%	$114.5M	$314.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.254	−0.057%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	−0.024%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.267	−0.043%	$93.1M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.273	−0.036%	$46.2M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.288	−0.020%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.267	−0.043%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.305	−0.002%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	−0.048%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.311	+0.004%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.267	−0.043%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.338	+0.033%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.316	+0.010%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.310	+0.003%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.276	−0.033%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.354	+0.050%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.321	+0.015%	$12.7M	$2.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0104%	8h	93.377	+0.075%	$1.9M	$5.2M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.267	−0.043%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.300	−0.007%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0115%	4h	93.290	−0.018%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.089%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.278	−0.031%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.646%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0292%	4h	93.462	+0.166%	$1.5M	$7.7M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.318	+0.012%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.271	−0.039%	$17.1M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0404%	1h	93.402	+0.102%	$7.4M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.344	+0.040%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.415	+0.116%	$19.1M	$26.2M	50x	as long as short