Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.003%

Price spread now: Lighter against Paradex+0.025%7-day average +0.019% · 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−$11as in the Price arb table

costs, in and out, $10k−$120.116% of the position

Long on Paradex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now +0.025%, 7d avg +0.019%

Together, before fees−0.028%+ Points / potential airdropParadex: Active · Lighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.708	0.0100	pay 0.0100% / 8h	2h 25m	$340K	$170K	20x
Short	Lighter HYPE	93.732	0.0096	get 0.0012% / 1h	25m 41s	$18.6M	$59.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.025%Rate

Funding earned: −$0.75
Price spread: +0.025% → +0.019%: $0.59
Slippage, 4 orders: −$7.58
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter: 0 bp × 2 orders: $0
Net: −$11.74
Costs to cover: 0.116%
Break-even: never at this rate

Slippage from Paradex: live order book, 63 min ago; Lighter: live order book, 8 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, 63 min ago	2.46 bp	4.5 bp −$4	11.1 bp −$111	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	0.68 bp	1.8 bp −$2	4.2 bp −$42	14.6 bp −$1,457	48.3 bp −$24.2K

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	−0.1016%	1h	93.493	−0.230%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	93.576	−0.141%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0242%	1h	93.630	−0.083%	$702K	$936K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.161%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.721	+0.014%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0035%	1h	93.676	−0.034%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.629	−0.085%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.014%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.671	−0.040%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.718	+0.010%	$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	+0.0024%	4h	93.703	−0.005%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.683	−0.027%	$44.1M	$57.0M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.690	−0.019%	$326.3M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.686	−0.024%	$57K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0066%	4h	93.677	−0.033%	$176K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.590	−0.126%	$216K	$1.2M	10x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.732	+0.025%	$18.6M	$59.6M	20x
Lighter RH HYPE	+0.0096%	1h	93.716	+0.008%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERPlong	+0.0100%	8h	93.708	long leg	$340K	$170K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.720	+0.013%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.653	−0.059%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.770	+0.066%	$2.04B	$670.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.709	+0.001%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.699	−0.010%	$386.5M	$887.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.699	−0.010%	$115.1M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.664	−0.047%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.690	−0.019%	$93.8M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.704	−0.004%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.702	−0.006%	$227.5M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.685	−0.025%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.719	+0.012%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.179%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.101%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.174%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.586	−0.130%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.668	−0.043%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.696	−0.013%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.694	−0.015%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.696	−0.013%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.679	−0.031%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.656	−0.056%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.162%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.676	−0.034%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.677	−0.033%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.164%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0133%	8h	93.760	+0.055%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0166%	1h	93.783	+0.080%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.690	−0.019%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.665	−0.046%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.500	−0.222%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0316%	4h	93.850	+0.151%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.697	−0.012%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.597	−0.119%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.753	+0.048%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.790	+0.087%	$19.2M	$26.0M	50x	as long as short