Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.5% APRpaid last 24h +0.003%

Price spread now: Paradex against Lighter+0.040%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−$26as in the Price arb table

costs, in and out, $10k−$320.317% 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)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now +0.040%, 7d avg −0.017%

Together, before fees−0.035%+ Points / potential airdropLighter: Season 3 · Paradex: Active · farm board−$3 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 0.057% dearer against Lighter than usual: you sell high and buy low, +$6 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	Lighter HYPE	92.270	0.0096	pay 0.0012% / 1h	38m 09s	$16.0M	$62.4M	20x
Short	Paradex HYPE-USD-PERP	92.306	0.0092	get 0.0092% / 8h	4h 38m	$338K	$163K	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 +0.040%Rate

Funding earned: −$0.87
Price spread: +0.040% → −0.017%: $5.72
Slippage, 4 orders: −$27.69
Fee Lighter: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$26.83
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Paradex: live order book, 21 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	0.86 bp	1.0 bp −$1	2.3 bp −$23	9.6 bp −$956	36.2 bp −$18.1K
Sell Paradex live order book, 21 min ago	12.88 bp	14.9 bp −$15	18.7 bp −$187	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
Arcus HYPE-USD	−0.0948%	1h	92.205	−0.070%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0432%	1h	92.376	+0.115%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0158%	1h	92.321	+0.055%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.364	+0.102%	$87K	$356K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.278	+0.009%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0069%	4h	92.275	+0.006%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0048%	1h	92.293	+0.026%	$110K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.311	+0.045%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.296	+0.029%	$22K	$309K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	92.299	+0.032%	$8.7M	$36.4M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0002%	1h	92.250	−0.021%	$695K	$1.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.326	+0.061%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.251	−0.020%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.379	+0.119%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0054%	8h	92.240	−0.032%	$315.4M	$281.3M	75x	as long as short
Phemex HYPEUSDT	+0.0062%	8h	92.287	+0.019%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0062%	4h	92.258	−0.013%	$44.3M	$55.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	92.255	−0.016%	$112.9M	$301.9M	50x	as long as short
Binance HYPEUSDT	+0.0084%	4h	92.260	−0.011%	$369.8M	$901.1M	75x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.253	−0.018%	$87.0M	$80.5M	100x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.287	+0.019%	$4.9M	$29.5M	30x	as long as short
Derive HYPE-PERP	+0.0090%	1h	92.271	+0.002%	$16.0M	$7.5M	10x	as long as short
Paradex HYPE-USD-PERPshort	+0.0092%	8h	92.306	+0.040%	$338K	$163K	20x
Lighter HYPElong	+0.0096%	1h	92.270	long leg	$16.0M	$62.4M	20x
Lighter RH HYPE	+0.0096%	1h	92.276	+0.007%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.336	+0.072%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.310	+0.044%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.335	+0.071%	$6.8M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.327	+0.062%	$2.01B	$663.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.302	+0.035%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.027%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.293	+0.025%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.256	−0.015%	$223.8M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.255	−0.016%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.258	−0.013%	$28.3M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.315	+0.049%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.289	+0.021%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.349	+0.086%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.365	+0.103%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.327	+0.062%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.270	0.000%	$78K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.349	+0.086%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.278	+0.009%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.441	+0.186%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.254	−0.016%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.335	+0.071%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.792%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.390	+0.130%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0253%	8h	92.339	+0.075%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.316	+0.050%	$79K	$138K	15x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.277	+0.008%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.315	+0.050%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.346	+0.083%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0487%	1h	92.391	+0.132%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.375	+0.114%	$3.1M	$6.4M	20x	as long as short