Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0049%/8h= −5.4% APRpaid last 24h −0.001%

Price spread now: Paradex against Lighter RH+0.055%58s7-day average +0.008% · 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—prices read too far apart to compare

costs, in and out, $10k−$190.191% 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)+0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now +0.055%, 7d avg +0.008%

Together, before fees−0.013%+ Points / potential airdropLighter RH: Points live · Paradex: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Paradex is 0.047% dearer against Lighter RH than usual: you sell high and buy low (spread +0.055% now, against its 7-day average of +0.008%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.2 days. The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	95.131	0.0096	pay 0.0012% / 1h	17m 48s	$3.2M	$10.4M	20x
Short	Paradex HYPE-USD-PERP	95.183	0.0047	get 0.0047% / 8h	7h 17m	$340K	$39K	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 +0.055%Rate

Funding earned: −$10.28
Price spread: +0.055% → +0.008%: $4.7
Slippage, 4 orders: −$15.08
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$24.66
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 6 min ago; Paradex: live order book, 16 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, 6 min ago	1.11 bp	3.3 bp −$3	5.2 bp −$52	23.1 bp −$2,313	doesn't fit
Sell Paradex live order book, 16 min ago	5.08 bp	7.1 bp −$7	11.5 bp −$115	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	−0.0824%	1h	95.057	−0.077%	$212K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0545%	1h	95.102	−0.030%	$79K	$148K	20x	as long as short
Phemex HYPEUSDT	−0.0330%	8h	95.054	−0.081%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0272%	1h	94.886	−0.257%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0214%	1h	95.156	+0.027%	$113K	$577K	20x	as long as short
dYdX HYPE-USD	−0.0137%	1h	95.162	+0.032%	$130K	$93K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0133%	1h	95.060	−0.075%	$705K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.176	+0.047%	$90K	$356K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.127	−0.004%	$1.0M	$3.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.122	−0.009%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.145	+0.015%	$18.9M	$35.7M	50x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	95.150	+0.020%	$319.8M	$289.9M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.149	+0.019%	$148K	$671K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.198	+0.070%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.154	+0.024%	$19K	$274K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.218	+0.091%	$7.5M	$4.4M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.163	+0.033%	$86K	—	150x	as long as short
Gate HYPE_USDT	+0.0008%	4h	95.122	−0.009%	$52.6M	$56.2M	75x	as long as short
Phoenix HYPE	+0.0008%	1h	95.051	−0.084%	$212K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−1.021%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.140	+0.009%	$4.7M	$5.8M	50x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	95.132	+0.001%	$228.4M	$95.5M	75x	as long as short
Vest HYPE-PERP	+0.0038%	1h	95.212	+0.085%	—	$126K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0039%	8h	95.156	+0.026%	$118.7M	$325.6M	50x	as long as short
Paradex HYPE-USD-PERPshort	+0.0047%	8h	95.183	+0.055%	$340K	$39K	20x
Backpack HYPE_USDC_PERP	+0.0054%	1h	95.122	−0.009%	$7.6M	$10.3M	20x	as long as short
SoDEX HYPE-USD	+0.0087%	1h	95.162	+0.033%	$2.1M	$1.9M	10x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	94.971	−0.169%	$5.0M	$31.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.128	−0.003%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	95.131	long leg	$3.2M	$10.4M	20x
Popdex HYPEUSDT	+0.0096%	1h	95.145	+0.015%	$151K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.140	+0.009%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.120	−0.011%	$7.1M	$51.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.269	+0.145%	$2.10B	$676.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	95.117	−0.015%	$8.9M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	95.171	+0.042%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.162	+0.033%	$382.6M	$918.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.126	−0.005%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.160	+0.030%	$98.9M	$88.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.122	−0.009%	$47.4M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.142	+0.012%	—	$52.7M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	95.031	−0.105%	$29.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.052	−0.083%	$7.7M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.976	−0.163%	$356K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.111	−0.021%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.114	−0.018%	$500K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.095	−0.038%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.266	+0.142%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.083	−0.050%	$18.3M	$42.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.163	+0.034%	$402K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.182	+0.054%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.262%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.115	−0.016%	$83K	$97K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.194	+0.067%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.078	−0.056%	$17.3M	$12.4M	75x	as long as short