Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: Lighter RH against Paradex−0.116%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−$21as in the Price arb table

costs, in and out, $10k−$110.105% of the position

Long on Paradex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.073%+$7 · spread now −0.116%, 7d avg −0.006%

Together, before fees+0.064%+ Points / potential airdropParadex: Active · Lighter RH: Points live · 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: Lighter RH is 0.110% cheaper against Paradex than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.006%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.846	0.0096	pay 0.0096% / 8h	6h 15m	$341K	$164K	20x
Short	Lighter RH HYPE	93.737	0.0096	get 0.0012% / 1h	15m 22s	$3.1M	$11.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$0.02
Price spread: −0.116% → −0.006%: −$10.95
Slippage, 4 orders: −$6.54
Fee Paradex: 2 bp × 2 orders: −$4
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$21.52
Costs to cover: 0.105%
Break-even: never at this rate

Slippage from Paradex: live order book, 54 min ago; Lighter RH: live order book, 3 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, 54 min ago	1.44 bp	3.4 bp −$3	9.8 bp −$98	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	0.11 bp	2.5 bp −$3	4.3 bp −$43	24.4 bp −$2,439	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	−0.1056%	1h	93.599	−0.262%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.612	−0.249%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0124%	8h	93.726	−0.127%	$12.7M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.733	−0.120%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0076%	1h	93.771	−0.079%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0071%	1h	93.650	−0.208%	$701K	$921K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.694	−0.161%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.708	−0.147%	$85K	$349K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0028%	1h	93.714	−0.140%	$7.7M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0008%	4h	93.716	−0.138%	$44.4M	$55.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0002%	4h	93.742	−0.110%	$8.9M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.751	−0.101%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.707	−0.148%	$22K	$325K	10x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.722	−0.132%	—	$53.6M	—	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.742	−0.110%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0010%	8h	93.710	−0.144%	$321.7M	$279.9M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.766	−0.085%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0068%	4h	93.721	−0.133%	$89.0M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.722	−0.132%	$381.5M	$889.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.730	−0.123%	$115.3M	$307.6M	50x	as long as short
Bullet HYPE-USD	+0.0071%	1h	93.722	−0.132%	$111K	$577K	20x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.690	−0.166%	$5.1M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.755	−0.096%	$16.4M	$62.6M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	93.737	−0.116%	$3.1M	$11.9M	20x
Popdex HYPEUSDT	+0.0096%	1h	93.692	−0.164%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.717	−0.137%	$399K	$175K	20x	as long as short
Paradex HYPE-USD-PERPlong	+0.0096%	8h	93.846	long leg	$341K	$164K	20x
Katana Perps HYPE-USD	+0.0100%	8h	93.710	−0.144%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.724	−0.130%	$5.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.819	−0.028%	$2.05B	$666.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.750	−0.102%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.760	−0.091%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.741	−0.111%	$46.4M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.726	−0.127%	$227.0M	$98.2M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.718	−0.136%	$31.2M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.737	−0.116%	$7.6M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.706	−0.149%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.802	−0.046%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.769	−0.082%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.758	−0.093%	$476K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.692	−0.164%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.699	−0.156%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.825	−0.022%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.722	−0.132%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.702	−0.153%	$18.3M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.800	−0.049%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.670	−0.187%	$30K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0191%	4h	93.900	+0.058%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.794	−0.054%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.724	−0.129%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0280%	8h	93.796	−0.053%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.745	−0.107%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0358%	1h	93.816	−0.031%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.817	−0.030%	$21.0M	$29.8M	50x	as long as short