Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0089%/8h= +9.8% APRpaid last 24h +0.019%

Price spread now: Lighter against Aster−0.003%7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$110.113% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 7 days+0.015%+$1 · spread now −0.003%, 7d avg +0.035%

Together, before fees+0.045%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.038% cheaper against Aster than usual: you would sell low and buy high (spread −0.003% now, against its 7-day average of +0.035%). If the spread goes back, that is −$4 on $10k: about 34 hours of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.030% in total) that is about 8.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	92.816	0.0007	pay 0.0003% / 4h	53m 37s	$8.7M	$36.2M	300x
Short	Lighter HYPE	92.814	0.0096	get 0.0012% / 1h	53m 37s	$16.1M	$61.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now −0.003%Rate

Funding earned: $18.79
Price spread: −0.003% → +0.035%: −$3.76
Slippage, 4 orders: −$3.27
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: $3.76
Costs to cover: 0.113%
Break-even: 5.6 days

Slippage from Aster: live order book, 5 min ago; Lighter: live order book, 5 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 Aster live order book, 5 min ago	0.70 bp	4.7 bp −$5	5.1 bp −$51	10.8 bp −$1,076	doesn't fit
Sell Lighter live order book, 5 min ago	0.74 bp	0.9 bp −$1	3.6 bp −$36	12.7 bp −$1,270	46.7 bp −$23.3K

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	92.680	−0.147%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0792%	1h	92.817	0.000%	$195K	$227K	7x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.816	0.000%	$86K	$351K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0104%	1h	92.753	−0.068%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0096%	1h	92.780	−0.039%	$111K	$579K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.803	−0.014%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.759	−0.062%	$158K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0054%	1h	92.720	−0.104%	$699K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.870	+0.058%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.776	−0.044%	$23K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.828	+0.012%	$62K	—	150x	as long as short
Aster HYPEUSDTlong	+0.0007%	4h	92.816	long leg	$8.7M	$36.2M	300x
Phemex HYPEUSDT	+0.0009%	8h	92.782	−0.037%	$12.5M	$2.7M	50x	as long as short
Derive HYPE-PERP	+0.0010%	1h	92.732	−0.091%	$16.1M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	92.584	−0.250%	$210K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.786	−0.032%	—	$53.1M	—	as long as short
Bybit HYPEUSDT	+0.0039%	8h	92.790	−0.028%	$318.5M	$279.0M	75x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.794	−0.024%	$44.5M	$54.4M	75x	as long as short
ApeX Omni HYPEUSDT	+0.0068%	1h	92.356	−0.496%	$337K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.785	−0.034%	$113.4M	$301.2M	50x	as long as short
Binance HYPEUSDT	+0.0085%	4h	92.797	−0.021%	$373.2M	$891.7M	75x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	92.787	−0.031%	$87.9M	$80.1M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.817	+0.001%	$339K	$162K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	92.814	−0.003%	$16.1M	$61.9M	20x
Lighter RH HYPE	+0.0096%	1h	92.812	−0.004%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.781	−0.038%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.810	−0.007%	$14K	$1.6M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	92.417	−0.430%	$5.0M	$29.1M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.783	−0.035%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.856	+0.043%	$2.02B	$656.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.823	+0.007%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.017%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.817	+0.001%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.790	−0.028%	$224.5M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.798	−0.019%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.820	+0.004%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.237%	$7.5M	$45.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.854	+0.041%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.831	+0.016%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.830	+0.015%	$469K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.818	+0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.797	−0.021%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.954	+0.149%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.763	−0.057%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.787	−0.031%	$392K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.730	−0.093%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.840	+0.026%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.791	−0.027%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.855	+0.042%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0326%	4h	92.812	−0.004%	$16.9M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.814	−0.002%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.863	+0.051%	$20.7M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0375%	1h	92.881	+0.070%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.883	+0.072%	$3.2M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.2724%	1h	92.759	−0.062%	$79K	$169K	20x	as long as short