Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0084%/8h= +9.2% APRpaid last 24h +0.013%

Price spread now: Lighter RH against Aster−0.002%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$110.107% of the position

Long on Aster Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$2 on $10k

Price spread, last 7 days+0.008%+$1 · spread now −0.002%, 7d avg +0.005%

Together, before fees−0.017%+ Points / potential airdropAster: Stage 5 · Lighter RH: Points live · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	93.475	0.0012	pay 0.0006% / 4h	2h 35m	$8.9M	$35.9M	300x
Short	Lighter RH HYPE	93.473	0.0096	get 0.0012% / 1h	35m 37s	$3.1M	$12.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.002%Rate

Funding earned: $17.64
Price spread: −0.002% → +0.005%: −$0.76
Slippage, 4 orders: −$2.69
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $6.19
Costs to cover: 0.107%
Break-even: 4.5 days

Slippage from Aster: live order book, 3 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 Aster live order book, 3 min ago	0.38 bp	4.4 bp −$4	4.7 bp −$47	10.3 bp −$1,032	doesn't fit
Sell Lighter RH live order book, 3 min ago	0.64 bp	1.0 bp −$1	1.5 bp −$15	22.2 bp −$2,215	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	−0.1104%	1h	93.433	−0.045%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0256%	1h	93.396	−0.084%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0249%	1h	93.370	−0.112%	$701K	$941K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.512	+0.040%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.414	−0.065%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.392	−0.089%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0003%	1h	93.345	−0.139%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.485	+0.010%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.417	−0.062%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.424	−0.055%	$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 HYPEUSDTlong	+0.0012%	4h	93.475	long leg	$8.9M	$35.9M	300x
Gate HYPE_USDT	+0.0028%	4h	93.486	+0.012%	$44.1M	$56.5M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.480	+0.005%	$325.7M	$287.4M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.464	−0.012%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0070%	4h	93.408	−0.072%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.485	+0.011%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.498	+0.025%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	93.473	−0.002%	$3.1M	$12.3M	20x
Paradex HYPE-USD-PERP	+0.0100%	8h	93.462	−0.014%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	+0.016%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.484	+0.010%	$6.0M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.486	+0.012%	$2.03B	$667.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.491	+0.017%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.484	+0.010%	$385.5M	$888.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.484	+0.010%	$114.8M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.458	−0.018%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.077%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.488	+0.014%	$92.8M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.451	−0.026%	$46.4M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.510	+0.037%	$227.1M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.470	−0.005%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.436	−0.042%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.106%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.494	+0.021%	$7.5M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.482	+0.007%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.470	−0.005%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.497	+0.023%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.512	+0.040%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.398	−0.082%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.443	−0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.389	−0.092%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.407	−0.073%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.474	−0.001%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.373	−0.109%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.336	−0.148%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0116%	8h	93.483	+0.009%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	−0.080%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.484	+0.010%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0253%	1h	93.491	+0.017%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.155%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.444	−0.033%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.449	−0.028%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0340%	4h	93.662	+0.200%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.557	+0.088%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.492	+0.018%	$19.2M	$25.9M	50x	as long as short