Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.015%

Price spread now: Lighter against Bitget+0.019%7-day average +0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 7 days−0.011%−$1 · spread now +0.019%, 7d avg +0.036%

Together, before fees+0.049%+ Points / potential airdropLighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget HYPEUSDT	93.650	0.0100	pay 0.0050% / 4h	2h 31m	$226.6M	$100.3M	75x
Short	Lighter HYPE	93.668	0.0096	get 0.0012% / 1h	31m 45s	$16.4M	$62.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.019%Rate

Funding earned: −$0.84
Price spread: +0.019% → +0.036%: −$1.78
Slippage, 4 orders: −$6.42
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$21.04
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from Bitget: live order book, 2 min ago; Lighter: live order book, 7 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 Bitget live order book, 2 min ago	0.05 bp	9.1 bp −$9	14.2 bp −$142	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	0.29 bp	0.3 bp $0	2.6 bp −$26	13.3 bp −$1,334	44.9 bp −$22.5K

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	−0.0888%	1h	93.443	−0.221%	$196K	$231K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.522	−0.137%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0171%	1h	93.413	−0.253%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0117%	8h	93.596	−0.058%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0093%	1h	93.560	−0.096%	$698K	$988K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.482	−0.179%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.662	+0.013%	$86K	$351K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0059%	1h	93.619	−0.033%	$7.8M	$10.4M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.648	−0.002%	$156K	$652K	20x	as long as short
Gate HYPE_USDT	−0.0056%	4h	93.665	+0.016%	$44.5M	$54.7M	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	−0.0024%	4h	93.665	+0.016%	$8.8M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.622	−0.030%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.612	−0.040%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.686	+0.039%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.665	+0.016%	—	$53.9M	—	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.630	−0.021%	$321.6M	$282.6M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.674	+0.026%	$88.1M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.677	+0.029%	$381.1M	$904.3M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.458	−0.205%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.170	−0.513%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0060%	1h	93.676	+0.027%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.649	−0.001%	$115.2M	$315.4M	50x	as long as short
Derive HYPE-PERP	+0.0079%	1h	93.626	−0.026%	$16.2M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.646	−0.005%	$340K	$165K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.668	+0.019%	$16.4M	$62.4M	20x
Lighter RH HYPE	+0.0096%	1h	93.663	+0.014%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.655	+0.005%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.675	+0.027%	$398K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.590	−0.064%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.641	−0.010%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.742	+0.098%	$2.05B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.619	−0.033%	$10.1M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.675	+0.027%	$46.2M	$18.4M	75x	as long as short
Bitget HYPEUSDTlong	+0.0100%	4h	93.650	long leg	$226.6M	$100.3M	75x
Variational Omni HYPE	+0.0100%	8h	93.411	−0.256%	$31.0M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.516	−0.143%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.468	−0.194%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.477	−0.185%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.666	+0.017%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.708	+0.062%	$469K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.649	−0.001%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.748	+0.105%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.644	−0.006%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.323%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.648	−0.002%	$18.4M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.740	+0.096%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.490	−0.171%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.676	+0.028%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0218%	4h	93.815	+0.176%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.667	+0.018%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0266%	8h	93.514	−0.145%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.691	+0.044%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0519%	1h	93.752	+0.109%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.731	+0.086%	$20.9M	$30.1M	50x	as long as short