Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0292%/8h= −32.0% APRpaid last 24h −0.057%

Price spread now: Lighter against BloFin+0.056%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$62as in the Funding arb table

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

costs, in and out, $10k−$130.133% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.488%−$49 on $10k

Price spread, last 4 days (all we have)+0.045%+$5 · spread now +0.056%, 7d avg +0.032%

Together, before fees−0.443%+ Points / potential airdropLighter: Season 3 · farm board−$44 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.024% dearer against BloFin than usual: you sell high and buy low (spread +0.056% now, against its 7-day average of +0.032%): +$2 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	94.604	0.0340	pay 0.0170% / 4h	3h 58m	$17.1M	$12.4M	75x
Short	Lighter HYPE	94.657	0.0048	get 0.0006% / 1h	58m 19s	$16.2M	$61.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.056%Rate

Funding earned: −$61.32
Price spread: +0.056% → +0.032%: $2.36
Slippage, 4 orders: −$1.32
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$72.28
Costs to cover: 0.133%
Break-even: never at this rate

Slippage from BloFin: live order book, 11 min ago; Lighter: live order book, 6 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 BloFin live order book, 11 min ago	0.05 bp	6.3 bp −$6	7.0 bp −$70	9.6 bp −$962	doesn't fit
Sell Lighter live order book, 6 min ago	0.14 bp	0.8 bp −$1	2.1 bp −$21	10.4 bp −$1,044	41.6 bp −$20.8K

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	−0.1472%	1h	94.558	−0.049%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0302%	1h	94.672	+0.072%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0238%	1h	94.573	−0.033%	$22K	$20K	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.657	+0.056%	$1.0M	$3.5M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.658	+0.057%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.726	+0.129%	$87K	$364K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.632	+0.029%	$20.3M	$30.2M	50x	as long as short
Bybit HYPEUSDT	−0.0045%	8h	94.670	+0.070%	$318.0M	$288.7M	75x	as long as short
Gate HYPE_USDT	−0.0040%	4h	94.664	+0.063%	$50.7M	$53.5M	75x	as long as short
Ondo Perps HYPE-USD.P	−0.0031%	1h	94.610	+0.006%	$712K	$1.2M	10x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.657	+0.056%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.666	+0.065%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.704	+0.106%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	−0.039%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.669	+0.069%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.687	+0.088%	$124K	—	150x	as long as short
Derive HYPE-PERP	+0.0008%	1h	94.543	−0.065%	$16.3M	$7.3M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.648	+0.047%	$227.1M	$100.6M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.640	+0.038%	$4.7M	$6.2M	50x	as long as short
Bullet HYPE-USD	+0.0023%	1h	94.607	+0.003%	$112K	$575K	20x	as long as short
Phemex HYPEUSDT	+0.0037%	8h	94.599	−0.005%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	94.707	+0.109%	$338K	$154K	20x	as long as short
Lighter HYPEshort	+0.0048%	1h	94.657	+0.056%	$16.2M	$61.6M	20x
Backpack HYPE_USDC_PERP	+0.0049%	1h	94.616	+0.013%	$7.6M	$10.6M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.681	+0.081%	$118.0M	$327.1M	50x	as long as short
Lighter RH HYPE	+0.0064%	1h	94.668	+0.068%	$3.2M	$10.2M	20x	as long as short
Vest HYPE-PERP	+0.0076%	1h	94.735	+0.138%	—	$190K	5x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.152%	$5.0M	$30.7M	30x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.695	+0.096%	$85K	$1.2M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.674	+0.075%	$7.3M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.769	+0.175%	$2.08B	$689.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.651	+0.050%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.683	+0.084%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.704	+0.106%	$379.8M	$934.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	+0.085%	$219K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.660	+0.059%	$93.5M	$84.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.654	+0.053%	$46.9M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.669	+0.069%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.532	−0.076%	$29.7M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.577	−0.029%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.151%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.580	−0.025%	$695K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.746	+0.150%	$500K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.678	+0.078%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.596	−0.008%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.692	+0.093%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.627	+0.025%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.719	+0.121%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.709	+0.111%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.840	+0.249%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.651	+0.049%	$83K	$121K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.705	+0.106%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	94.604	long leg	$17.1M	$12.4M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	94.689	+0.090%	$7.5M	$4.3M	50x	as long as short