Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h −0.059%

Price spread now: Lighter RH against BloFin+0.053%7-day average +0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$170.168% of the position

Long on BloFin Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.523%−$52 on $10k

Price spread, last 4 days (all we have)+0.410%+$41 · spread now +0.053%, 7d avg +0.011%

Together, before fees−0.112%+ Points / potential airdropLighter RH: Points live · farm board−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter RH is 0.042% dearer against BloFin than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of +0.011%): +$4 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 14 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	93.555	0.0340	pay 0.0170% / 4h	1h 31m	$17.0M	$11.6M	75x
Short	Lighter RH HYPE	93.605	0.0096	get 0.0012% / 1h	31m 07s	$3.1M	$11.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$51.24
Price spread: +0.053% → +0.011%: $4.2
Slippage, 4 orders: −$4.77
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$63.8
Costs to cover: 0.168%
Break-even: never at this rate

Slippage from BloFin: 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 BloFin live order book, 3 min ago	0.11 bp	6.6 bp −$7	8.2 bp −$82	10.6 bp −$1,063	doesn't fit
Sell Lighter RH live order book, 3 min ago	1.39 bp	2.1 bp −$2	3.2 bp −$32	24.9 bp −$2,487	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	−0.1296%	1h	93.373	−0.195%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.453	−0.109%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.320	−0.251%	$699K	$996K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.512	−0.046%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0076%	8h	93.562	+0.007%	$12.6M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0063%	1h	93.445	−0.117%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.603	+0.051%	$85K	$344K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0042%	4h	93.562	+0.007%	$154K	$648K	20x	as long as short
Bullet HYPE-USD	−0.0002%	1h	93.559	+0.004%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.560	+0.005%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.578	+0.025%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.593	+0.040%	$62K	—	150x	as long as short
BingX HYPE-USDT	+0.0024%	4h	93.586	+0.033%	—	$53.0M	—	as long as short
Phoenix HYPE	+0.0026%	1h	93.512	−0.046%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0026%	4h	93.590	+0.037%	$8.8M	$35.5M	300x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	93.550	−0.005%	$321.8M	$277.0M	75x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.591	+0.038%	$44.7M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.539	−0.017%	$114.3M	$302.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.617	+0.066%	$16.3M	$61.8M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	93.605	+0.053%	$3.1M	$11.6M	20x
Popdex HYPEUSDT	+0.0096%	1h	93.590	+0.037%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.605	+0.054%	$340K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.580	+0.027%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.555	0.000%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.639	+0.090%	$2.04B	$654.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.587	+0.034%	$10.1M	$14.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.581	+0.028%	$379.7M	$876.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.204%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.599	+0.047%	$90.0M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.619	+0.068%	$46.0M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.565	+0.011%	$226.2M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.563	+0.009%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.546	−0.010%	$31.2M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.532	−0.025%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.349	−0.220%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.512	−0.046%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.588	+0.036%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.592	+0.040%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.564	+0.010%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.551	−0.004%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.619	+0.068%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.600	+0.048%	$2.0M	$1.9M	10x	as long as short
edgeX HYPEUSDC	+0.0102%	4h	93.459	−0.103%	$5.1M	$29.7M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.558	+0.003%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.589	+0.036%	$398K	$162K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.630	+0.080%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0187%	4h	93.700	+0.155%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.549	−0.006%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.570	+0.016%	$1.9M	$5.0M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0305%	1h	93.665	+0.118%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.588	+0.035%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	93.555	long leg	$17.0M	$11.6M	75x
RISEx HYPE/USDC	+0.0510%	1h	93.665	+0.117%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.310	−0.262%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.661	+0.113%	$20.8M	$29.7M	50x	as long as short