Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0077%/8h= +8.5% APRpaid last 24h +0.013%

Price spread now: Lighter against Bybit+0.100%7-day average +0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$150.146% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.051%+$5 on $10k

Price spread, last 7 days−0.060%−$6 · spread now +0.100%, 7d avg +0.045%

Together, before fees−0.009%+ Points / potential airdropLighter: Season 3 · farm board−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.056% dearer against Bybit than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	93.895	0.0019	pay 0.0019% / 8h	2m 41s	$323.2M	$283.9M	75x
Short	Lighter HYPE	93.989	0.0096	get 0.0012% / 1h	2m 41s	$18.9M	$60.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.100%Rate

Funding earned: $16.26
Price spread: +0.100% → +0.045%: $5.58
Slippage, 4 orders: −$3.61
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: $7.23
Costs to cover: 0.146%
Break-even: 3.9 days

Slippage from Bybit: live order book, 6 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 Bybit live order book, 6 min ago	0.53 bp	6.0 bp −$6	8.1 bp −$81	16.3 bp −$1,628	54.1 bp −$27.0K
Sell Lighter live order book, 6 min ago	0.25 bp	1.4 bp −$1	3.1 bp −$31	11.8 bp −$1,178	43.7 bp −$21.9K

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	−0.1376%	1h	93.897	+0.002%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0357%	1h	93.936	+0.043%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.920	+0.027%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.970	+0.080%	$704K	$926K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.042	+0.157%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.034	+0.148%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0010%	1h	93.985	+0.096%	$16.4M	$7.2M	10x	as long as short
dYdX HYPE-USD	−0.0007%	1h	93.976	+0.086%	$128K	$30K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	94.050	+0.165%	$170K	$593K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.081	+0.198%	$23K	$329K	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 −0.0003%	1h	94.070	+0.186%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	+0.003%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.975	+0.086%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDTlong	+0.0019%	8h	93.895	long leg	$323.2M	$283.9M	75x
Phemex HYPEUSDT	+0.0028%	8h	93.997	+0.109%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.916	+0.022%	$88.3M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0047%	4h	93.912	+0.018%	$383.8M	$898.7M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.038%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	94.049	+0.164%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.966	+0.076%	$44.2M	$60.1M	75x	as long as short
Bullet HYPE-USD	+0.0079%	1h	94.020	+0.133%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	93.910	+0.016%	$115.9M	$322.6M	50x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.989	+0.100%	$18.9M	$60.4M	20x
Lighter RH HYPE	+0.0096%	1h	93.993	+0.104%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.045	+0.160%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.040	+0.154%	$36K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.066	+0.182%	$342K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.049	+0.165%	$6.7M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.071	+0.187%	$2.05B	$680.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.951	+0.060%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.007%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.016	+0.129%	$46.6M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.961	+0.070%	$227.6M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.959	+0.068%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.046	+0.161%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.088%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.034%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.817	−0.083%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.966	+0.076%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	+0.171%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.070	+0.186%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.059	+0.175%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.087	+0.204%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.039	+0.153%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.548%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.951	+0.060%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	+0.229%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0157%	8h	94.091	+0.209%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0185%	4h	93.999	+0.111%	$17.0M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0194%	4h	94.200	+0.325%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.042	+0.156%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.091	+0.209%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	94.066	+0.182%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0473%	1h	94.154	+0.276%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.151	+0.272%	$21.1M	$29.5M	50x	as long as short