Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.020%

Price spread now: Lighter RH against Bybit+0.019%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$160.159% of the position

Long on Bybit Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 7 days−0.033%−$3 · spread now +0.019%, 7d avg +0.016%

Together, before fees−0.034%+ Points / potential airdropLighter RH: Points live · farm board−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.016%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	92.930	0.0039	pay 0.0039% / 8h	3h 54m	$316.6M	$281.9M	75x
Short	Lighter RH HYPE	92.948	0.0096	get 0.0012% / 1h	54m 45s	$3.1M	$11.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.019%Rate

Funding earned: $11.96
Price spread: +0.019% → +0.016%: $0.36
Slippage, 4 orders: −$4.92
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$3.61
Costs to cover: 0.159%
Break-even: 9.1 days

Slippage from Bybit: live order book, 4 min ago; Lighter RH: live order book, 4 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, 4 min ago	0.54 bp	6.0 bp −$6	7.4 bp −$74	16.6 bp −$1,664	50.9 bp −$25.4K
Sell Lighter RH live order book, 4 min ago	1.13 bp	1.2 bp −$1	2.3 bp −$23	20.8 bp −$2,082	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	−0.0512%	1h	92.611	−0.343%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.810	−0.129%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.917	−0.014%	$1.1M	$3.9M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0091%	1h	92.784	−0.157%	$350K	$1.0M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.814	−0.125%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0064%	4h	92.944	+0.015%	$44.6M	$53.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.892	−0.041%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.965	+0.038%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.870	−0.065%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.800	−0.139%	$22K	$302K	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 −0.0002%	1h	92.897	−0.036%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.939	+0.010%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDTlong	+0.0039%	8h	92.930	long leg	$316.6M	$281.9M	75x
Phoenix HYPE	+0.0043%	1h	92.888	−0.045%	$210K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.868	−0.067%	$87K	$362K	20x	as long as short
Aster HYPEUSDT	+0.0072%	4h	92.922	−0.009%	$8.7M	$36.2M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0082%	1h	92.800	−0.140%	$697K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0082%	4h	92.943	+0.014%	$225.0M	$98.8M	75x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	92.755	−0.188%	$4.9M	$29.5M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.945	+0.016%	$16.1M	$62.2M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	92.948	+0.019%	$3.1M	$11.6M	20x
Popdex HYPEUSDT	+0.0096%	1h	92.820	−0.118%	$69K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.967	+0.040%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.920	−0.011%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.767	−0.175%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.966	+0.039%	$2.02B	$663.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.969	+0.042%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.947	+0.018%	$373.8M	$903.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.945	+0.016%	$114.0M	$304.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.013%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.951	+0.023%	$88.2M	$79.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.950	+0.022%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.937	+0.008%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.969	+0.042%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.709	−0.238%	$28.4M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.766	−0.176%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.738	−0.207%	$666K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.873	−0.061%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.871	−0.063%	$468K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	92.841	−0.096%	$111K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.925	−0.005%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.900	−0.033%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.913	−0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.925	−0.005%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0101%	4h	93.050	+0.129%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.921	−0.009%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.917	−0.014%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.960	+0.032%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.008	+0.084%	$20.6M	$30.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.760	−0.183%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.853	−0.083%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.870	−0.064%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.910	−0.022%	$16.8M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0438%	1h	93.020	+0.097%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.010	+0.087%	$3.2M	$6.4M	20x	as long as short