HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0096%/8h= +10.5% APRnext payment +$0.12 per $10,000 · paid last 24h +0.030%

Price spread now: Lighter against dYdX+0.063%7-day average +0.033% · you sell dearer than you buy

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$81as in the Price arb table

costs, in and out, $10k−$840.843% of the position

Long on dYdX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.126%+$13 on $10k

Price spread, last 4 days (all we have)−0.073%−$7 · spread now +0.063%, 7d avg +0.033%

Together, before fees+0.053%+ Points / potential airdropLighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.030% dearer against dYdX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	93.993	0	get 0.0000% / 1h	18m 30s	$129K	$29K	5x
Short	Lighter HYPE	94.052	0.0096	get 0.0012% / 1h	18m 30s	$16.3M	$63.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against dYdX. 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 dYdXbpFee LighterbpOrdersPrice spread, now +0.063%Rate

Funding earned: $20.16
Price spread: +0.063% → +0.033%: $3.03
Slippage, 4 orders: −$74.33
Fee dYdX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$61.15
Costs to cover: 0.843%
Break-even: 28.2 days

Slippage from dYdX: live order book, 30 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 dYdX live order book, 30 min ago	36.06 bp	41.1 bp −$41	48.2 bp −$482	123.1 bp −$12.3K	1048.6 bp −$524.3K
Sell Lighter live order book, 6 min ago	0.94 bp	1.0 bp −$1	1.3 bp −$13	12.0 bp −$1,203	43.5 bp −$21.8K

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	93.862	−0.139%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0415%	1h	93.610	−0.407%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.007	+0.015%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0035%	1h	94.114	+0.129%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	94.120	+0.135%	$147K	$674K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	93.993	long leg	$129K	$29K	5x
01 Exchange HYPEUSD	0.0000%	1h	94.049	+0.060%	$88K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.054	+0.065%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.160	+0.178%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.989	−0.004%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	94.042	+0.052%	$227.0M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	94.130	+0.146%	$319.4M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.624	−0.392%	$208K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0031%	8h	93.952	−0.043%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0049%	1h	93.930	−0.067%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.390%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.061	+0.073%	$342K	$158K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	94.052	+0.063%	$16.3M	$63.4M	20x
Lighter RH HYPE	+0.0096%	1h	94.050	+0.061%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.023	+0.032%	$71K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.020	+0.029%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.007	+0.015%	$7.8M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.110	+0.125%	$2.06B	$672.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.140	+0.157%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.058	+0.069%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.128	+0.144%	$377.9M	$917.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.160	+0.178%	$116.0M	$314.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.675%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.108	+0.123%	$47.4M	$54.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.080	+0.093%	$90.6M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.016	+0.025%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.134	+0.150%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.021	+0.030%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	−0.313%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.275	−0.764%	$7.5M	$47.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.227	−0.815%	$342K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.924	−0.073%	$672K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.082	+0.095%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.046	+0.057%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.159	+0.177%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.933	−0.064%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.003	+0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.944	−0.052%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.100	+0.114%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.983	−0.011%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.948	−0.048%	$397K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.986	−0.007%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.080	+0.093%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.950	−0.045%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.041	+0.052%	$80K	$127K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0293%	1h	94.028	+0.038%	$7.5M	$4.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.127	+0.143%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0339%	1h	94.012	+0.021%	$21.0M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.930	−0.067%	$16.9M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.085	+0.098%	$3.2M	$6.3M	20x	as long as short