Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0007%/8h= −0.8% APRpaid last 24h +0.004%

Price spread now: Lighter against edgeX−0.040%7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$100.103% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 7 days+0.081%+$8 · spread now −0.040%, 7d avg +0.059%

Together, before fees+0.064%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board+$6 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.099% cheaper against edgeX than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	93.338	0.0103	pay 0.0052% / 4h	1h 39m	$5.1M	$29.5M	30x
Short	Lighter HYPE	93.301	0.0096	get 0.0012% / 1h	39m 00s	$18.5M	$58.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$1.52
Price spread: −0.040% → +0.059%: −$9.91
Slippage, 4 orders: −$1.28
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$21.72
Costs to cover: 0.103%
Break-even: never at this rate

Slippage from edgeX: live order book, 5 min ago; Lighter: live order book, 5 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 edgeX live order book, 5 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	150.0 bp −$15.0K	doesn't fit
Sell Lighter live order book, 5 min ago	0.32 bp	0.3 bp $0	2.0 bp −$20	9.9 bp −$986	41.0 bp −$20.5K

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
Aftermath Perps HYPEUSD	−0.0364%	1h	93.237	−0.108%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0160%	1h	93.305	−0.036%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.193	−0.155%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	−0.109%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0074%	1h	93.130	−0.223%	$700K	$923K	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.246	−0.098%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.267	−0.076%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.233	−0.112%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.241	−0.104%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.277	−0.065%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0014%	4h	93.227	−0.119%	$8.9M	$35.9M	300x	as long as short
Derive HYPE-PERP	+0.0028%	1h	93.201	−0.147%	$16.3M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.211	−0.136%	$323.6M	$286.8M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0034%	4h	93.236	−0.109%	$171K	$519K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.039%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0043%	1h	93.228	−0.118%	$112K	$578K	20x	as long as short
Gate HYPE_USDT	+0.0052%	4h	93.227	−0.119%	$43.9M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	93.225	−0.121%	$90.4M	$81.6M	100x	as long as short
Binance HYPEUSDT	+0.0096%	4h	93.220	−0.126%	$383.2M	$892.2M	75x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.301	−0.040%	$18.5M	$58.8M	20x
Lighter RH HYPE	+0.0096%	1h	93.273	−0.070%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.235	−0.110%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.240	−0.105%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.228	−0.117%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.276	−0.066%	$2.03B	$670.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.247	−0.097%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.213	−0.134%	$113.9M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.056%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.247	−0.097%	$47.2M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.239	−0.106%	$226.0M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.228	−0.118%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.255	−0.089%	$7.9M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.018%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.350	+0.013%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	+0.018%	$413K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.288	−0.053%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.293	−0.048%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.272	−0.071%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.239	−0.106%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.271	−0.072%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.228	−0.118%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.282	−0.060%	$12.7M	$2.6M	50x	as long as short
edgeX HYPEUSDClong	+0.0103%	4h	93.338	long leg	$5.1M	$29.5M	30x
Extended HYPE-USD	+0.0104%	1h	93.208	−0.139%	$18.2M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.236	−0.109%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.371	+0.035%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.270	−0.073%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.150	−0.201%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.242	−0.102%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0263%	4h	93.426	+0.094%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.293	−0.048%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0336%	4h	93.252	−0.092%	$16.9M	$12.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.333	−0.005%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.271	−0.071%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.355	+0.019%	$20.9M	$28.8M	50x	as long as short