Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.021%

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

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$230.227% of the position

Long on Gate Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 7 days−0.046%−$5 · spread now +0.011%, 7d avg +0.011%

Together, before fees−0.019%+ Points / potential airdropLighter RH: Points live · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.011%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	94.506	0.0078	pay 0.0039% / 4h	1m 33s	$50.6M	$57.0M	75x
Short	Lighter RH HYPE	94.516	0.0096	get 0.0012% / 1h	1m 33s	$3.2M	$10.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Gate. 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 GatebpFee Lighter RHbpOrdersPrice spread, now +0.011%Rate

Funding earned: $3.78
Price spread: +0.011% → +0.011%: −$0.02
Slippage, 4 orders: −$7.7
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$18.95
Costs to cover: 0.227%
Break-even: 42.1 days

Slippage from Gate: live order book, 2 min ago; Lighter RH: live order book, 2 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 Gate live order book, 2 min ago	0.05 bp	9.9 bp −$10	13.9 bp −$139	32.4 bp −$3,242	55.1 bp −$27.5K
Sell Lighter RH live order book, 2 min ago	0.11 bp	2.0 bp −$2	4.3 bp −$43	31.5 bp −$3,147	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	−0.1496%	1h	94.529	+0.024%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0381%	1h	94.477	−0.031%	$80K	$152K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0205%	1h	94.503	−0.003%	$22K	$20K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0202%	1h	94.460	−0.049%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0187%	1h	94.555	+0.051%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.536	+0.032%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.527	+0.022%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.511	+0.005%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.530	+0.025%	$318.0M	$288.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.487	−0.020%	$147K	$686K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	−0.0001%	1h	94.468	−0.040%	$16.3M	$7.3M	10x	as long as short
Lighter HYPE	0.0000%	1h	94.513	+0.008%	$16.4M	$64.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.542	+0.038%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.598	+0.097%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	+0.065%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.545	+0.041%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.588	+0.087%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.550	+0.047%	$227.1M	$100.4M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0025%	1h	94.561	+0.058%	$499K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	94.512	+0.006%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0046%	8h	94.543	+0.039%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0049%	1h	94.522	+0.017%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.550	+0.047%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.529	+0.024%	$118.0M	$325.7M	50x	as long as short
Vest HYPE-PERP	+0.0074%	1h	94.594	+0.093%	—	$190K	5x	as long as short
Gate HYPE_USDTlong	+0.0078%	4h	94.506	long leg	$50.6M	$57.0M	75x
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.049%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	94.516	+0.011%	$3.2M	$10.9M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.543	+0.039%	$85K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.510	+0.004%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.523	+0.019%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.628	+0.129%	$2.08B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.532	+0.027%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.544	+0.040%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.545	+0.041%	$379.2M	$932.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.083%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.562	+0.059%	$93.6M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.526	+0.021%	$47.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.512	+0.006%	—	$52.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.496	−0.011%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.362	−0.152%	$29.6M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.513	+0.007%	$7.6M	$44.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.048%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.519	+0.014%	$695K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.619	+0.120%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.620	+0.121%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.495	−0.012%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.508	+0.002%	$400K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.564	+0.061%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.450	−0.059%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0215%	1h	94.607	+0.107%	$7.5M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.551	+0.048%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.560	+0.057%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.534	+0.030%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.486	−0.021%	$17.2M	$12.4M	75x	as long as short