Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.020%

Price spread now: Lighter against GRVT+0.386%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs+$26as in the Price arb table

costs, in and out, $10k−$120.118% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.007%+$1 on $10k

Price spread, last 7 days−0.345%−$35 · spread now +0.386%, 7d avg +0.012%

Together, before fees−0.339%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board−$34 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 0.375% dearer against GRVT than usual: you sell high and buy low, +$37 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT HYPE_USDT_Perp	93.468	0.0100	pay 0.0050% / 4h	2h 29m	$7.5M	$48.0M	10x
Short	Lighter HYPE	93.829	0.0096	get 0.0012% / 1h	29m 17s	$16.4M	$62.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now +0.386%Rate

Funding earned: −$0.84
Price spread: +0.386% → +0.012%: $37.46
Slippage, 4 orders: −$2.81
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: $24.81
Costs to cover: 0.118%
Break-even: from the start

Slippage from GRVT: 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 GRVT live order book, 5 min ago	0.75 bp	5.3 bp −$5	6.1 bp −$61	5977.7 bp −$597.8K	doesn't fit
Sell Lighter live order book, 5 min ago	0.23 bp	0.4 bp $0	3.3 bp −$33	15.7 bp −$1,573	43.4 bp −$21.7K

HYPE on 54 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	−0.0904%	1h	93.685	+0.232%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.697	+0.245%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0151%	1h	93.587	+0.127%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0134%	8h	93.757	+0.309%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0092%	1h	93.600	+0.141%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	+0.265%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.776	+0.330%	$156K	$648K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.834	+0.392%	$86K	$350K	20x	as long as short
Gate HYPE_USDT	−0.0050%	4h	93.813	+0.369%	$44.5M	$54.8M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0048%	1h	93.796	+0.351%	$7.8M	$10.3M	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0011%	4h	93.847	+0.405%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	−0.0001%	8h	93.795	+0.350%	$322.2M	$281.5M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.868	+0.428%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.814	+0.370%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.825	+0.381%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.805	+0.361%	—	$53.9M	—	as long as short
Bullet HYPE-USD	+0.0056%	1h	93.817	+0.373%	$112K	$578K	20x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.828	+0.385%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	+0.199%	$5.1M	$30.1M	30x	as long as short
Binance HYPEUSDT	+0.0060%	4h	93.810	+0.366%	$381.6M	$897.7M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	+0.254%	$211K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.815	+0.371%	$115.3M	$309.9M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.770	+0.323%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.856	+0.415%	$341K	$164K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.829	+0.386%	$16.4M	$62.5M	20x
Lighter RH HYPE	+0.0096%	1h	93.816	+0.372%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.818	+0.374%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.806	+0.362%	$399K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.800	+0.355%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.808	+0.364%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.921	+0.485%	$2.05B	$671.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.837	+0.395%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.822	+0.379%	$46.3M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.799	+0.354%	$226.9M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	+0.152%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perplong	+0.0100%	4h	93.468	long leg	$7.5M	$48.0M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	+0.203%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.762	+0.315%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.857	+0.417%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.843	+0.401%	$470K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.783	+0.337%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.883	+0.444%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.790	+0.345%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.129%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.765	+0.317%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.850	+0.409%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.790	+0.345%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.864	+0.423%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.979	+0.547%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.813	+0.369%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.872	+0.432%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.825	+0.382%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0389%	1h	93.893	+0.455%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.883	+0.444%	$21.0M	$29.9M	50x	as long as short