Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0119%/8h= −13.0% APRpaid last 24h −0.035%

Price spread now: Lighter against HTX−0.130%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.054%−$5 on $10k

Price spread, last 3 days (all we have)+0.200%+$20 · spread now −0.130%, 7d avg −0.002%

Together, before fees+0.146%+ Points / potential airdropLighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Lighter is 0.128% cheaper against HTX than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.801	0.0215	pay 0.0108% / 4h	28m 14s	$1.5M	$7.8M	75x
Short	Lighter HYPE	93.679	0.0096	get 0.0012% / 1h	28m 14s	$18.8M	$60.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now −0.130%Rate

Funding earned: −$25.01
Price spread: −0.130% → −0.002%: −$12.8
Slippage, 4 orders: −$8.74
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$58.55
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from HTX: live order book, 1 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 HTX live order book, 1 min ago	0.85 bp	8.8 bp −$9	13.6 bp −$136	34.3 bp −$3,432	doesn't fit
Sell Lighter live order book, 6 min ago	0.13 bp	0.2 bp $0	2.8 bp −$28	11.3 bp −$1,133	41.6 bp −$20.8K

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	−0.0872%	1h	93.521	−0.299%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0364%	1h	93.739	−0.066%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.564	−0.253%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.624	−0.189%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0058%	1h	93.560	−0.257%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.635	−0.177%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.589	−0.226%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	−0.148%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.638	−0.173%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.676	−0.133%	$166K	$583K	20x	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 −0.0003%	1h	93.680	−0.129%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	−0.122%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.628	−0.184%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.627	−0.185%	$321.7M	$283.3M	75x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.660	−0.150%	$87.8M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0057%	4h	93.648	−0.163%	$383.1M	$895.5M	75x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.690	−0.118%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.817	+0.017%	$5.1M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0086%	4h	93.640	−0.172%	$44.5M	$59.1M	75x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.679	−0.130%	$18.8M	$60.1M	20x
Lighter RH HYPE	+0.0096%	1h	93.652	−0.159%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.652	−0.159%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.638	−0.174%	$398K	$318K	20x	as long as short
Bullet HYPE-USD	+0.0096%	1h	93.625	−0.188%	$112K	$577K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.658	−0.152%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.610	−0.204%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.626	−0.186%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.674	−0.135%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.624	−0.189%	$115.3M	$320.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.188%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.664	−0.146%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.659	−0.151%	$226.9M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.647	−0.164%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.648	−0.163%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	−0.252%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	−0.180%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.819	+0.019%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.617	−0.196%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.674	−0.135%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.654	−0.157%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.651	−0.160%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.678	−0.131%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.645	−0.166%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.649%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.638	−0.174%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.722	−0.084%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.680	−0.129%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDTlong	+0.0215%	4h	93.801	long leg	$1.5M	$7.8M	75x
BloFin HYPE-USDT	+0.0226%	4h	93.652	−0.159%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.633	−0.179%	$77K	$142K	15x	as long as short
Hyperliquid HYPE	+0.0253%	1h	93.682	−0.127%	$2.04B	$676.3M	10x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.702	−0.106%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.668	−0.141%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0486%	1h	93.760	−0.044%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.740	−0.065%	$20.9M	$29.4M	50x	as long as short