Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter against Katana Perps−0.037%7-day average +0.071% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Katana Perps Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.017%+$2 on $10k

Price spread, last 7 days+0.070%+$7 · spread now −0.037%, 7d avg +0.071%

Together, before fees+0.087%+ Points / potential airdropLighter: Season 3 · farm board+$9 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 0.108% cheaper against Katana Perps than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of +0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	95.180	0.0100	pay 0.0100% / 8h	7h 04m	$40K	$1.5M	10x
Short	Lighter HYPE	95.145	0.0096	get 0.0012% / 1h	4m 02s	$16.3M	$64.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Katana Perps. 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 Katana PerpsbpFee LighterbpOrdersPrice spread, now −0.037%Rate

Funding earned: −$0.8
Price spread: −0.037% → +0.071%: −$10.84
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$15.44
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Lighter: live order book, 5 min ago. Net counts fees only.

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 Katana Perps no order-book sample	—	—	—	—	—
Sell Lighter live order book, 5 min ago	0.15 bp	1.3 bp −$1	2.6 bp −$26	10.8 bp −$1,080	48.5 bp −$24.2K

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0984%	1h	95.153	−0.029%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0543%	1h	95.116	−0.067%	$79K	$148K	20x	as long as short
Phemex HYPEUSDT	−0.0236%	8h	95.135	−0.047%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0231%	1h	95.209	+0.031%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0202%	1h	95.139	−0.043%	$113K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0141%	1h	95.130	−0.053%	$696K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.202	+0.023%	$91K	$357K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.180	0.000%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0105%	1h	95.179	−0.001%	$131K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.158	−0.023%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.143	−0.039%	$18.9M	$35.6M	50x	as long as short
Gate HYPE_USDT	−0.0038%	4h	95.118	−0.065%	$53.1M	$57.0M	75x	as long as short
Vest HYPE-PERP	−0.0016%	1h	95.235	+0.058%	—	$97K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.117	−0.066%	$148K	$668K	20x	as long as short
BingX HYPE-USDT	−0.0004%	4h	95.117	−0.066%	—	$50.7M	—	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.280	+0.105%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.187	+0.007%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.137	−0.045%	$87K	—	150x	as long as short
Bybit HYPEUSDT	+0.0004%	8h	95.160	−0.021%	$319.9M	$282.9M	75x	as long as short
Phoenix HYPE	+0.0008%	1h	95.295	+0.121%	$212K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.170	−0.011%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0032%	8h	95.165	−0.016%	$118.7M	$322.1M	50x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	95.172	−0.008%	$228.6M	$93.7M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0049%	8h	95.175	−0.005%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0057%	1h	95.087	−0.098%	$7.5M	$10.1M	20x	as long as short
Aster HYPEUSDT	+0.0083%	4h	95.124	−0.059%	$9.0M	$36.4M	300x	as long as short
SoDEX HYPE-USD	+0.0089%	1h	95.139	−0.043%	$2.1M	$1.7M	10x	as long as short
Lighter HYPEshort	+0.0096%	1h	95.145	−0.037%	$16.3M	$64.2M	20x
Lighter RH HYPE	+0.0096%	1h	95.148	−0.034%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.207	+0.028%	$273K	$1.3M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	95.221	+0.043%	$5.1M	$31.0M	30x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	95.180	long leg	$40K	$1.5M	10x
Nado HYPE-PERP	+0.0100%	1h	95.205	+0.026%	$7.2M	$55.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.250	+0.074%	$2.10B	$672.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.199	+0.020%	$10.3M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.138	−0.044%	$382.9M	$910.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	−0.004%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.124	−0.059%	$87.3M	$89.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.139	−0.043%	$47.5M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.229	+0.052%	$29.9M	$55.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.275	+0.100%	$7.7M	$43.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.259	+0.083%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.261	+0.085%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.201	+0.022%	$501K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.063	−0.123%	$33K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.289	+0.115%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.150	−0.032%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.160	−0.021%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.178	−0.002%	$3.2M	$6.3M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0149%	1h	95.234	+0.057%	$7.5M	$4.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.480	+0.315%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.129	−0.054%	$84K	$92K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.211	+0.033%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.168	−0.013%	$17.2M	$12.3M	75x	as long as short