Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against Katana Perps−0.050%7-day average +0.044% · 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 RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 7 days+0.094%+$9 · spread now −0.050%, 7d avg +0.044%

Together, before fees+0.103%+ Points / potential airdropLighter RH: Points live · farm board+$10 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 RH is 0.095% cheaper against Katana Perps than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	93.130	0.0100	pay 0.0100% / 8h	5h 13m	$24K	$1.6M	10x
Short	Lighter RH HYPE	93.083	0.0096	get 0.0012% / 1h	13m 04s	$3.1M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$0.8
Price spread: −0.050% → +0.044%: −$9.48
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$14.08
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Lighter RH: live order book, 6 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 RH live order book, 6 min ago	0.59 bp	1.6 bp −$2	2.8 bp −$28	23.4 bp −$2,336	doesn't fit

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 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	−0.1016%	1h	93.092	−0.041%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.002	−0.137%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0139%	1h	93.060	−0.075%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.096	−0.037%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.122	−0.009%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.079	−0.055%	$155K	$654K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0044%	1h	93.279	+0.160%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.163	+0.035%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.124	−0.006%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.107	−0.025%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0013%	8h	93.115	−0.016%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.069	−0.066%	$8.8M	$35.9M	300x	as long as short
Bullet HYPE-USD	+0.0018%	1h	93.087	−0.046%	$111K	$579K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	+0.028%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0034%	4h	93.048	−0.088%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.057	−0.078%	$44.5M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	93.045	−0.091%	$320.1M	$277.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.035	−0.102%	$113.5M	$299.3M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.060	−0.075%	$16.1M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.093	−0.040%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	93.083	−0.050%	$3.1M	$11.7M	20x
Popdex HYPEUSDT	+0.0096%	1h	93.104	−0.028%	$70K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.149	+0.020%	$339K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0099%	4h	93.049	−0.087%	$376.2M	$880.5M	75x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	93.130	long leg	$24K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	93.112	−0.020%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.132	+0.002%	$2.03B	$657.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.135	+0.006%	$10.0M	$14.8M	20x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.067	−0.068%	$89.4M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.076	−0.058%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.044	−0.092%	$225.0M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.049	−0.087%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.265%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.364	+0.251%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.292	+0.174%	$339K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.148	+0.019%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.147	+0.018%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.138	+0.009%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.055	−0.081%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.121	−0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.081	−0.053%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.027%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.013	−0.126%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.043	−0.094%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.295	+0.178%	$5.0M	$29.1M	30x	as long as short
HTX HYPE-USDT	+0.0141%	4h	93.245	+0.123%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	+0.021%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.096	−0.036%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0269%	8h	93.157	+0.029%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.109	−0.023%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	93.088	−0.045%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0448%	1h	93.180	+0.054%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.205	+0.081%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.644%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.132	+0.002%	$20.7M	$29.8M	50x	as long as short