Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.001%

Price spread now: Aevo against Lighter−0.128%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Lighter Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 7 days+0.024%+$2 on $10k

Price spread, last 3 days (all we have)+0.019%+$2 · spread now −0.128%, 7d avg −0.036%

Together, before fees+0.044%+ Points / potential airdropLighter: Season 3 · farm board+$4 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: Aevo is 0.092% cheaper against Lighter than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.979	0.0096	pay 0.0012% / 1h	55m 34s	$19.0M	$58.9M	20x
Short	Aevo HYPE-PERP	93.859	0.0096	get 0.0012% / 1h	55m 34s	$399K	$318K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Lighter. 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 LighterbpFee AevobpOrdersPrice spread, now −0.128%Rate

Funding earned: $0
Price spread: −0.128% → −0.036%: −$9.2
Slippage, 4 orders: −$18.29
Fee Lighter: 0 bp × 2 orders: $0
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$43.49
Costs to cover: 0.343%
Break-even: 89359435179625184.0 days

Slippage from Lighter: live order book, 8 min ago; Aevo: live order book, 23 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 Lighter live order book, 8 min ago	0.46 bp	0.7 bp −$1	2.0 bp −$20	8.7 bp −$871	36.6 bp −$18.3K
Sell Aevo live order book, 23 min ago	6.91 bp	14.9 bp −$15	15.0 bp −$150	22.4 bp −$2,238	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	−0.0520%	1h	93.829	−0.160%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0486%	1h	93.686	−0.312%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.866	−0.121%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.089%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.916	−0.067%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.912	−0.072%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.940	−0.041%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.951	−0.030%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.930	−0.052%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.923	−0.060%	$324.8M	$280.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0020%	1h	93.830	−0.159%	$703K	$903K	10x	as long as short
Aster HYPEUSDT	+0.0027%	4h	93.949	−0.032%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.185%	$215K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.934	−0.048%	$44.5M	$57.9M	75x	as long as short
edgeX HYPEUSDC	+0.0067%	4h	93.855	−0.132%	$5.1M	$29.7M	30x	as long as short
Derive HYPE-PERP	+0.0069%	1h	93.859	−0.128%	$16.4M	$6.9M	10x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.940	−0.042%	$90.6M	$80.3M	100x	as long as short
Binance HYPEUSDT	+0.0070%	4h	93.940	−0.042%	$385.6M	$885.7M	75x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.916	−0.067%	$12.8M	$2.6M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	93.979	long leg	$19.0M	$58.9M	20x
Lighter RH HYPE	+0.0096%	1h	93.958	−0.023%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.941	−0.041%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERPshort	+0.0096%	1h	93.859	−0.128%	$399K	$318K	20x
Paradex HYPE-USD-PERP	+0.0099%	8h	93.953	−0.028%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.940	−0.042%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.941	−0.040%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.961	−0.019%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.932	−0.050%	$115.2M	$314.8M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.944	−0.038%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.939	−0.043%	$227.7M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.930	−0.052%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.942	−0.040%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.552	−0.454%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.906	−0.078%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.925	−0.058%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.961	−0.019%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.962	−0.018%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.916	−0.067%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.929	−0.054%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.976	−0.004%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.937	−0.045%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.318%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.750	−0.244%	$30K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.921	−0.063%	$18.6M	$42.0M	50x	as long as short
01 Exchange HYPEUSD	+0.0104%	1h	93.968	−0.012%	$91K	$355K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.978	−0.001%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.870	−0.116%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0218%	1h	94.020	+0.043%	$7.4M	$4.5M	50x	as long as short
HTX HYPE-USDT	+0.0222%	4h	94.088	+0.116%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.933	−0.049%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0266%	4h	93.898	−0.087%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.992	+0.013%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.897	−0.088%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.049	+0.074%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0649%	1h	93.997	+0.019%	$2.05B	$667.7M	10x	as long as short