Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0091%/8h= −9.9% APRpaid last 24h −0.014%

Price spread now: Aster against Lighter−0.047%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$110.112% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 7 days+0.011%+$1 · spread now −0.047%, 7d avg −0.035%

Together, before fees−0.015%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.035%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.270	0.0096	pay 0.0012% / 1h	55m 19s	$18.6M	$58.2M	20x
Short	Aster HYPEUSDT	93.226	0.0005	get 0.0003% / 4h	1h 55m	$8.9M	$35.8M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$19.07
Price spread: −0.047% → −0.035%: −$1.17
Slippage, 4 orders: −$3.2
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$31.44
Costs to cover: 0.112%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Aster: live order book, 4 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, 4 min ago	0.48 bp	0.8 bp −$1	4.8 bp −$48	12.6 bp −$1,261	43.5 bp −$21.8K
Sell Aster live order book, 4 min ago	0.54 bp	4.6 bp −$5	5.5 bp −$55	12.5 bp −$1,254	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
Aftermath Perps HYPEUSD	−0.0289%	1h	93.231	−0.042%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.127	−0.153%	$1.2M	$4.1M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.167	−0.110%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0024%	1h	93.101	−0.181%	$197K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.155	−0.123%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.124	−0.156%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.243	−0.029%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.270	0.000%	$23K	$334K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.263	−0.007%	$20K	—	150x	as long as short
Aster HYPEUSDTshort	+0.0005%	4h	93.226	−0.047%	$8.9M	$35.8M	300x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0008%	1h	93.264	−0.006%	$90K	$361K	20x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.210	−0.064%	$324.5M	$286.6M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.230	−0.043%	$57K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.251	−0.020%	$44.1M	$56.7M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0046%	4h	93.232	−0.040%	$165K	$515K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.222	−0.051%	$216K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0086%	1h	93.030	−0.257%	$699K	$930K	10x	as long as short
Vest HYPE-PERP	+0.0095%	1h	93.250	−0.021%	—	$454K	5x	as long as short
Lighter HYPElong	+0.0096%	1h	93.270	long leg	$18.6M	$58.2M	20x
Lighter RH HYPE	+0.0096%	1h	93.152	−0.126%	$3.0M	$12.0M	20x	as long as short
ApeX Omni HYPEUSDT	+0.0096%	1h	93.051	−0.234%	$404K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.161	−0.116%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.170	−0.107%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.204	−0.070%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.285	+0.016%	$2.03B	$674.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.176	−0.101%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.247	−0.024%	$384.5M	$891.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.209	−0.065%	$114.5M	$314.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.002%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.258	−0.013%	$91.4M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.263	−0.007%	$47.1M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.232	−0.040%	$226.2M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.239	−0.033%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.162	−0.115%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	−0.174%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.072	−0.212%	$7.5M	$44.8M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.082	−0.201%	$673K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.270	0.000%	$493K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.228	−0.044%	$112K	$580K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.241	−0.031%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.264	−0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.226	−0.047%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.230	−0.043%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.199	−0.076%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.220	−0.054%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.244	−0.027%	$5.1M	$29.3M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.270	0.000%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.910	+0.687%	$31K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.272	+0.002%	$78K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.229	−0.044%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0297%	1h	93.323	+0.057%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0301%	4h	93.400	+0.140%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.251	−0.020%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.216	−0.058%	$17.0M	$12.5M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.356	+0.093%	$20.8M	$28.3M	50x	as long as short