Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.007%

Price spread now: Binance against Lighter−0.072%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$120.123% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 7 days+0.036%+$4 · spread now −0.072%, 7d avg −0.018%

Together, before fees+0.034%+ Points / potential airdropLighter: Season 3 · farm board+$3 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: Binance is 0.054% cheaper against Lighter than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.459	0.0096	pay 0.0012% / 1h	45m 17s	$18.5M	$59.4M	20x
Short	Binance HYPEUSDT	93.391	0.0100	get 0.0050% / 4h	2h 45m	$385.7M	$888.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.072%Rate

Funding earned: $0.84
Price spread: −0.072% → −0.018%: −$5.45
Slippage, 4 orders: −$2.31
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$16.92
Costs to cover: 0.123%
Break-even: 148.0 days

Slippage from Lighter: live order book, 4 min ago; Binance: live order book, 14 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	0.25 bp	1.0 bp −$1	2.3 bp −$23	8.8 bp −$881	34.9 bp −$17.4K
Sell Binance live order book, 14 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	13.9 bp −$1,389	29.7 bp −$14.8K

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	−0.1240%	1h	93.386	−0.077%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0202%	1h	93.330	−0.138%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0188%	1h	93.399	−0.064%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.422	−0.039%	$89K	$345K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.423	−0.038%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	+0.048%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.520	+0.066%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.434	−0.026%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.430	−0.031%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.420	−0.041%	$8.9M	$36.1M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0017%	1h	93.351	−0.115%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	+0.0019%	1h	93.411	−0.051%	$113K	$583K	20x	as long as short
Gate HYPE_USDT	+0.0022%	4h	93.402	−0.061%	$44.2M	$56.3M	75x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.383	−0.081%	$325.3M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.054%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0075%	4h	93.419	−0.042%	$180K	$536K	20x	as long as short
Lighter HYPElong	+0.0096%	1h	93.459	long leg	$18.5M	$59.4M	20x
Lighter RH HYPE	+0.0096%	1h	93.441	−0.019%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.397	−0.066%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.440	−0.020%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.396	−0.067%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.482	+0.025%	$2.04B	$669.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.428	−0.033%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	93.391	−0.072%	$385.7M	$888.3M	75x
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.366	−0.099%	$114.8M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.396	−0.067%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.132%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.397	−0.066%	$93.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.414	−0.048%	$46.3M	$19.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.404	−0.059%	$226.8M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.396	−0.067%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.475	+0.017%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.089%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.445	−0.015%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.456	−0.003%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.481	+0.024%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.462	+0.003%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.447	−0.013%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.402	−0.061%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.445	−0.015%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.375	−0.090%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.429	−0.032%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.450	−0.009%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.366	−0.099%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.420	−0.041%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.435	−0.026%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.044%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.495	+0.039%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.404	−0.058%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.138%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.445	−0.014%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.408	−0.054%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0388%	4h	93.628	+0.181%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.474	+0.016%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.481	+0.024%	$19.2M	$25.8M	50x	as long as short