Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.016%

Price spread now: BingX against Lighter−0.058%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$120.124% of the position

Long on Lighter Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.069%−$7 on $10k

Price spread, last 7 days+0.018%+$2 · spread now −0.058%, 7d avg −0.035%

Together, before fees−0.051%+ Points / potential airdropLighter: Season 3 · farm board−$5 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: BingX is 0.023% cheaper against Lighter than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.908	0.0096	pay 0.0012% / 1h	6m 46s	$18.9M	$60.4M	20x
Short	BingX HYPE-USDT	93.854	0.0100	get 0.0050% / 4h	6m 46s	—	$54.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.058%Rate

Funding earned: $0.84
Price spread: −0.058% → −0.035%: −$2.33
Slippage, 4 orders: −$2.4
Fee Lighter: 0 bp × 2 orders: $0
Fee BingX: 5 bp × 2 orders: −$10
Net: −$13.89
Costs to cover: 0.124%
Break-even: 122.7 days

Slippage from Lighter: live order book, 7 min ago; BingX: live order book, 7 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, 7 min ago	0.82 bp	1.3 bp −$1	2.9 bp −$29	12.0 bp −$1,197	42.1 bp −$21.0K
Sell BingX live order book, 7 min ago	0.11 bp	5.1 bp −$5	7.9 bp −$79	11.5 bp −$1,153	15.7 bp −$7,847

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	−0.1320%	1h	93.960	+0.055%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0379%	1h	93.902	−0.007%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.759	−0.159%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0122%	1h	93.750	−0.169%	$704K	$916K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.824	−0.090%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.921	+0.014%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	93.877	−0.033%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.941	+0.035%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.862	−0.049%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.893	−0.016%	$27K	—	150x	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	+0.0003%	1h	93.811	−0.103%	$16.4M	$7.2M	10x	as long as short
Phoenix HYPE	+0.0009%	1h	93.978	+0.074%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.880	−0.031%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.830	−0.083%	$322.8M	$283.9M	75x	as long as short
Phemex HYPEUSDT	+0.0037%	8h	93.901	−0.008%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0050%	4h	93.856	−0.056%	$383.7M	$898.4M	75x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.848	−0.064%	$88.3M	$82.3M	100x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.825	−0.089%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	93.884	−0.026%	$44.1M	$60.0M	75x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	93.898	−0.011%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	93.860	−0.051%	$115.8M	$322.5M	50x	as long as short
Bullet HYPE-USD	+0.0094%	1h	93.867	−0.044%	$112K	$578K	20x	as long as short
Lighter HYPElong	+0.0096%	1h	93.908	long leg	$18.9M	$60.4M	20x
Lighter RH HYPE	+0.0096%	1h	93.866	−0.045%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.877	−0.034%	$399K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.820	−0.094%	$38K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.886	−0.024%	$341K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.905	−0.003%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.968	+0.064%	$2.04B	$679.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.871	−0.040%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.021%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.845	−0.067%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.873	−0.038%	$227.3M	$102.1M	75x	as long as short
BingX HYPE-USDTshort	+0.0100%	4h	93.854	−0.058%	—	$54.2M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.912	+0.004%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.811	−0.103%	$31.2M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.967	+0.062%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.874	−0.037%	$364K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.956	+0.051%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.896	−0.013%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.869	−0.042%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.861	−0.050%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.865	−0.046%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.870	−0.041%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.534%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.875	−0.035%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.940	+0.034%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0156%	8h	93.887	−0.023%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0191%	4h	94.050	+0.151%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0210%	4h	93.870	−0.041%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.863	−0.049%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.895	−0.014%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0314%	1h	93.968	+0.064%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.896	−0.014%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	93.987	+0.083%	$21.0M	$29.5M	50x	as long as short