HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0129%/8h= −14.2% APRnext payment −$0.16 per $10,000 · paid last 24h +0.013%

Price spread now: Bluefin against Lighter−0.015%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on Lighter Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.098%−$10 on $10k

Price spread, last 4 days (all we have)−0.054%−$5 · spread now −0.015%, 7d avg −0.045%

Together, before fees−0.152%+ Points / potential airdropLighter: Season 3 · farm board−$15 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bluefin is 0.030% dearer against Lighter than usual: you sell high and buy low (spread −0.015% now, against its 7-day average of −0.045%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 19 hours. At the pace of the last 7 days (−0.098% in total) that is about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.401	0.0096	pay 0.0012% / 1h	34m 03s	$16.1M	$64.0M	20x
Short	Bluefin HYPE-PERP	93.387	−0.0033	pay 0.0004% / 1h	34m 03s	$79K	$155K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$27.19
Price spread: −0.015% → −0.045%: $3.02
Slippage, 4 orders: −$22.3
Fee Lighter: 0 bp × 2 orders: $0
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$53.48
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Bluefin: live order book, 10 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, 5 min ago	0.22 bp	0.6 bp −$1	2.7 bp −$27	13.0 bp −$1,296	42.0 bp −$21.0K
Sell Bluefin live order book, 10 min ago	3.63 bp	14.9 bp −$15	doesn't fit	doesn't fit	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	−0.1040%	1h	93.327	−0.079%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0185%	1h	93.490	+0.096%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0088%	1h	93.330	−0.076%	$703K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0083%	1h	93.356	−0.048%	$110K	$579K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.362	−0.041%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.405	+0.005%	$86K	$369K	20x	as long as short
Bluefin HYPE-PERPshort	−0.0033%	1h	93.387	−0.015%	$79K	$155K	20x
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.357	−0.047%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.345	−0.059%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.467	+0.071%	$1.8M	$5.6M	2.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.338	−0.067%	$20K	$289K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.400	0.000%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.413	+0.013%	—	$53.6M	—	as long as short
Bybit HYPEUSDT	+0.0002%	8h	93.408	+0.008%	$315.2M	$287.9M	75x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.105%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.482	+0.087%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.436	+0.038%	$225.1M	$99.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0076%	8h	93.425	+0.025%	$334K	$161K	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.460	+0.064%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.364	−0.039%	$1.0M	$4.0M	10x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.374	−0.029%	$80K	$1.2M	50x	as long as short
Phemex HYPEUSDT	+0.0091%	8h	93.404	+0.004%	$12.7M	$2.8M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	93.401	long leg	$16.1M	$64.0M	20x
Lighter RH HYPE	+0.0096%	1h	93.413	+0.013%	$3.1M	$11.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.350	−0.054%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.360	−0.043%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.500	+0.106%	$2.04B	$681.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.419	+0.020%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.420	+0.021%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.428	+0.029%	$374.0M	$930.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.417	+0.017%	$115.3M	$314.9M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.419	+0.020%	$48.4M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.428	+0.029%	$89.4M	$83.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.425	+0.026%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.445	+0.047%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.339	−0.066%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.507	+0.114%	$7.5M	$48.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.469	+0.073%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.396	−0.005%	$676K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.436	+0.038%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.394	−0.007%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.415	+0.015%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.388	−0.014%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.525	+0.133%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.507	+0.114%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.361	−0.043%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.405	+0.005%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.440	+0.042%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.385	−0.017%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.290	−0.119%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.348	−0.056%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.358	−0.046%	$16.9M	$12.2M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0360%	1h	93.474	+0.078%	$7.4M	$4.2M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0416%	1h	93.455	+0.058%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.421	+0.021%	$3.2M	$6.4M	20x	as long as short