HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0101%/8h= −11.1% APRnext payment −$0.13 per $10,000 · paid last 24h −0.013%

Price spread now: Bullet against Lighter−0.101%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$140.137% of the position

Long on Lighter Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 4 days (all we have)+0.360%+$36 · spread now −0.101%, 7d avg −0.018%

Together, before fees+0.341%+ Points / potential airdropLighter: Season 3 · farm board+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bullet is 0.083% cheaper against Lighter than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.256	0.0096	pay 0.0012% / 1h	7m 42s	$16.1M	$62.9M	20x
Short	Bullet HYPE-USD	93.162	−0.0005	pay 0.0001% / 1h	7m 42s	$111K	$578K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.101%Rate

Funding earned: −$21.23
Price spread: −0.101% → −0.018%: −$8.3
Slippage, 4 orders: −$5.69
Fee Lighter: 0 bp × 2 orders: $0
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$43.21
Costs to cover: 0.137%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Bullet: live order book, 46 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, 6 min ago	0.76 bp	0.8 bp −$1	1.9 bp −$19	12.1 bp −$1,212	44.7 bp −$22.3K
Sell Bullet live order book, 46 min ago	0.05 bp	5.5 bp −$6	9.6 bp −$96	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	−0.1824%	1h	92.940	−0.339%	$194K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0317%	1h	93.073	−0.196%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.086	−0.183%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.022	−0.251%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0050%	4h	93.179	−0.083%	$146K	$670K	20x	as long as short
Bullet HYPE-USDshort	−0.0005%	1h	93.162	−0.101%	$111K	$578K	20x
dYdX HYPE-USD	0.0000%	1h	93.076	−0.194%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.202	−0.058%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.228	−0.031%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0002%	1h	93.050	−0.221%	$700K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.155	−0.109%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.132	−0.133%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.233	−0.025%	$317.7M	$284.5M	75x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	93.244	−0.013%	$225.5M	$98.8M	75x	as long as short
Phemex HYPEUSDT	+0.0032%	8h	93.177	−0.085%	$12.6M	$2.7M	50x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.129	−0.136%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0080%	4h	93.248	−0.009%	$45.7M	$54.9M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.139	−0.126%	$339K	$162K	20x	as long as short
Lighter HYPElong	+0.0096%	1h	93.256	long leg	$16.1M	$62.9M	20x
Lighter RH HYPE	+0.0096%	1h	93.263	+0.007%	$3.1M	$11.7M	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.100	−0.168%	$4.9M	$29.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.090	−0.178%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.138	−0.126%	$6.8M	$46.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.292	+0.038%	$2.03B	$664.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.250	−0.007%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.127	−0.139%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.255	−0.002%	$374.2M	$909.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.253	−0.003%	$114.4M	$306.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.125	−0.141%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.257	+0.001%	$92.0M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.238	−0.020%	$46.2M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.243	−0.014%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.275	+0.020%	$7.3M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.028	−0.245%	$28.6M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.156	−0.107%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.126	−0.140%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.110	−0.157%	$665K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.179	−0.082%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.168	−0.095%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.236	−0.022%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.207	−0.052%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.257	+0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.217	−0.042%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.300	+0.047%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.230	−0.028%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.238	−0.019%	$394K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	93.319	+0.067%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.230	−0.028%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.294	+0.041%	$20.8M	$29.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.020	−0.253%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	93.184	−0.077%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.218	−0.041%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.029	−0.244%	$16.8M	$11.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0522%	1h	93.313	+0.061%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.183	−0.079%	$3.2M	$6.2M	20x	as long as short