Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0077%/8h= −8.5% APRpaid last 24h −0.013%

Price spread now: Bybit against Lighter−0.038%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

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

costs, in and out, $10k−$120.125% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 7 days−0.003%$0 · spread now −0.038%, 7d avg −0.045%

Together, before fees−0.054%+ Points / potential airdropLighter: Season 3 · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.045%, so right now this pair is about funding alone: −$2 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	93.676	0.0096	pay 0.0012% / 1h	29m 54s	$18.8M	$60.0M	20x
Short	Bybit HYPEUSDT	93.640	0.0019	get 0.0019% / 8h	29m 54s	$321.8M	$283.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.038%Rate

Funding earned: −$16.24
Price spread: −0.038% → −0.045%: $0.65
Slippage, 4 orders: −$1.47
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$28.06
Costs to cover: 0.125%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Bybit: 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	0.13 bp	0.2 bp $0	3.3 bp −$33	13.8 bp −$1,381	45.5 bp −$22.7K
Sell Bybit live order book, 4 min ago	0.53 bp	6.0 bp −$6	8.7 bp −$87	20.3 bp −$2,030	46.2 bp −$23.1K

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	−0.0808%	1h	93.632	−0.046%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0353%	1h	93.847	+0.183%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.532	−0.153%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.600	−0.081%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0060%	1h	93.570	−0.113%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.619	−0.060%	$87K	$365K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.575	−0.107%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.583	−0.099%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.642	−0.036%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.628	−0.051%	$166K	$583K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.670	−0.006%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.755	+0.085%	$215K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.646	−0.032%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDTshort	+0.0019%	8h	93.640	−0.038%	$321.8M	$283.4M	75x
Binance HYPEUSDT	+0.0057%	4h	93.669	−0.007%	$383.2M	$895.3M	75x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.638	−0.040%	$87.3M	$81.7M	100x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.665	−0.011%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.817	+0.150%	$5.1M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0082%	4h	93.637	−0.041%	$44.5M	$59.1M	75x	as long as short
Lighter HYPElong	+0.0096%	1h	93.676	long leg	$18.8M	$60.0M	20x
Lighter RH HYPE	+0.0096%	1h	93.644	−0.034%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.641	−0.037%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.646	−0.032%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.621	−0.058%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.600	−0.081%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.569	−0.113%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.618	−0.061%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.635	−0.043%	$115.3M	$320.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.054%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.645	−0.033%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.655	−0.022%	$226.8M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.648	−0.029%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.662	−0.015%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	−0.119%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.786	+0.118%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.819	+0.153%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.752	+0.082%	$678K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.665	−0.011%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.664	−0.012%	$490K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.617	−0.062%	$111K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.627	−0.052%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.654	−0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.624	−0.055%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.784%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.616	−0.063%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0130%	8h	93.708	+0.035%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.690	+0.015%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.768	+0.099%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0237%	4h	93.601	−0.080%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.643	−0.035%	$77K	$142K	15x	as long as short
Hyperliquid HYPE	+0.0280%	1h	93.676	0.000%	$2.03B	$676.1M	10x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.676	0.000%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.664	−0.013%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0412%	1h	93.743	+0.072%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.707	+0.033%	$20.9M	$29.4M	50x	as long as short