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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 06:00 UTC+0.0340%/8h= +37.2% APRnext payment +$0.43 per $10,000 · paid last 24h +0.038%
Price spread now: Deribit against Lighter+0.064%7-day average +0.006% · you sell dearer than you buy
Net, funding: paid 7d − costs−$15as in the Funding arb table
Net, price: spread back to 7d avg − costs−$9as in the Price arb table
costs, in and out, $10k−$140.144% of the position
Long on LighterShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 7 days−0.005%$0 on $10k
Price spread, last 4 days (all we have)−0.059%−$6 · spread now +0.064%, 7d avg +0.006%
Together, before fees−0.064%+ Points / potential airdropLighter: Season 3 · farm board−$6 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Deribit is 0.058% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.006%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.005% in total (about -0.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.43 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongLighter HYPE93.2880.0096pay 0.0012% / 1h23m 10s$16.1M$63.2M20x
ShortDeribit HYPE_USDC-PERPETUAL93.3480.0436get 0.0055% / 1h23m 10s$7.5M$4.0M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit 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

Funding earned
$71.4
Price spread: +0.064% → +0.006%
$5.79
Slippage, 4 orders
−$7.38
Fee Lighter: 0 bp × 2 orders
$0
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$62.81
Costs to cover
0.144%
Break-even
0.8 days
Slippage from Lighter: live order book, 6 min ago; Deribit: live order book, 1 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Lighter live order book, 6 min ago0.03 bp1.0 bp −$12.5 bp −$2512.1 bp −$1,21045.9 bp −$23.0K
Sell Deribit live order book, 1 min ago2.63 bp6.2 bp −$612.0 bp −$120doesn't fitdoesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1424%1h93.245−0.046%$197K$237K7xas long as short
Aftermath Perps HYPEUSD−0.0377%1h93.214−0.079%$22K$21K10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.266−0.024%$3K$33125xas long as short
Bullet HYPE-USD−0.0061%1h93.199−0.095%$111K$581K20xas long as short
Orderly PERP_HYPE_USDC−0.0021%4h93.238−0.054%$145K$672K20xas long as short
01 Exchange HYPEUSD−0.0008%1h93.211−0.083%$87K$365K20xas long as short
dYdX HYPE-USD0.0000%1h93.304+0.017%$128K$29K5xas long as short
Perpl HYPE0.0000%43m93.246−0.045%$22K$290K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0002%1h93.239−0.053%$62K—150xas long as short
Arcus HYPE-USD+0.0011%1h93.171−0.125%$1.0M$3.9M10xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bitget HYPEUSDT+0.0014%4h93.309+0.023%$225.1M$98.9M75xas long as short
Bybit HYPEUSDT+0.0019%8h93.300+0.013%$316.8M$282.2M75xas long as short
Phoenix HYPE+0.0026%1h93.255−0.035%$207K$1.2M10xas long as short
Ondo Perps HYPE-USD.P+0.0032%1h93.240−0.051%$702K$1.2M10xas long as short
Phemex HYPEUSDT+0.0060%8h93.318+0.032%$12.7M$2.8M50xas long as short
edgeX HYPEUSDC+0.0085%4h93.101−0.200%$4.9M$29.9M30xas long as short
Paradex HYPE-USD-PERP+0.0094%8h93.290+0.003%$339K$157K20xas long as short
Lighter HYPElong+0.0096%1h93.288long leg$16.1M$63.2M20x
Lighter RH HYPE+0.0096%1h93.2880.000%$3.1M$11.5M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.191−0.104%$75K$1.2M50xas long as short
Katana Perps HYPE-USD+0.0100%8h93.190−0.105%$28K$1.7M10xas long as short
Nado HYPE-PERP+0.0100%1h93.210−0.083%$8.0M$48.3M10xas long as short
Hyperliquid HYPE+0.0100%1h93.355+0.072%$2.03B$665.6M10xas long as short
Aster HYPEUSDT+0.0100%4h93.308+0.021%$8.7M$36.3M300xas long as short
Pacifica HYPE+0.0100%1h93.258−0.032%$10.0M$15.3M20xas long as short
Binance HYPEUSDT+0.0100%4h93.356+0.073%$374.4M$911.8M75xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.313+0.027%$114.5M$309.3M50xas long as short
Bulk HYPE-USD+0.0100%1h93.230−0.062%$215K$15K10xas long as short
Gate HYPE_USDT+0.0100%4h93.301+0.014%$46.9M$54.4M75xas long as short
MEXC HYPE_USDT+0.0100%4h93.321+0.035%$90.4M$81.4M100xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.289+0.001%$46.1M$18.8M75xas long as short
BingX HYPE-USDT+0.0100%4h93.342+0.058%—$53.8M—as long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.329+0.044%$7.1M$10.7M20xas long as short
Variational Omni HYPE+0.0100%8h93.070−0.234%$28.4M$56.3M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.294+0.006%$7.5M$47.1M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.095−0.207%$341K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.345+0.061%$668K$2.8M20xas long as short
Vest HYPE-PERP+0.0100%1h93.283−0.006%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.208−0.086%$483K$2.7M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.275−0.014%$79K$166K20xas long as short
Derive HYPE-PERP+0.0100%1h93.258−0.032%$16.1M$7.4M10xas long as short
SunX HYPE-USDT+0.0100%4h93.224−0.069%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.278−0.011%$2.0M$1.9M10xas long as short
HTX HYPE-USDT+0.0100%4h93.350+0.066%$1.4M$6.5M75xas long as short
Extended HYPE-USD+0.0104%1h93.247−0.044%$18.1M$43.2M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.249−0.041%$394K$158K20xas long as short
Kalshi KXHYPEPERP+0.0108%8h93.314+0.028%$1.8M$5.6M2.3xas long as short
Injective HYPE/USDC PERP+0.0122%1h93.140−0.159%$30K$339K12xas long as short
Coinbase International HYPE-PERP-INTX+0.0144%1h93.250−0.041%$4.6M$5.8M50xas long as short
Reya HYPERUSDPERP+0.0269%1h93.183−0.113%$80K$127K15xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0332% / S −0.0154%1h93.221−0.072%$1.4M—100xas long as short
BloFin HYPE-USDT+0.0340%4h93.312+0.026%$16.8M$11.9M75xas long as short
Kraken Futures PF_HYPEUSD+0.0341%1h93.327+0.042%$20.8M$29.5M50xas long as short
Deribit HYPE_USDC-PERPETUALshort+0.0436%1h93.348+0.064%$7.5M$4.0M50x
RISEx HYPE/USDC+0.0527%1h93.269−0.020%$3.2M$6.2M20xas long as short