Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h −0.007%

Price spread now: edgeX against Lighter+0.151%7-day average −0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs+$9as in the Price arb table

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

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.015%+$2 on $10k

Price spread, last 7 days−0.185%−$19 · spread now +0.151%, 7d avg −0.059%

Together, before fees−0.170%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board−$17 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and edgeX is 0.209% dearer against Lighter than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.336	0.0096	pay 0.0012% / 1h	40m 58s	$16.3M	$61.6M	20x
Short	edgeX HYPEUSDC	93.476	0.0116	get 0.0058% / 4h	1h 40m	$5.1M	$29.6M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now +0.151%Rate

Funding earned: $4.19
Price spread: +0.151% → −0.059%: $20.91
Slippage, 4 orders: −$3.37
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $12.72
Costs to cover: 0.124%
Break-even: from the start

Slippage from Lighter: live order book, 8 min ago; edgeX: live order book, 3 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, 8 min ago	0.77 bp	0.8 bp −$1	1.5 bp −$15	11.6 bp −$1,159	46.3 bp −$23.2K
Sell edgeX live order book, 3 min ago	0.43 bp	4.9 bp −$5	5.6 bp −$56	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	−0.1264%	1h	93.481	+0.155%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.238	−0.105%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0190%	1h	93.301	−0.037%	$79K	$170K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.410	+0.079%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0067%	8h	93.304	−0.034%	$12.6M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.317	−0.020%	$156K	$629K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.337	+0.001%	$85K	$345K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0035%	1h	93.438	+0.109%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0030%	1h	93.280	−0.060%	$700K	$980K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	+0.027%	$128K	$31K	5x	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	93.346	+0.011%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.366	+0.032%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0024%	4h	93.347	+0.012%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.549	+0.228%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.349	+0.014%	—	$53.0M	—	as long as short
Bullet HYPE-USD	+0.0028%	1h	93.344	+0.009%	$111K	$578K	20x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	93.357	+0.022%	$321.9M	$277.0M	75x	as long as short
Gate HYPE_USDT	+0.0050%	4h	93.339	+0.003%	$44.5M	$54.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.360	+0.026%	$114.2M	$302.1M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	93.336	long leg	$16.3M	$61.6M	20x
Lighter RH HYPE	+0.0096%	1h	93.349	+0.014%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.325	−0.012%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.372	+0.039%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.370	+0.036%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.320	−0.018%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.423	+0.093%	$2.04B	$655.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.375	+0.042%	$10.0M	$14.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.368	+0.034%	$378.9M	$877.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.261%	$204K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.330	−0.006%	$89.7M	$80.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.344	+0.009%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.367	+0.033%	$225.8M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.319	−0.018%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.317	−0.021%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.553	+0.232%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.487	+0.162%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.585	+0.267%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.433	+0.104%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.365	+0.031%	$472K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.329	−0.007%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.418	+0.088%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.303	−0.035%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.280	−0.060%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.330	−0.007%	$397K	$163K	20x	as long as short
edgeX HYPEUSDCshort	+0.0116%	4h	93.476	+0.151%	$5.1M	$29.6M	30x
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.370	+0.036%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0200%	4h	93.500	+0.176%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.319	−0.018%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.417	+0.087%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.367	+0.033%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.300	−0.039%	$16.9M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0350%	1h	93.403	+0.072%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.422	+0.093%	$3.2M	$6.5M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.200	−0.146%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.379	+0.046%	$20.7M	$30.1M	50x	as long as short