Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.032%

Price spread now: Gate against Lighter−0.035%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 7 days+0.001%$0 · spread now −0.035%, 7d avg −0.040%

Together, before fees−0.072%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: −$1 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	93.053	0.0096	pay 0.0012% / 1h	23m 09s	$18.5M	$59.0M	20x
Short	Gate HYPE_USDT	93.021	0.0046	get 0.0023% / 4h	1h 23m	$43.8M	$58.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.035%Rate

Funding earned: −$10.5
Price spread: −0.035% → −0.040%: $0.48
Slippage, 4 orders: −$9.84
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$34.86
Costs to cover: 0.248%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Gate: live order book, 1 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	0.34 bp	0.8 bp −$1	1.8 bp −$18	8.8 bp −$876	36.6 bp −$18.3K
Sell Gate live order book, 1 min ago	0.05 bp	10.5 bp −$11	15.8 bp −$158	32.8 bp −$3,280	55.7 bp −$27.8K

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
Aftermath Perps HYPEUSD	−0.0405%	1h	93.001	−0.057%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0296%	1h	93.001	−0.056%	$196K	$230K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	92.940	−0.122%	$698K	$926K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.940	−0.122%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.998	−0.060%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	92.991	−0.067%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	92.980	−0.079%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0008%	4h	92.992	−0.066%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.011	−0.046%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.978	−0.081%	$23K	$331K	10x	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 −0.0001%	1h	93.017	−0.039%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.020	−0.036%	$322.5M	$287.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0022%	4h	92.990	−0.068%	$171K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.953	−0.108%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.030	−0.025%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDTshort	+0.0046%	4h	93.021	−0.035%	$43.8M	$58.5M	75x
Bullet HYPE-USD	+0.0057%	1h	92.980	−0.079%	$111K	$580K	20x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.018	−0.038%	$90.4M	$82.1M	100x	as long as short
Binance HYPEUSDT	+0.0064%	4h	93.028	−0.027%	$381.0M	$895.5M	75x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	92.953	−0.108%	$5.0M	$29.6M	30x	as long as short
Lighter HYPElong	+0.0096%	1h	93.053	long leg	$18.5M	$59.0M	20x
Lighter RH HYPE	+0.0096%	1h	93.035	−0.020%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.976	−0.083%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.949	−0.112%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.030	−0.025%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.983	−0.076%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.070	+0.018%	$2.02B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.007	−0.050%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.019	−0.037%	$113.5M	$313.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	−0.025%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.032	−0.023%	$46.9M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.058	+0.005%	$225.6M	$103.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.038	−0.017%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.053	0.000%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.933	−0.129%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.008	−0.049%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.040%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.007	−0.050%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.021	−0.035%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.013	−0.043%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.006	−0.051%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.005	−0.052%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.998	−0.060%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.994	−0.064%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.980	−0.079%	$18.3M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.059	+0.006%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	92.990	−0.068%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.880	−0.186%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.147	+0.101%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.965	−0.095%	$76K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0254%	4h	92.996	−0.062%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.047	−0.007%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.011	−0.045%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0363%	1h	93.104	+0.054%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.104	+0.055%	$20.8M	$29.0M	50x	as long as short