Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.020%

Price spread now: GRVT against Lighter−0.385%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$120.118% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 7 days+0.344%+$34 · spread now −0.385%, 7d avg −0.012%

Together, before fees+0.337%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board+$34 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: GRVT is 0.373% cheaper against Lighter than usual: you would sell low and buy high, −$37 on $10k if it goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.829	0.0096	pay 0.0012% / 1h	29m 01s	$16.4M	$62.5M	20x
Short	GRVT HYPE_USDT_Perp	93.468	0.0100	get 0.0050% / 4h	2h 29m	$7.5M	$48.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.385%Rate

Funding earned: $0.84
Price spread: −0.385% → −0.012%: −$37.32
Slippage, 4 orders: −$2.81
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$48.29
Costs to cover: 0.118%
Break-even: 409.4 days

Slippage from Lighter: live order book, 5 min ago; GRVT: live order book, 5 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, 5 min ago	0.23 bp	0.4 bp $0	2.9 bp −$29	13.6 bp −$1,365	45.0 bp −$22.5K
Sell GRVT live order book, 5 min ago	0.75 bp	5.8 bp −$6	6.9 bp −$69	doesn't fit	doesn't fit

HYPE on 54 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	−0.0904%	1h	93.685	−0.154%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.697	−0.141%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0151%	1h	93.587	−0.258%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0134%	8h	93.757	−0.077%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0092%	1h	93.600	−0.244%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	−0.120%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.776	−0.056%	$156K	$648K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.834	+0.005%	$86K	$350K	20x	as long as short
Gate HYPE_USDT	−0.0050%	4h	93.811	−0.019%	$44.5M	$54.8M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0046%	1h	93.773	−0.060%	$7.8M	$10.3M	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0011%	4h	93.831	+0.002%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	−0.0001%	8h	93.800	−0.031%	$322.2M	$281.5M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.868	+0.042%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.814	−0.016%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.825	−0.005%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.808	−0.022%	—	$53.9M	—	as long as short
Bullet HYPE-USD	+0.0056%	1h	93.817	−0.013%	$112K	$578K	20x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.821	−0.009%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	−0.186%	$5.1M	$30.1M	30x	as long as short
Binance HYPEUSDT	+0.0060%	4h	93.816	−0.014%	$381.6M	$897.7M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.132%	$211K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.816	−0.014%	$115.4M	$309.9M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.770	−0.063%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.856	+0.029%	$341K	$164K	20x	as long as short
Lighter HYPElong	+0.0096%	1h	93.829	long leg	$16.4M	$62.5M	20x
Lighter RH HYPE	+0.0096%	1h	93.816	−0.014%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.818	−0.012%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.806	−0.024%	$399K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.800	−0.031%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.808	−0.022%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.926	+0.103%	$2.05B	$671.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.837	+0.009%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.832	+0.003%	$46.3M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.816	−0.014%	$227.0M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.233%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perpshort	+0.0100%	4h	93.468	−0.385%	$7.5M	$48.0M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	−0.182%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.762	−0.071%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.857	+0.030%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.843	+0.015%	$470K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.783	−0.049%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.883	+0.058%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.790	−0.042%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.513%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.765	−0.069%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.850	+0.022%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.790	−0.042%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.864	+0.037%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.979	+0.160%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.813	−0.017%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.872	+0.046%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.825	−0.004%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0389%	1h	93.893	+0.068%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.883	+0.057%	$21.0M	$29.9M	50x	as long as short