Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0271%/8h= +29.6% APRpaid last 24h +0.039%

Price spread now: HTX against Lighter+0.205%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$3as in the Price arb table

costs, in and out, $10k−$230.229% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 3 days (all we have)−0.295%−$29 · spread now +0.205%, 7d avg +0.003%

Together, before fees−0.236%+ Points / potential airdropLighter: Season 3 · farm board−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and HTX is 0.202% dearer against Lighter than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.003%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.059% in total (about 3.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.907	0.0096	pay 0.0012% / 1h	8m 01s	$18.9M	$60.7M	20x
Short	HTX HYPE-USDT	94.100	0.0367	get 0.0183% / 4h	3h 08m	$1.5M	$5.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.205%Rate

Funding earned: $56.82
Price spread: +0.205% → +0.003%: $20.21
Slippage, 4 orders: −$10.86
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: $54.16
Costs to cover: 0.229%
Break-even: 0.3 days

Slippage from Lighter: live order book, 6 min ago; HTX: live order book, 6 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	0.73 bp	0.8 bp −$1	2.0 bp −$20	11.5 bp −$1,148	42.7 bp −$21.4K
Sell HTX live order book, 6 min ago	0.85 bp	11.1 bp −$11	16.8 bp −$168	75.3 bp −$7,533	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	−0.1152%	1h	93.929	+0.023%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.778	−0.137%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0208%	1h	93.964	+0.060%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0099%	1h	93.860	−0.050%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0087%	1h	93.911	+0.005%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.900	−0.008%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.953	+0.049%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.922	+0.016%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0047%	1h	93.896	−0.012%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0031%	4h	93.868	−0.042%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0020%	4h	93.859	−0.051%	$44.4M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.935	+0.030%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.921	+0.015%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.878	−0.031%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0015%	1h	93.844	−0.067%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.857	−0.053%	$323.1M	$279.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.071	+0.175%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.875	−0.034%	$88.3M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.875	−0.034%	$383.2M	$894.0M	75x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.937	+0.032%	$5.1M	$29.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	93.865	−0.045%	$116.0M	$314.9M	50x	as long as short
Bluefin HYPE-PERP	+0.0095%	1h	93.845	−0.066%	$76K	$170K	20x	as long as short
Lighter HYPElong	+0.0096%	1h	93.907	long leg	$18.9M	$60.7M	20x
Lighter RH HYPE	+0.0096%	1h	93.908	+0.001%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.896	−0.012%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.874	−0.036%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.928	+0.023%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	−0.018%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.891	−0.018%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.943	+0.038%	$2.05B	$668.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.912	+0.005%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.403%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.912	+0.005%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.888	−0.020%	$227.3M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.868	−0.042%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.807	−0.107%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	+0.013%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.155%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.946	+0.041%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.033	+0.134%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.947	+0.042%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.931	+0.025%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.936	+0.031%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.892	−0.016%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.850	−0.061%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.900	−0.008%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.621%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	94.058	+0.161%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.927	+0.021%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0241%	8h	93.988	+0.086%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.904	−0.003%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.913	+0.006%	$1.4M	—	100x	as long as short
HTX HYPE-USDTshort	+0.0367%	4h	94.100	+0.205%	$1.5M	$5.9M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0463%	1h	93.987	+0.085%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.973	+0.070%	$21.0M	$29.8M	50x	as long as short