Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h −0.001%

Price spread now: Katana Perps against Lighter−0.119%7-day average −0.073% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.022%−$2 on $10k

Price spread, last 7 days+0.094%+$9 · spread now −0.119%, 7d avg −0.073%

Together, before fees+0.072%+ Points / potential airdropLighter: Season 3 · farm board+$7 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: Katana Perps is 0.047% cheaper against Lighter than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.073%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	92.681	0.0096	pay 0.0012% / 1h	26m 18s	$16.0M	$62.5M	20x
Short	Katana Perps HYPE-USD	92.570	0.0099	get 0.0099% / 8h	4h 26m	$38K	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Katana PerpsbpOrdersPrice spread, now −0.119%Rate

Funding earned: $0.66
Price spread: −0.119% → −0.073%: −$4.68
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: −$7.83
Costs to cover: 0.038%
Break-even: 90.3 days

Slippage unknown: Lighter: live order book, 8 min ago; Katana Perps: no order-book sample. Net counts fees only.

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	0.71 bp	1.0 bp −$1	2.7 bp −$27	10.4 bp −$1,036	36.6 bp −$18.3K
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Arcus HYPE-USD	−0.0948%	1h	92.498	−0.197%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.630	−0.054%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0209%	1h	92.577	−0.112%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.707	+0.028%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0066%	4h	92.613	−0.073%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	92.607	−0.079%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.674	−0.007%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.593	−0.094%	$22K	$307K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.644	−0.040%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0024%	1h	92.640	−0.044%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0031%	8h	92.707	+0.028%	$12.5M	$2.7M	50x	as long as short
Bullet HYPE-USD	+0.0031%	1h	92.607	−0.080%	$110K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0033%	4h	92.644	−0.040%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.612	−0.074%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.724	+0.047%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0052%	8h	92.640	−0.044%	$316.4M	$282.0M	75x	as long as short
Gate HYPE_USDT	+0.0082%	4h	92.616	−0.070%	$44.4M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0083%	8h	92.659	−0.023%	$113.4M	$304.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.620	−0.065%	$339K	$163K	20x	as long as short
Lighter HYPElong	+0.0096%	1h	92.681	long leg	$16.0M	$62.5M	20x
Lighter RH HYPE	+0.0096%	1h	92.691	+0.011%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.579	−0.110%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USDshort	+0.0099%	8h	92.570	−0.119%	$38K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	92.632	−0.052%	$6.2M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.617	−0.069%	$2.02B	$666.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.643	−0.041%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.651	−0.032%	$371.9M	$904.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.412%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.684	+0.004%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.657	−0.025%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.660	−0.022%	$224.6M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.717	+0.039%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.569	−0.121%	$28.5M	$57.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.655	−0.028%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.735	+0.059%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.677	−0.004%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.654	−0.029%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.598	−0.089%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.628	−0.057%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.630	−0.055%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.577	−0.112%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.669	−0.013%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.750	+0.075%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.640	−0.044%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.655	−0.028%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0109%	4h	92.580	−0.109%	$5.0M	$29.7M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.560	−0.130%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.690	+0.010%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	92.663	−0.019%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.562	−0.128%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.628	−0.057%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.726	+0.049%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.700	+0.021%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0397%	1h	92.734	+0.058%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.647	−0.037%	$3.1M	$6.4M	20x	as long as short