Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.008%

Price spread now: KuCoin against Lighter−0.064%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$250.246% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.002%$0 on $10k

Price spread, last 7 days+0.057%+$6 · spread now −0.064%, 7d avg −0.024%

Together, before fees+0.059%+ Points / potential airdropLighter: Season 3 · farm board+$6 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: KuCoin is 0.040% cheaper against Lighter than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	94.304	0.0096	pay 0.0012% / 1h	37m 27s	$19.1M	$58.7M	20x
Short	KuCoin HYPEUSDTM	94.243	0.0100	get 0.0050% / 4h	3h 37m	$46.7M	$18.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.064%Rate

Funding earned: $0.84
Price spread: −0.064% → −0.024%: −$3.98
Slippage, 4 orders: −$12.58
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$27.72
Costs to cover: 0.246%
Break-even: 238.0 days

Slippage from Lighter: live order book, 7 min ago; KuCoin: live order book, 2 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, 7 min ago	0.00 bp	1.6 bp −$2	3.7 bp −$37	13.1 bp −$1,313	40.1 bp −$20.0K
Sell KuCoin live order book, 2 min ago	0.37 bp	12.4 bp −$12	15.5 bp −$155	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	−0.1464%	1h	94.187	−0.124%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.137	−0.177%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	94.083	−0.234%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0248%	8h	94.207	−0.102%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0202%	1h	94.245	−0.062%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0164%	1h	94.180	−0.131%	$705K	$937K	10x	as long as short
Bullet HYPE-USD	−0.0087%	1h	94.221	−0.088%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.238	−0.070%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.245	−0.062%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.204	−0.106%	$323.7M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.205	−0.105%	$170K	$592K	20x	as long as short
Gate HYPE_USDT	−0.0006%	4h	94.227	−0.081%	$44.6M	$59.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.278	−0.027%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.232	−0.076%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0018%	4h	94.247	−0.060%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	−0.138%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.229	−0.079%	$89.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.175	−0.137%	$16.4M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.243	−0.064%	$384.7M	$893.4M	75x	as long as short
Bluefin HYPE-PERP	+0.0051%	1h	94.215	−0.094%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	94.030	−0.290%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.231	−0.077%	$116.3M	$319.6M	50x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	94.224	−0.084%	$63K	$1.2M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	94.304	long leg	$19.1M	$58.7M	20x
Lighter RH HYPE	+0.0096%	1h	94.260	−0.046%	$3.1M	$12.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.206	−0.104%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.281	−0.024%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.220	−0.089%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.228	−0.080%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.329	+0.027%	$2.05B	$674.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.263	−0.043%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.243	−0.064%	$46.7M	$18.2M	75x
Bitget HYPEUSDT	+0.0100%	4h	94.232	−0.076%	$228.6M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.236	−0.072%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.265	−0.041%	$7.8M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.311%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	−0.274%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.037	−0.283%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.272%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.247	−0.060%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.244	−0.063%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.268	−0.038%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.236	−0.072%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.195%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.209	−0.101%	$19.2M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.260	−0.046%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.032	−0.288%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0198%	8h	94.281	−0.024%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	−0.046%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.272	−0.033%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.221	−0.087%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.228	−0.081%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0430%	4h	94.403	+0.105%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0450%	1h	94.326	+0.024%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.327	+0.024%	$21.1M	$29.7M	50x	as long as short