Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.007%

Price spread now: MEXC against Lighter−0.043%7-day average −0.019% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$70.068% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 7 days+0.010%+$1 · spread now −0.043%, 7d avg −0.019%

Together, before fees+0.007%+ Points / potential airdropLighter: Season 3 · farm board+$1 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: MEXC is 0.024% cheaper against Lighter than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.728	0.0096	pay 0.0012% / 1h	26m 08s	$18.6M	$59.6M	20x
Short	MEXC HYPE_USDT	93.687	0.0100	get 0.0050% / 4h	2h 26m	$93.8M	$82.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.043%Rate

Funding earned: $0.84
Price spread: −0.043% → −0.019%: −$2.38
Slippage, 4 orders: −$2.77
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$8.31
Costs to cover: 0.068%
Break-even: 76.3 days

Slippage from Lighter: live order book, 8 min ago; MEXC: live order book, 3 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, 8 min ago	0.68 bp	0.9 bp −$1	4.3 bp −$43	13.5 bp −$1,352	40.5 bp −$20.2K
Sell MEXC live order book, 3 min ago	0.05 bp	2.1 bp −$2	2.7 bp −$27	9.9 bp −$991	32.7 bp −$16.3K

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	−0.1016%	1h	93.493	−0.251%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	93.576	−0.162%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0243%	1h	93.570	−0.168%	$702K	$939K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.182%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.688	−0.042%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0035%	1h	93.676	−0.055%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.629	−0.105%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.644	−0.089%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.671	−0.060%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.718	−0.011%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.676	−0.055%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.681	−0.050%	$44.1M	$56.9M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.680	−0.051%	$326.3M	$287.0M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0066%	4h	93.677	−0.054%	$176K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.590	−0.147%	$216K	$1.2M	10x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	93.653	−0.080%	$57K	$1.2M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	93.728	long leg	$18.6M	$59.6M	20x
Lighter RH HYPE	+0.0096%	1h	93.704	−0.025%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.676	−0.055%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.640	−0.093%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.653	−0.080%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.772	+0.047%	$2.04B	$669.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.673	−0.059%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.679	−0.052%	$386.5M	$887.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.675	−0.056%	$115.1M	$315.8M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.613	−0.122%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	93.687	−0.043%	$93.8M	$82.2M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.698	−0.032%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.700	−0.029%	$227.5M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.675	−0.056%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.719	−0.009%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.199%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.580	−0.157%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	−0.181%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.586	−0.151%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.668	−0.064%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.696	−0.034%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.694	−0.036%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.696	−0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.679	−0.052%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.656	−0.076%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.183%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.668	−0.064%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.677	−0.054%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	93.544	−0.196%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0133%	8h	93.760	+0.035%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0166%	1h	93.783	+0.059%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.690	−0.040%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.665	−0.067%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.500	−0.243%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0316%	4h	93.850	+0.131%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.697	−0.032%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.597	−0.139%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.702	−0.028%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.790	+0.066%	$19.2M	$26.0M	50x	as long as short