HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0070%/8h= −7.7% APRnext payment −$0.09 per $10,000 · paid last 24h +0.013%

Price spread now: Phoenix against Lighter+0.196%104s7-day average +0.077% · you sell dearer than you buy

Net, funding: paid 7d − costs+$13as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$140.139% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.271%+$27 on $10k

Price spread, last 7 days−0.094%−$9 · spread now +0.196%, 7d avg +0.077%

Together, before fees+0.177%+ Points / potential airdropLighter: Season 3 · farm board+$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.119% dearer against Lighter than usual: you sell high and buy low (spread +0.196% now, against its 7-day average of +0.077%): +$12 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.6 days. Mind the row above: over the last 7 days funding on this pair paid +0.271%, so the current rate has only just turned against you. The two prices were read 104 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.366	0.0096	pay 0.0012% / 1h	41m 47s	$16.3M	$61.6M	20x
Short	Phoenix HYPE	93.549	0.0026	get 0.0003% / 1h	41m 47s	$213K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.196%Rate

Funding earned: −$14.75
Price spread: +0.196% → +0.077%: $11.9
Slippage, 4 orders: −$6.87
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$16.72
Costs to cover: 0.139%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Phoenix: live order book, 1 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	0.77 bp	0.8 bp −$1	1.5 bp −$15	11.6 bp −$1,159	46.3 bp −$23.2K
Sell Phoenix live order book, 1 min ago	1.17 bp	5.7 bp −$6	9.8 bp −$98	125.4 bp −$12.5K	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	−0.1240%	1h	93.378	+0.013%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.446	+0.086%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0178%	1h	93.498	+0.141%	$79K	$170K	20x	as long as short
Phemex HYPEUSDT	−0.0102%	8h	93.519	+0.164%	$12.6M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.485	+0.128%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.518	+0.163%	$156K	$629K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0041%	1h	93.435	+0.074%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.554	+0.201%	$85K	$345K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0010%	1h	93.500	+0.144%	$698K	$981K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	−0.006%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.568	+0.217%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.550	+0.197%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0024%	4h	93.477	+0.119%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPEshort	+0.0026%	1h	93.549	+0.196%	$213K	$1.2M	10x
BingX HYPE-USDT	+0.0026%	4h	93.378	+0.013%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0034%	8h	93.331	−0.037%	$321.9M	$277.0M	75x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.546	+0.193%	$112K	$578K	20x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.385	+0.020%	$44.6M	$54.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.327	−0.042%	$114.2M	$301.9M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	93.366	long leg	$16.3M	$61.6M	20x
Lighter RH HYPE	+0.0096%	1h	93.359	−0.007%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.549	+0.196%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.386	+0.022%	$89.8M	$80.5M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.616	+0.267%	$340K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.527	+0.172%	$5.1M	$30.0M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.219%	$19K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.579	+0.229%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.443	+0.083%	$2.04B	$655.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.375	+0.010%	$10.0M	$14.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.350	−0.017%	$378.8M	$877.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.229%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.439	+0.078%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.327	−0.042%	$225.7M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.471	+0.113%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.339	−0.029%	$31.1M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.288	−0.084%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.588	+0.238%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.522	+0.167%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.596	+0.247%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.567	+0.215%	$473K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.508	+0.152%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.616	+0.268%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.524	+0.169%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.366	0.000%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.529	+0.175%	$398K	$163K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.590	+0.240%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0202%	4h	93.738	+0.399%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.528	+0.173%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.609	+0.260%	$1.9M	$5.1M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0306%	1h	93.595	+0.245%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.557	+0.204%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.577	+0.226%	$17.0M	$11.7M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.644	+0.298%	$3.2M	$6.5M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.350	−0.017%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.592	+0.243%	$20.8M	$30.1M	50x	as long as short