Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h 0.000%

Price spread now: SunX against Lighter−0.060%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$127as in the Funding arb table

Net, price: spread back to 7d avg − costs−$138as in the Price arb table

costs, in and out, $10k−$1291.293% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 3 days (all we have)+0.099%+$10 · spread now −0.060%, 7d avg +0.023%

Together, before fees+0.118%+ Points / potential airdropLighter: Season 3 · farm board+$12 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: SunX is 0.083% cheaper against Lighter than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.023%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	94.029	0.0096	pay 0.0012% / 1h	2m 04s	$18.9M	$60.5M	20x
Short	SunX HYPE-USDT	93.973	0.0100	get 0.0050% / 4h	2m 04s	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.060%Rate

Funding earned: $0.84
Price spread: −0.060% → +0.023%: −$8.29
Slippage, 4 orders: −$121.27
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$136.72
Costs to cover: 1.293%
Break-even: 1146.3 days

Slippage from Lighter: live order book, 7 min ago; SunX: 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, 7 min ago	0.25 bp	1.1 bp −$1	2.9 bp −$29	11.7 bp −$1,166	38.4 bp −$19.2K
Sell SunX live order book, 3 min ago	54.37 bp	67.7 bp −$68	doesn't fit	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	−0.1376%	1h	93.897	−0.141%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0346%	1h	93.948	−0.086%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.820	−0.223%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.950	−0.084%	$704K	$925K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.924	−0.112%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.931	−0.105%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0012%	1h	93.900	−0.138%	$16.4M	$7.2M	10x	as long as short
dYdX HYPE-USD	−0.0007%	1h	93.976	−0.057%	$128K	$30K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	93.984	−0.048%	$169K	$594K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.978	−0.054%	$23K	$329K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.990	−0.042%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.898	−0.140%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.961	−0.073%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.970	−0.063%	$323.4M	$283.9M	75x	as long as short
Phemex HYPEUSDT	+0.0030%	8h	93.928	−0.108%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.979	−0.053%	$88.4M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0047%	4h	93.987	−0.045%	$384.1M	$898.7M	75x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.181%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.930	−0.106%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0068%	4h	93.978	−0.055%	$44.2M	$60.1M	75x	as long as short
Bullet HYPE-USD	+0.0073%	1h	93.939	−0.096%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	93.984	−0.048%	$116.0M	$322.9M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	94.029	long leg	$18.9M	$60.5M	20x
Lighter RH HYPE	+0.0096%	1h	93.993	−0.039%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.967	−0.066%	$400K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.990	−0.042%	$42K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.960	−0.074%	$341K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.941	−0.093%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.073	+0.046%	$2.05B	$680.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.951	−0.083%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.149%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.996	−0.035%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.995	−0.036%	$227.7M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.968	−0.065%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.001	−0.030%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.231%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.864	−0.176%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.817	−0.226%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.046	+0.018%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.005	−0.026%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.996	−0.035%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.963	−0.071%	$76K	$171K	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.973	−0.060%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.967	−0.066%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.405%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.940	−0.095%	$18.4M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.070	+0.043%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0157%	8h	94.054	+0.026%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0185%	4h	93.999	−0.032%	$17.0M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0194%	4h	94.100	+0.075%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.966	−0.068%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.982	−0.050%	$2.8M	$6.9M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0324%	1h	94.067	+0.040%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0156%	1h	93.993	−0.038%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.082	+0.056%	$21.0M	$29.5M	50x	as long as short