Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0079%/8h= +8.6% APRpaid last 24h +0.067%

Price spread now: BloFin against Lighter RH−0.006%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs+$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$170.167% of the position

Long on Lighter RH Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.529%+$53 on $10k

Price spread, last 3 days (all we have)−0.037%−$4 · spread now −0.006%, 7d avg −0.011%

Together, before fees+0.492%+ Points / potential airdropLighter RH: Points live · farm board+$49 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	93.903	0.0096	pay 0.0012% / 1h	56m 52s	$3.1M	$12.0M	20x
Short	BloFin HYPE-USDT	93.897	0.0175	get 0.0087% / 4h	3h 56m	$17.0M	$12.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Lighter RH. 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 Lighter RHbpFee BloFinbpOrdersPrice spread, now −0.006%Rate

Funding earned: $16.53
Price spread: −0.006% → −0.011%: $0.44
Slippage, 4 orders: −$4.74
Fee Lighter RH: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: $0.23
Costs to cover: 0.167%
Break-even: 6.9 days

Slippage from Lighter RH: live order book, 2 min ago; BloFin: live order book, 12 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 RH live order book, 2 min ago	1.17 bp	1.5 bp −$2	4.5 bp −$45	29.5 bp −$2,949	doesn't fit
Sell BloFin live order book, 12 min ago	0.11 bp	7.3 bp −$7	8.9 bp −$89	15.4 bp −$1,545	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	−0.1432%	1h	93.897	−0.007%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.810	−0.099%	$1.2M	$3.8M	10x	as long as short
dYdX HYPE-USD	−0.0358%	1h	93.996	+0.099%	$128K	$30K	5x	as long as short
Aftermath Perps HYPEUSD	−0.0329%	1h	93.990	+0.093%	$22K	$22K	10x	as long as short
Bybit HYPEUSDT	−0.0206%	8h	93.840	−0.067%	$322.8M	$283.6M	75x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	93.906	+0.003%	$86K	$367K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0118%	1h	93.920	+0.018%	$705K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.930	+0.029%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0055%	1h	93.926	+0.024%	$112K	$579K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.847	−0.060%	$16.4M	$7.2M	10x	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	−0.0008%	4h	93.936	+0.035%	$169K	$594K	20x	as long as short
Phemex HYPEUSDT	0.0000%	8h	93.937	+0.036%	$12.8M	$2.6M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.931	+0.030%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.964	+0.065%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.114	+0.225%	$218K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.887	−0.017%	$8.9M	$36.2M	300x	as long as short
Popdex HYPEUSDT	+0.0024%	1h	93.905	+0.002%	$60K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.852	−0.054%	$88.1M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.861	−0.045%	$383.4M	$899.1M	75x	as long as short
edgeX HYPEUSDC	+0.0054%	4h	93.988	+0.090%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0076%	4h	93.861	−0.045%	$44.6M	$58.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	93.857	−0.049%	$115.9M	$322.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.960	+0.061%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	93.903	long leg	$3.1M	$12.0M	20x
Aevo HYPE-PERP	+0.0096%	1h	93.955	+0.056%	$400K	$241K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.965	+0.066%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.940	+0.039%	$42K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.909	+0.007%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.946	+0.046%	$2.04B	$680.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.963	+0.064%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.872	−0.033%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.862	−0.044%	$227.4M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.853	−0.053%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.913	+0.011%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.972	+0.074%	$31.4M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.052	+0.158%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.033	+0.138%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.964	+0.065%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.959	+0.060%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.956	+0.056%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.920	+0.018%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.970	+0.071%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.905	+0.002%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	+0.043%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.827	−0.081%	$18.4M	$42.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.960	+0.061%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0163%	8h	93.986	+0.088%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDTshort	+0.0175%	4h	93.897	−0.006%	$17.0M	$12.5M	75x
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	+0.263%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.962	+0.063%	$2.8M	$6.9M	20x	as long as short
HTX HYPE-USDT	+0.0245%	4h	94.110	+0.220%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.920	+0.018%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0293%	1h	94.005	+0.109%	$7.5M	$4.7M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.963	+0.064%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	94.005	+0.109%	$21.0M	$29.5M	50x	as long as short