Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.030%

Price spread now: Gate against Lighter RH−0.033%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Lighter RH Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 7 days+0.028%+$3 · spread now −0.033%, 7d avg −0.010%

Together, before fees+0.007%+ Points / potential airdropLighter RH: Points live · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Gate is 0.023% cheaper against Lighter RH than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	93.994	0.0096	pay 0.0012% / 1h	4m 41s	$3.0M	$12.3M	20x
Short	Gate HYPE_USDT	93.963	0.0066	get 0.0033% / 4h	4m 41s	$44.2M	$60.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.033%Rate

Funding earned: −$6.3
Price spread: −0.033% → −0.010%: −$2.27
Slippage, 4 orders: −$8.98
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$32.55
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 4 min ago; Gate: live order book, 4 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, 4 min ago	1.28 bp	2.3 bp −$2	6.0 bp −$60	32.8 bp −$3,278	doesn't fit
Sell Gate live order book, 4 min ago	0.53 bp	9.4 bp −$9	14.5 bp −$145	29.9 bp −$2,989	52.3 bp −$26.1K

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	−0.1360%	1h	93.771	−0.238%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0367%	1h	93.895	−0.106%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.732	−0.279%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0126%	1h	93.760	−0.249%	$704K	$919K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.817	−0.188%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.842	−0.162%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0010%	1h	93.784	−0.224%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	93.844	−0.160%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.987	−0.008%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.854	−0.149%	$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	93.864	−0.138%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.978	−0.017%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0014%	4h	93.977	−0.018%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.953	−0.044%	$323.4M	$284.0M	75x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	93.826	−0.179%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.970	−0.026%	$88.4M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0047%	4h	93.976	−0.019%	$384.1M	$898.4M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.830	−0.174%	$60K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.859	−0.143%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDTshort	+0.0066%	4h	93.963	−0.033%	$44.2M	$60.0M	75x
Bullet HYPE-USD	+0.0087%	1h	93.827	−0.178%	$112K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	93.969	−0.027%	$116.0M	$323.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.025	+0.033%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	93.994	long leg	$3.0M	$12.3M	20x
Aevo HYPE-PERP	+0.0096%	1h	93.865	−0.138%	$399K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.820	−0.185%	$36K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.014	+0.021%	$341K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.838	−0.165%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.066	+0.077%	$2.05B	$679.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.005	+0.012%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.112%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.869	−0.133%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.980	−0.015%	$227.6M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.955	−0.041%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.890	−0.111%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.812	−0.193%	$31.3M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.967	−0.029%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.849	−0.154%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.908	−0.091%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.866	−0.136%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.853	−0.150%	$470K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.864	−0.138%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.862	−0.140%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.861	−0.141%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.443%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.947	−0.050%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.940	−0.057%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0156%	8h	93.911	−0.088%	$1.9M	$5.0M	2.3x	as long as short
BloFin HYPE-USDT	+0.0187%	4h	93.859	−0.144%	$17.0M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0192%	4h	94.012	+0.019%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.822	−0.183%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0261%	1h	93.954	−0.043%	$7.5M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.879	−0.122%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.856	−0.147%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	93.980	−0.015%	$21.0M	$29.5M	50x	as long as short