Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.041%

Price spread now: HTX against Lighter RH+0.130%7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

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

costs, in and out, $10k−$260.255% of the position

Long on Lighter RH Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 4 days (all we have)−0.199%−$20 · spread now +0.130%, 7d avg +0.034%

Together, before fees−0.095%+ Points / potential airdropLighter RH: Points live · farm board−$9 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: HTX is 0.095% dearer against Lighter RH than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of +0.034%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	94.178	0.0096	pay 0.0012% / 1h	4m 19s	$3.2M	$11.1M	20x
Short	HTX HYPE-USDT	94.300	0.0100	get 0.0050% / 4h	1h 04m	$1.4M	$6.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.130%Rate

Funding earned: $0.84
Price spread: +0.130% → +0.034%: $9.51
Slippage, 4 orders: −$13.54
Fee Lighter RH: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$15.19
Costs to cover: 0.255%
Break-even: 133.6 days

Slippage from Lighter RH: live order book, 4 min ago; HTX: live order book, 5 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	1.38 bp	2.1 bp −$2	2.8 bp −$28	22.4 bp −$2,239	doesn't fit
Sell HTX live order book, 5 min ago	2.54 bp	11.7 bp −$12	16.5 bp −$165	72.6 bp −$7,261	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	−0.1096%	1h	94.278	+0.106%	$201K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0158%	1h	94.284	+0.113%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0101%	1h	94.110	−0.072%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.373	+0.207%	$3K	$331	25x	as long as short
Bluefin HYPE-PERP	−0.0069%	1h	94.132	−0.049%	$80K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0068%	1h	94.154	−0.025%	$110K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	94.133	−0.048%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.127	−0.054%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0007%	8h	94.180	+0.002%	$317.2M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0004%	4h	94.134	−0.047%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.178	+0.001%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.226	+0.051%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.172	−0.006%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.180	+0.002%	$117K	—	150x	as long as short
Derive HYPE-PERP	+0.0003%	1h	94.317	+0.148%	$16.4M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	+0.048%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.146	−0.034%	$226.6M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.150	−0.030%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0064%	8h	94.155	−0.024%	$336K	$156K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.114	−0.068%	$1.0M	$3.5M	10x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	94.169	−0.009%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	94.166	−0.013%	$116.9M	$321.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.171	−0.007%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	94.178	long leg	$3.2M	$11.1M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.119	−0.063%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	−0.019%	$15K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.116	−0.065%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.221	+0.046%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.171	−0.007%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.178	0.000%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.174	−0.004%	$376.9M	$932.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	+0.005%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.142	−0.038%	$49.4M	$57.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.132	−0.049%	$89.7M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.145	−0.035%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.153	−0.027%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	+0.064%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.264	+0.091%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.207	+0.031%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.216	+0.040%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.197	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.170	−0.008%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.161	−0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.162	−0.017%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.300	+0.130%	$1.4M	$6.8M	75x
Extended HYPE-USD	+0.0104%	1h	94.134	−0.047%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.155	−0.025%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	+0.013%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.198	+0.021%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.395%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0249%	1h	94.253	+0.080%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.123	−0.059%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.149	−0.031%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.222	+0.047%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.165	−0.014%	$3.2M	$6.4M	20x	as long as short