Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Katana Perps against Lighter RH−0.008%7-day average −0.043% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Katana Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.007%−$1 on $10k

Price spread, last 7 days+0.011%+$1 · spread now −0.008%, 7d avg −0.043%

Together, before fees+0.004%+ Points / potential airdropLighter RH: Points live · farm board$0 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: Katana Perps is 0.034% dearer against Lighter RH than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	94.278	0.0096	pay 0.0012% / 1h	36m 36s	$3.1M	$12.1M	20x
Short	Katana Perps HYPE-USD	94.270	0.0100	get 0.0100% / 8h	7h 36m	$24K	$1.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Katana Perps 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 Katana PerpsbpOrdersPrice spread, now −0.008%Rate

Funding earned: $0.8
Price spread: −0.008% → −0.043%: $3.43
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Net: $0.43
Costs to cover: 0.038%
Break-even: 3.2 days

Slippage unknown: Lighter RH: live order book, 2 min ago; Katana Perps: no order-book sample. Net counts fees only.

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	0.05 bp	6.4 bp −$6	11.3 bp −$113	36.2 bp −$3,621	doesn't fit
Sell Katana Perps no order-book sample	—	—	—	—	—

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1464%	1h	94.187	−0.097%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.156	−0.129%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0282%	8h	94.196	−0.087%	$12.8M	$2.6M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	94.083	−0.207%	$22K	$23K	10x	as long as short
dYdX HYPE-USD	−0.0193%	1h	94.245	−0.035%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0161%	1h	94.130	−0.157%	$710K	$945K	10x	as long as short
Bullet HYPE-USD	−0.0087%	1h	94.221	−0.061%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.274	−0.004%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.241	−0.039%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0021%	8h	94.240	−0.040%	$323.8M	$280.7M	75x	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	−0.0012%	4h	94.248	−0.032%	$166K	$598K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.278	+0.001%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.252	−0.028%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0008%	4h	94.248	−0.032%	$44.6M	$59.5M	75x	as long as short
Aster HYPEUSDT	+0.0023%	4h	94.254	−0.025%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	−0.111%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.261	−0.018%	$89.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.202	−0.081%	$16.5M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0049%	4h	94.269	−0.009%	$384.8M	$893.0M	75x	as long as short
Bluefin HYPE-PERP	+0.0055%	1h	94.245	−0.035%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	94.030	−0.263%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.260	−0.019%	$116.3M	$319.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.309	+0.033%	$19.1M	$58.7M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	94.278	long leg	$3.1M	$12.1M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.257	−0.022%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.231	−0.050%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.293	+0.016%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USDshort	+0.0100%	8h	94.270	−0.008%	$24K	$1.6M	10x
Nado HYPE-PERP	+0.0100%	1h	94.228	−0.053%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.347	+0.073%	$2.06B	$675.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.272	−0.006%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.265	−0.014%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.264	−0.015%	$228.6M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.245	−0.035%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.261	−0.018%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.284%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	−0.247%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.037	−0.256%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.245%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.247	−0.033%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.244	−0.036%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.325	+0.050%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.244	−0.036%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.168%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.241	−0.040%	$19.2M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.280	+0.002%	$5.0M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0182%	4h	94.242	−0.038%	$17.1M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0198%	8h	94.305	+0.029%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.390	+0.119%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.294	+0.017%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.221	−0.060%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.268	−0.011%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0436%	4h	94.427	+0.158%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0439%	1h	94.340	+0.066%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.333	+0.058%	$21.1M	$29.7M	50x	as long as short