Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.007%

Price spread now: KuCoin against Lighter RH−0.014%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

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

costs, in and out, $10k−$240.242% of the position

Long on Lighter RH Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.049%+$5 on $10k

Price spread, last 7 days+0.046%+$5 · spread now −0.014%, 7d avg +0.005%

Together, before fees+0.095%+ Points / potential airdropLighter RH: Points live · farm board+$10 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	94.103	0.0096	pay 0.0012% / 1h	20m 43s	$3.2M	$10.8M	20x
Short	KuCoin HYPEUSDTM	94.090	0.0100	get 0.0050% / 4h	20m 43s	$46.7M	$18.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0.84
Price spread: −0.014% → +0.005%: −$1.84
Slippage, 4 orders: −$12.22
Fee Lighter RH: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$25.23
Costs to cover: 0.242%
Break-even: 217.2 days

Slippage from Lighter RH: live order book, 3 min ago; KuCoin: live order book, 8 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, 3 min ago	1.33 bp	2.8 bp −$3	4.4 bp −$44	30.0 bp −$3,000	doesn't fit
Sell KuCoin live order book, 8 min ago	0.26 bp	9.8 bp −$10	14.2 bp −$142	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	−0.1720%	1h	94.026	−0.082%	$201K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0415%	1h	94.057	−0.049%	$79K	$152K	20x	as long as short
Bullet HYPE-USD	−0.0237%	1h	94.031	−0.077%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0226%	1h	93.910	−0.205%	$710K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0140%	1h	94.146	+0.045%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.067	−0.038%	$87K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.016	−0.092%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.148%	$16.4M	$7.5M	10x	as long as short
Lighter HYPE	−0.0048%	1h	94.103	0.000%	$16.3M	$64.5M	20x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.032	−0.075%	$1.0M	$3.6M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.100	−0.003%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.110	+0.007%	$316.3M	$289.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.067	−0.038%	$146K	$684K	20x	as long as short
Polymarket Perps HYPE-USD	−0.0008%	1h	94.114	+0.012%	$496K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.061	−0.045%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.151	+0.051%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.232	+0.137%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.072	−0.033%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.128	+0.027%	$124K	—	150x	as long as short
Paradex HYPE-USD-PERP	+0.0030%	8h	94.140	+0.039%	$336K	$154K	20x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.087	−0.017%	$226.0M	$100.1M	75x	as long as short
SoDEX HYPE-USD	+0.0034%	1h	94.062	−0.044%	$2.0M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.131	+0.030%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0050%	8h	94.077	−0.028%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.010	−0.099%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.117	+0.015%	$117.4M	$323.6M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.090	−0.014%	$50.0M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.117%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPElong	+0.0096%	1h	94.103	long leg	$3.2M	$10.8M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.044	−0.063%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.030	−0.078%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.053	−0.053%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.197	+0.100%	$2.07B	$687.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.105	+0.002%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.153	+0.053%	$10.1M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.109	+0.006%	$376.9M	$933.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.240	+0.146%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.105	+0.002%	$88.3M	$83.8M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.090	−0.014%	$46.7M	$18.8M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.064	−0.041%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.026%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.122	+0.020%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.080%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.060	−0.046%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.101	−0.002%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.238	+0.143%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.075	−0.030%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.085	−0.019%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.153	+0.053%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.677%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0196%	1h	94.179	+0.081%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.124	+0.023%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.086	−0.018%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.073	−0.031%	$84K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.094	−0.010%	$17.1M	$12.3M	75x	as long as short