Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0140%/8h= −15.4% APRpaid last 24h −0.045%

Price spread now: Orderly against Lighter RH−0.073%7-day average −0.023% · you buy dearer than you sell

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

Long on Lighter RH Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.107%−$11 on $10k

Price spread, last 4 days (all we have)−0.254%−$25 · spread now −0.073%, 7d avg −0.023%

Together, before fees−0.362%+ Points / potential airdropLighter RH: Points live · farm board−$36 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.050% cheaper against Lighter RH than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	93.414	0.0096	pay 0.0012% / 1h	34m 03s	$3.1M	$11.6M	20x
Short	Orderly PERP_HYPE_USDC	93.346	−0.0044	pay 0.0022% / 4h	1h 34m	$154K	$642K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.073%Rate

Funding earned: −$29.46
Price spread: −0.073% → −0.023%: −$4.97
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$40.44
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter RH: live order book, 5 min ago; Orderly: 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, 5 min ago	1.50 bp	1.7 bp −$2	3.0 bp −$30	26.2 bp −$2,615	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.1288%	1h	93.317	−0.103%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.210	−0.218%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0110%	1h	93.330	−0.090%	$699K	$982K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.329	−0.091%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0058%	1h	93.385	−0.031%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.370	−0.047%	$85K	$344K	20x	as long as short
Phemex HYPEUSDT	−0.0052%	8h	93.379	−0.037%	$12.6M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0044%	4h	93.346	−0.073%	$154K	$642K	20x
Bullet HYPE-USD	−0.0006%	1h	93.348	−0.071%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	−0.057%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.362	−0.056%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.360	−0.058%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0022%	4h	93.429	+0.016%	$8.8M	$35.5M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.393	−0.022%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.487	+0.078%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.500	+0.092%	$321.7M	$277.3M	75x	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.493	+0.085%	$44.6M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.453	+0.042%	$114.1M	$302.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.415	+0.001%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	93.414	long leg	$3.1M	$11.6M	20x
Popdex HYPEUSDT	+0.0096%	1h	93.355	−0.063%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.405	−0.010%	$89.8M	$80.8M	100x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.353	−0.065%	$339K	$162K	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.487	+0.078%	$379.1M	$876.3M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.370	−0.047%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.340	−0.079%	$5.8M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.486	+0.077%	$2.04B	$653.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.357	−0.061%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.364	−0.053%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.398	−0.017%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.494	+0.086%	$226.1M	$96.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.380	−0.036%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.367	−0.051%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.365	−0.053%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.333	−0.087%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.424	+0.011%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.401	−0.013%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.389	−0.027%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.338	−0.081%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.333	−0.087%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.412	−0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.385	−0.031%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.387	−0.029%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.368	−0.049%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	93.315	−0.106%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.420	+0.006%	$4.8M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0190%	4h	93.501	+0.093%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.348	−0.071%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.420	+0.006%	$1.9M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.379	−0.037%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	93.380	−0.036%	$17.0M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0339%	1h	93.464	+0.054%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.426	+0.012%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.220	−0.208%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.458	+0.047%	$20.8M	$29.8M	50x	as long as short