Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0344%/8h= −37.6% APRpaid last 24h −0.006%

Price spread now: Phemex against Lighter RH−0.056%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$46as in the Price arb table

costs, in and out, $10k−$410.410% of the position

Long on Lighter RH Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 3 days (all we have)+0.023%+$2 · spread now −0.056%, 7d avg −0.006%

Together, before fees+0.083%+ Points / potential airdropLighter RH: Points live · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phemex 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 −0.006%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.061%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.061% in total (about 3.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	94.260	0.0096	pay 0.0012% / 1h	37m 38s	$3.1M	$12.1M	20x
Short	Phemex HYPEUSDT	94.207	−0.0248	pay 0.0248% / 8h	7h 37m	$12.8M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$72.17
Price spread: −0.056% → −0.006%: −$4.99
Slippage, 4 orders: −$29
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$118.17
Costs to cover: 0.410%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 6 min ago; Phemex: live order book, 6 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, 6 min ago	1.12 bp	1.4 bp −$1	5.1 bp −$51	33.2 bp −$3,321	doesn't fit
Sell Phemex live order book, 6 min ago	3.35 bp	26.0 bp −$26	46.7 bp −$467	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	−0.1472%	1h	93.931	−0.349%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.137	−0.130%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0270%	1h	94.044	−0.229%	$22K	$23K	10x	as long as short
Phemex HYPEUSDTshort	−0.0248%	8h	94.207	−0.056%	$12.8M	$2.6M	50x
dYdX HYPE-USD	−0.0202%	1h	94.245	−0.016%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0164%	1h	94.180	−0.085%	$705K	$937K	10x	as long as short
Bullet HYPE-USD	−0.0083%	1h	94.194	−0.070%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.237	−0.024%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.032	−0.242%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.205	−0.058%	$170K	$592K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0010%	8h	94.213	−0.050%	$323.7M	$280.7M	75x	as long as short
Gate HYPE_USDT	−0.0006%	4h	94.227	−0.035%	$44.6M	$59.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.227	−0.035%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.232	−0.030%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0018%	4h	94.248	−0.013%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.122	−0.146%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.250	−0.011%	$89.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.175	−0.090%	$16.4M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.247	−0.014%	$384.8M	$893.6M	75x	as long as short
Bluefin HYPE-PERP	+0.0051%	1h	94.215	−0.048%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.034	−0.240%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.241	−0.020%	$116.3M	$319.6M	50x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	94.219	−0.043%	$64K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.304	+0.046%	$19.1M	$58.7M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	94.260	long leg	$3.1M	$12.1M	20x
Aevo HYPE-PERP	+0.0096%	1h	94.206	−0.058%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.281	+0.022%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.220	−0.042%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.221	−0.041%	$6.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.346	+0.091%	$2.05B	$674.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.263	+0.003%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.272	+0.013%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.242	−0.019%	$228.6M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.236	−0.025%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.265	+0.005%	$7.8M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.265%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.030	−0.244%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.016	−0.259%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.226%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.183	−0.081%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.216	−0.047%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.268	+0.008%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.236	−0.025%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.149%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.209	−0.054%	$19.2M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.260	0.000%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.032	−0.242%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0198%	8h	94.281	+0.022%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	0.000%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.272	+0.013%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.187	−0.077%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0157%	1h	94.228	−0.034%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0430%	4h	94.403	+0.152%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0450%	1h	94.326	+0.070%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.327	+0.071%	$21.1M	$29.7M	50x	as long as short