Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: SunX against Lighter RH+0.048%7-day average +0.047% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$600.604% of the position

Long on Lighter RH Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 3 days (all we have)−0.067%−$7 · spread now +0.048%, 7d avg +0.047%

Together, before fees+0.004%+ Points / potential airdropLighter RH: Points live · farm board$0 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	93.019	0.0096	pay 0.0012% / 1h	28m 02s	$3.1M	$12.2M	20x
Short	SunX HYPE-USDT	93.064	0.0100	get 0.0050% / 4h	1h 28m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.048%Rate

Funding earned: $0.84
Price spread: +0.048% → +0.047%: $0.14
Slippage, 4 orders: −$52.43
Fee Lighter RH: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$59.44
Costs to cover: 0.604%
Break-even: 502.4 days

Slippage from Lighter RH: live order book, 6 min ago; SunX: live order book, 7 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	1.50 bp	1.9 bp −$2	3.5 bp −$35	29.4 bp −$2,938	doesn't fit
Sell SunX live order book, 7 min ago	19.33 bp	32.9 bp −$33	doesn't fit	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
Aftermath Perps HYPEUSD	−0.0404%	1h	93.039	+0.022%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.965	−0.058%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.049	+0.032%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0120%	1h	93.000	−0.020%	$698K	$927K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.057	+0.041%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.092	+0.078%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	93.090	+0.076%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0007%	4h	92.986	−0.036%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.108	+0.096%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.042	+0.024%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.056	+0.039%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.960	−0.063%	$322.4M	$287.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0025%	4h	93.001	−0.019%	$171K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.972	−0.050%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.033	+0.015%	$213K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0044%	4h	92.967	−0.056%	$43.8M	$58.4M	75x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.047	+0.030%	$111K	$580K	20x	as long as short
Binance HYPEUSDT	+0.0067%	4h	92.970	−0.053%	$381.4M	$895.3M	75x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	92.979	−0.043%	$89.9M	$81.9M	100x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	93.085	+0.071%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.034	+0.016%	$18.5M	$58.9M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	93.019	long leg	$3.1M	$12.2M	20x
Aevo HYPE-PERP	+0.0096%	1h	93.007	−0.013%	$396K	$318K	20x	as long as short
StandX HYPE-USD	+0.0096%	1h	93.000	−0.020%	$673K	$2.5M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.093	+0.080%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.090	+0.076%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.095	+0.082%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.024	+0.005%	$2.02B	$673.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.127	+0.116%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.968	−0.055%	$113.6M	$313.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	+0.012%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.001	−0.019%	$46.9M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.976	−0.046%	$225.3M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.959	−0.065%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.997	−0.024%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.003	−0.017%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.981	−0.041%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	+0.082%	$412K	$1.0M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.080	+0.065%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.102	+0.089%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.030	+0.012%	$75K	$167K	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.064	+0.048%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.999	−0.022%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.990	−0.031%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.989	−0.032%	$18.2M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0110%	8h	93.092	+0.078%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	+0.001%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.880	−0.149%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0241%	4h	93.250	+0.248%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.029	+0.011%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.151	+0.142%	$2.7M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0280%	4h	92.998	−0.023%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.060	+0.044%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0363%	1h	93.106	+0.094%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.117	+0.106%	$20.8M	$28.9M	50x	as long as short