Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Lighter RH+0.064%7-day average −0.025% · you sell dearer than you buy

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

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days−0.064%−$6 · spread now +0.064%, 7d avg −0.025%

Together, before fees−0.064%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board−$6 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: Variational Omni is 0.088% dearer against Lighter RH than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	92.410	0.0096	pay 0.0012% / 1h	50m 18s	$3.1M	$11.6M	20x
Short	Variational Omni HYPE	92.469	0.0100	get 0.0100% / 8h	4h 50m	$28.5M	$57.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.064%Rate

Funding earned: $0.84
Price spread: +0.064% → −0.025%: $8.84
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $9.68
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter RH: live order book, 4 min ago; Variational Omni: RFQ quote, 4 min ago. 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, 4 min ago	1.02 bp	1.8 bp −$2	3.3 bp −$33	28.5 bp −$2,853	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	0.42 bp	doesn't fit	7.4 bp −$74	28.2 bp −$2,820	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
Arcus HYPE-USD	−0.0948%	1h	92.287	−0.133%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0728%	1h	92.519	+0.118%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0112%	1h	92.647	+0.256%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.387	−0.025%	$85K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.501	+0.098%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0067%	4h	92.385	−0.027%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0053%	1h	92.394	−0.017%	$110K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0047%	1h	92.360	−0.054%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.415	+0.005%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.417	+0.008%	$127K	$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	92.413	+0.003%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.436	+0.028%	$61K	—	150x	as long as short
Derive HYPE-PERP	+0.0020%	1h	92.367	−0.046%	$16.0M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.405	−0.005%	—	$53.2M	—	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.433	+0.025%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.390	−0.022%	$317.1M	$279.2M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	+0.482%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.404	−0.006%	$44.4M	$54.5M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.395	−0.016%	$67K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	92.387	−0.025%	$112.9M	$300.6M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	92.394	−0.017%	$87.5M	$80.2M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	92.398	−0.013%	$371.5M	$893.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.507	+0.105%	$338K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.411	+0.001%	$16.0M	$62.0M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	92.410	long leg	$3.1M	$11.6M	20x
Katana Perps HYPE-USD	+0.0100%	8h	92.370	−0.043%	$13K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.400	−0.011%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.452	+0.046%	$2.01B	$658.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.441	+0.033%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.422%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.414	+0.004%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.403	−0.008%	$223.6M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.435	+0.027%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.469	+0.064%	$28.5M	$57.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.799	+0.421%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.847	+0.473%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.569	+0.172%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.481	+0.077%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.438	+0.030%	$467K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.463	+0.057%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.406	−0.004%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.600	+0.206%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.776	+0.396%	$5.1M	$29.2M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.372	−0.041%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.434	+0.026%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.430	+0.022%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.480	+0.076%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.391	−0.020%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0262%	8h	92.513	+0.111%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0317%	4h	92.544	+0.145%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.424	+0.016%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.439	+0.032%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0464%	1h	92.500	+0.097%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.479	+0.075%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.1078%	1h	92.386	−0.026%	$78K	$169K	20x	as long as short