Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.008%

Price spread now: Lighter RH against MEXC+0.046%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$4as in the Price arb table

costs, in and out, $10k−$100.098% of the position

Long on MEXC Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.050%−$5 on $10k

Price spread, last 7 days−0.077%−$8 · spread now +0.046%, 7d avg −0.010%

Together, before fees−0.127%+ Points / potential airdropLighter RH: Points live · farm board−$13 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: Lighter RH is 0.056% dearer against MEXC than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	92.910	0.0100	pay 0.0050% / 4h	3h 50m	$87.6M	$79.9M	100x
Short	Lighter RH HYPE	92.953	0.0096	get 0.0012% / 1h	50m 14s	$3.1M	$11.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against MEXC. 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 MEXCbpFee Lighter RHbpOrdersPrice spread, now +0.046%Rate

Funding earned: −$0.84
Price spread: +0.046% → −0.010%: $5.62
Slippage, 4 orders: −$5.75
Fee MEXC: 2 bp × 2 orders: −$4
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$4.97
Costs to cover: 0.098%
Break-even: never at this rate

Slippage from MEXC: live order book, 4 min ago; Lighter RH: live order book, 4 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 MEXC live order book, 4 min ago	0.22 bp	2.2 bp −$2	6.5 bp −$65	11.4 bp −$1,143	47.1 bp −$23.5K
Sell Lighter RH live order book, 4 min ago	0.16 bp	1.7 bp −$2	3.1 bp −$31	24.9 bp −$2,492	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	−0.0680%	1h	92.799	−0.119%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	92.908	−0.002%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.889	−0.023%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.022	+0.121%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.882	−0.030%	$157K	$660K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.948	+0.041%	$127K	$29K	5x	as long as short
Gate HYPE_USDT	0.0000%	4h	92.914	+0.004%	$44.7M	$53.7M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.067	+0.169%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.918	+0.008%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.946	+0.039%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	93.032	+0.131%	$210K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0031%	1h	92.910	0.000%	$699K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	92.902	−0.009%	$316.3M	$282.4M	75x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	92.906	−0.004%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.945	+0.038%	$87K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0078%	4h	92.895	−0.016%	$225.1M	$99.0M	75x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	92.935	+0.027%	$4.9M	$29.6M	30x	as long as short
Aster HYPEUSDT	+0.0088%	4h	92.963	+0.057%	$8.7M	$36.2M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.963	+0.057%	$16.1M	$62.3M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	92.953	+0.046%	$3.1M	$11.6M	20x
Popdex HYPEUSDT	+0.0096%	1h	92.916	+0.006%	$69K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.948	+0.041%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.870	−0.043%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.945	+0.038%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.966	+0.060%	$2.03B	$665.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.947	+0.040%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.921	+0.012%	$373.7M	$904.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.926	+0.017%	$113.9M	$304.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.034%	$202K	$13K	10x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	92.910	long leg	$87.6M	$79.9M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	92.931	+0.023%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.912	+0.002%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.977	+0.072%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.989	+0.085%	$28.6M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.015	+0.113%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.928	+0.019%	$351K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.011	+0.109%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.984	+0.080%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.953	+0.046%	$469K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	92.922	+0.012%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.914	+0.004%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.897	−0.014%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.901	−0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.909	−0.001%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.869	−0.044%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.907	−0.003%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.940	+0.032%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0163%	4h	93.082	+0.185%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.987	+0.083%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.258%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.905	−0.005%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.932	+0.024%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.981	+0.076%	$16.7M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0396%	1h	92.998	+0.095%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.990	+0.086%	$3.2M	$6.4M	20x	as long as short