Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.025%

Price spread now: Lighter against OKX−0.041%7-day average +0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$140.145% of the position

Long on OKX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.048%+$5 on $10k

Price spread, last 7 days+0.034%+$3 · spread now −0.041%, 7d avg +0.038%

Together, before fees+0.082%+ Points / potential airdropLighter: Season 3 · farm board+$8 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 is 0.080% cheaper against OKX than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.993	0.0100	pay 0.0100% / 8h	2h 19m	$115.9M	$313.6M	50x
Short	Lighter HYPE	93.954	0.0096	get 0.0012% / 1h	19m 11s	$16.2M	$63.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against OKX. 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 OKXbpFee LighterbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$0.84
Price spread: −0.041% → +0.038%: −$7.98
Slippage, 4 orders: −$4.48
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$23.3
Costs to cover: 0.145%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; Lighter: live order book, 5 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 OKX live order book, 5 min ago	0.05 bp	6.3 bp −$6	8.7 bp −$87	18.8 bp −$1,879	doesn't fit
Sell Lighter live order book, 5 min ago	0.94 bp	1.0 bp −$1	1.3 bp −$13	12.0 bp −$1,203	43.5 bp −$21.8K

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	−0.1376%	1h	93.862	−0.139%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0422%	1h	93.521	−0.502%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.906	−0.093%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0041%	1h	93.921	−0.077%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.905	−0.094%	$146K	$672K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.915	−0.083%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.948	−0.048%	$88K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.951	−0.044%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.956	−0.040%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.888	−0.112%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.999	+0.006%	$226.9M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.970	−0.024%	$319.0M	$283.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.624	−0.393%	$208K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0031%	8h	93.952	−0.044%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0047%	1h	93.870	−0.131%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.391%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.987	−0.007%	$342K	$157K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.954	−0.041%	$16.2M	$63.3M	20x
Lighter RH HYPE	+0.0096%	1h	93.960	−0.035%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.930	−0.067%	$73K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.750	−0.259%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.910	−0.088%	$7.8M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.052	+0.063%	$2.05B	$671.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.982	−0.012%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.970	−0.024%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.981	−0.013%	$376.9M	$916.5M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	93.993	long leg	$115.9M	$313.6M	50x
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.676%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.012	+0.020%	$47.4M	$54.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.000	+0.007%	$90.6M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.979	−0.015%	$46.4M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.981	−0.013%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.021	+0.030%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	−0.313%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.275	−0.764%	$7.5M	$47.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.227	−0.815%	$342K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.924	−0.073%	$672K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.976	−0.019%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.953	−0.043%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.959	−0.036%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.933	−0.064%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.003	+0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.944	−0.052%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.100	+0.114%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.925	−0.073%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.948	−0.048%	$397K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.986	−0.007%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.080	+0.093%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.950	−0.046%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	93.934	−0.063%	$80K	$127K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0293%	1h	94.028	+0.037%	$7.5M	$4.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.946	−0.050%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0339%	1h	94.012	+0.021%	$21.0M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.930	−0.067%	$16.9M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.956	−0.039%	$3.2M	$6.3M	20x	as long as short