Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0160%/8h= +17.5% APRpaid last 24h +0.047%

Price spread now: Lighter against Orderly+0.037%7-day average +0.046% · you sell dearer than you buy

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.159%+$16 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now +0.037%, 7d avg +0.046%

Together, before fees+0.239%+ Points / potential airdropLighter: Season 3 · farm board+$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.046%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	92.860	−0.0064	get 0.0032% / 4h	0m 01s	$157K	$653K	20x
Short	Lighter HYPE	92.894	0.0096	get 0.0012% / 1h	0m 01s	$16.1M	$62.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now +0.037%Rate

Funding earned: $33.52
Price spread: +0.037% → +0.046%: −$0.93
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $26.6
Costs to cover: 0.060%
Break-even: 1.4 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 4 min ago	0.34 bp	1.5 bp −$2	2.6 bp −$26	9.7 bp −$975	43.5 bp −$21.7K

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	92.835	−0.027%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0440%	1h	92.759	−0.109%	$193K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0280%	1h	92.833	−0.029%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.875	+0.016%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0064%	4h	92.860	long leg	$157K	$653K	20x
dYdX HYPE-USD	0.0000%	1h	92.865	+0.005%	$127K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	92.902	+0.045%	$86K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.894	+0.036%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.907	+0.050%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0029%	8h	92.858	−0.002%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0030%	1h	92.843	−0.018%	$112K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.877	+0.018%	—	$53.6M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.113%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.860	0.000%	$316.7M	$281.3M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0049%	1h	92.810	−0.054%	$698K	$1.1M	10x	as long as short
Aster HYPEUSDT	+0.0068%	4h	92.889	+0.031%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0086%	4h	92.890	+0.032%	$224.8M	$98.7M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	92.845	−0.016%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.903	+0.046%	$339K	$163K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	92.894	+0.037%	$16.1M	$62.8M	20x
Lighter RH HYPE	+0.0096%	1h	92.897	+0.040%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.876	+0.017%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0098%	8h	92.911	+0.055%	$113.9M	$303.8M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.860	0.000%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.885	+0.027%	$7.4M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.915	+0.059%	$2.02B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.895	+0.038%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.884	+0.026%	$373.2M	$902.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.065%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.866	+0.006%	$44.4M	$55.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.883	+0.025%	$88.3M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.888	+0.030%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.880	+0.022%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	−0.001%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.903	+0.046%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.856	−0.004%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.868	+0.009%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.923	+0.068%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.910	+0.054%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.881	+0.023%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.843	−0.018%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.863	+0.003%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.883	+0.025%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.019	+0.171%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.871	+0.012%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.871	+0.012%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	+0.108%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.960	+0.108%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0225%	8h	92.896	+0.039%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.871	+0.011%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0277%	1h	92.967	+0.115%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.864	+0.005%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.936	+0.082%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.879	+0.020%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.937	+0.083%	$3.2M	$6.4M	20x	as long as short