Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0166%/8h= +18.2% APRpaid last 24h +0.045%

Price spread now: Lighter RH against Orderly+0.017%7-day average +0.023% · you sell dearer than you buy

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

Long on Orderly Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.107%+$11 on $10k

Price spread, last 4 days (all we have)+0.075%+$7 · spread now +0.017%, 7d avg +0.023%

Together, before fees+0.182%+ Points / potential airdropLighter RH: Points live · farm board+$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.023%, 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	92.190	−0.0070	get 0.0035% / 4h	46m 51s	$157K	$663K	20x
Short	Lighter RH HYPE	92.206	0.0096	get 0.0012% / 1h	46m 51s	$3.1M	$11.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.017%Rate

Funding earned: $34.84
Price spread: +0.017% → +0.023%: −$0.58
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $28.26
Costs to cover: 0.060%
Break-even: 1.3 days

Slippage unknown: Orderly: no order-book sample; Lighter RH: live order book, 2 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 RH live order book, 2 min ago	1.46 bp	1.8 bp −$2	3.4 bp −$34	25.6 bp −$2,558	doesn't fit

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	92.199	+0.010%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0648%	1h	92.231	+0.044%	$193K	$228K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0124%	1h	92.461	+0.294%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	92.209	+0.021%	$86K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.187	−0.003%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0070%	4h	92.190	long leg	$157K	$663K	20x
Bullet HYPE-USD	−0.0064%	1h	92.248	+0.063%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0040%	1h	92.170	−0.022%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0011%	4h	92.176	−0.015%	$8.6M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	+0.052%	$126K	$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	92.283	+0.101%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.260	+0.076%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.150	−0.043%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.150	−0.043%	$315.3M	$280.9M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.169	−0.023%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.260%	$209K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.169	−0.023%	$44.3M	$54.7M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	92.244	+0.059%	$12.5M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.160	−0.033%	$112.5M	$300.5M	50x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.159	−0.034%	$87.0M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0078%	4h	92.172	−0.019%	$370.6M	$897.6M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.257	+0.073%	$67K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	92.311	+0.132%	$4.9M	$29.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.253	+0.069%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0093%	1h	92.333	+0.155%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.213	+0.025%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	92.206	+0.017%	$3.1M	$11.6M	20x
Katana Perps HYPE-USD	+0.0099%	8h	92.220	+0.033%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.287	+0.105%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.230	+0.043%	$2.01B	$663.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.260	+0.076%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.662%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.159	−0.034%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.160	−0.033%	$223.1M	$97.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.181	−0.010%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	+0.302%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	+0.149%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.258	+0.074%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.271	+0.088%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.267	+0.084%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.240	+0.054%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.191	+0.001%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.370	+0.195%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.128	−0.068%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.215	+0.027%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.879%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.260	+0.076%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.223	+0.036%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0261%	8h	92.317	+0.138%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0311%	4h	92.180	−0.011%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.254	+0.069%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.237	+0.051%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0433%	1h	92.286	+0.104%	$7.5M	$4.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0527%	1h	92.201	+0.012%	$78K	$169K	20x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.349	+0.173%	$3.1M	$6.4M	20x	as long as short