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Funding arb · Price arb /

HYPE

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 02:00 UTC+0.0225%/8h= +24.6% APRpaid last 24h +0.008%
Price spread now: Lighter against Phemex+0.083%7-day average +0.030% · you sell dearer than you buy
Net, funding: paid 7d − costs−$41as in the Funding arb table
Net, price: spread back to 7d avg − costs−$35as in the Price arb table
costs, in and out, $10k−$400.402% of the position
Long on PhemexShort on Lighter
What this pair did over the last
the charts below follow
Funding, last 7 days−0.009%−$1 on $10k
Price spread, last 3 days (all we have)−0.014%−$1 · spread now +0.083%, 7d avg +0.030%
Together, before fees−0.023%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Lighter is 0.053% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.030%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.009% in total (about -0.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex HYPEUSDT93.855−0.0129get 0.0129% / 8h6h 25m$12.7M$2.7M50x
ShortLighter HYPE93.9330.0096get 0.0012% / 1h25m 16s$16.4M$62.5M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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

Funding earned
$47.16
Price spread: +0.083% → +0.030%
$5.28
Slippage, 4 orders
−$28.17
Fee Phemex: 6 bp × 2 orders
−$12
Fee Lighter: 0 bp × 2 orders
$0
Net
$12.27
Costs to cover
0.402%
Break-even
5.2 days
Slippage from Phemex: live order book, 4 min ago; Lighter: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 4 min ago2.51 bp22.8 bp −$2337.4 bp −$374doesn't fitdoesn't fit
Sell Lighter live order book, 4 min ago0.52 bp0.5 bp −$12.5 bp −$2513.2 bp −$1,32441.4 bp −$20.7K

HYPE on 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.0968%1h93.788−0.071%$197K$229K7xas long as short
Arcus HYPE-USD−0.0786%1h93.740−0.123%$1.2M$3.8M10xas long as short
Aftermath Perps HYPEUSD−0.0135%1h93.774−0.086%$22K$21K10xas long as short
Phemex HYPEUSDTlong−0.0129%8h93.855long leg$12.7M$2.7M50x
Hotstuff HYPE-PERP−0.0080%1h93.874+0.020%$3K$33125xas long as short
Ondo Perps HYPE-USD.P−0.0077%1h93.860+0.005%$703K$929K10xas long as short
Orderly PERP_HYPE_USDC−0.0057%4h93.891+0.038%$157K$646K20xas long as short
01 Exchange HYPEUSD−0.0048%1h93.884+0.031%$85K$350K20xas long as short
Backpack HYPE_USDC_PERP−0.0042%1h93.896+0.044%$7.8M$10.3M20xas long as short
Gate HYPE_USDT−0.0028%4h93.911+0.060%$44.5M$55.0M75xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX HYPE-USDT−0.0002%4h93.904+0.052%—$53.7M—as long as short
Aster HYPEUSDT−0.0001%4h93.906+0.054%$8.9M$35.9M300xas long as short
dYdX HYPE-USD0.0000%1h93.860+0.005%$129K$31K5xas long as short
Perpl HYPE0.0000%43m93.907+0.055%$22K$326K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.927+0.076%$26K—150xas long as short
Bybit HYPEUSDT+0.0005%8h93.900+0.048%$322.5M$281.2M75xas long as short
Phoenix HYPE+0.0060%1h93.904+0.052%$213K$1.2M10xas long as short
MEXC HYPE_USDT+0.0066%4h93.893+0.040%$87.9M$82.9M100xas long as short
Binance HYPEUSDT+0.0068%4h93.914+0.063%$382.3M$893.0M75xas long as short
OKX HYPE-USDT-SWAP+0.0069%8h93.915+0.064%$115.4M$308.9M50xas long as short
Bullet HYPE-USD+0.0074%1h93.914+0.062%$112K$578K20xas long as short
edgeX HYPEUSDC+0.0079%4h93.907+0.055%$5.1M$29.9M30xas long as short
Paradex HYPE-USD-PERP+0.0095%8h93.905+0.053%$341K$164K20xas long as short
Lighter HYPEshort+0.0096%1h93.933+0.083%$16.4M$62.5M20x
Lighter RH HYPE+0.0096%1h93.852−0.003%$3.1M$11.9M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.866+0.012%$67K$1.2M50xas long as short
Aevo HYPE-PERP+0.0096%1h93.922+0.072%$400K$177K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.860+0.005%$21K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.820−0.037%$5.7M$45.1M10xas long as short
Hyperliquid HYPE+0.0100%1h93.969+0.121%$2.05B$672.8M10xas long as short
Pacifica HYPE+0.0100%1h93.889+0.036%$10.1M$14.7M20xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.890+0.037%$46.5M$18.1M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.926+0.076%$227.6M$98.6M75xas long as short
Variational Omni HYPE+0.0100%8h93.910+0.058%$31.1M$54.7M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.889+0.036%$7.6M$47.5M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.834−0.022%$339K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.920+0.069%$670K$2.6M20xas long as short
Vest HYPE-PERP+0.0100%1h93.922+0.071%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.921+0.070%$474K$2.4M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.898+0.046%$80K$172K20xas long as short
Derive HYPE-PERP+0.0100%1h93.891+0.038%$16.3M$7.7M10xas long as short
SunX HYPE-USDT+0.0100%4h93.949+0.100%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.904+0.052%$2.0M$1.9M10xas long as short
Bulk HYPE-USD+0.0100%1h93.880+0.027%$204K$10K10xas long as short
Extended HYPE-USD+0.0104%1h93.890+0.037%$18.3M$44.3M50xas long as short
Coinbase International HYPE-PERP-INTX+0.0136%1h93.960+0.112%$4.9M$5.5M50xas long as short
Injective HYPE/USDC PERP+0.0137%1h93.760−0.101%$30K$339K12xas long as short
RISEx HYPE/USDC+0.0210%1h93.936+0.086%$3.2M$7.0M20xas long as short
HTX HYPE-USDT+0.0212%4h94.019+0.175%$1.4M$5.9M75xas long as short
Reya HYPERUSDPERP+0.0255%1h93.886+0.033%$80K$140K15xas long as short
Kalshi KXHYPEPERP+0.0274%8h93.918+0.067%$1.9M$4.9M2.3xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0332% / S −0.0156%1h93.922+0.072%$1.4M—100xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0495%1h94.008+0.163%$7.5M$4.5M50xas long as short
Kraken Futures PF_HYPEUSD+0.0678%1h94.001+0.155%$21.0M$29.8M50xas long as short