Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0134%/8h= +14.7% APRpaid last 24h +0.006%

Price spread now: Lighter RH against Phemex+0.018%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$420.423% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.061%−$6 on $10k

Price spread, last 3 days (all we have)+0.016%+$2 · spread now +0.018%, 7d avg +0.006%

Together, before fees−0.045%+ Points / potential airdropLighter RH: Points live · farm board−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.061%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.823	−0.0038	get 0.0038% / 8h	7h 06m	$12.8M	$2.6M	50x
Short	Lighter RH HYPE	93.840	0.0096	get 0.0012% / 1h	6m 16s	$3.0M	$12.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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

Position, each leg$Hold fordaysFee PhemexbpFee Lighter RHbpOrdersPrice spread, now +0.018%Rate

Funding earned: $28.21
Price spread: +0.018% → +0.006%: $1.18
Slippage, 4 orders: −$30.35
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$12.96
Costs to cover: 0.423%
Break-even: 10.2 days

Slippage from Phemex: live order book, 3 min ago; Lighter RH: live order book, 3 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 Phemex live order book, 3 min ago	3.89 bp	21.9 bp −$22	41.7 bp −$417	doesn't fit	doesn't fit
Sell Lighter RH live order book, 3 min ago	0.21 bp	0.7 bp −$1	2.9 bp −$29	30.0 bp −$2,997	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	−0.1128%	1h	93.815	−0.009%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.685	−0.147%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0193%	1h	93.943	+0.128%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0098%	1h	93.810	−0.014%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0084%	1h	93.911	+0.094%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.787	−0.038%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.856	+0.035%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0050%	1h	93.799	−0.026%	$113K	$580K	20x	as long as short
Phemex HYPEUSDTlong	−0.0038%	8h	93.823	long leg	$12.8M	$2.6M	50x
Orderly PERP_HYPE_USDC	−0.0034%	4h	93.769	−0.058%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0014%	4h	93.788	−0.037%	$44.4M	$60.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.836	+0.014%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.818	−0.006%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0007%	4h	93.813	−0.011%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0010%	1h	93.747	−0.081%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.830	+0.007%	$322.9M	$278.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.237%	$214K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.854	+0.033%	$88.3M	$83.4M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.843	+0.021%	$383.2M	$893.3M	75x	as long as short
edgeX HYPEUSDC	+0.0055%	4h	94.001	+0.190%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.850	+0.029%	$115.9M	$314.6M	50x	as long as short
Bluefin HYPE-PERP	+0.0082%	1h	93.751	−0.077%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.868	+0.048%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	93.840	+0.018%	$3.0M	$12.2M	20x
Popdex HYPEUSDT	+0.0096%	1h	93.802	−0.022%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.777	−0.049%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.847	+0.026%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.780	−0.046%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.841	+0.020%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.845	+0.023%	$2.05B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.847	+0.026%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.843	+0.021%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.848	+0.027%	$227.2M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.791	−0.034%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.818	−0.005%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	−0.059%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.188%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.210%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.866	+0.046%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.850	+0.029%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.820	−0.003%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.839	+0.017%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.833	+0.011%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.076%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.768	−0.058%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.870	+0.050%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	−0.014%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0218%	4h	93.919	+0.102%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.820	−0.003%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	93.896	+0.078%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.781	−0.044%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0159%	1h	93.815	−0.008%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	94.004	+0.193%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0400%	1h	93.907	+0.090%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.901	+0.083%	$20.9M	$29.7M	50x	as long as short