Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against SunX−0.054%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$600.604% of the position

Long on SunX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 3 days (all we have)+0.010%+$1 · spread now −0.054%, 7d avg −0.046%

Together, before fees−0.061%+ Points / potential airdropLighter RH: Points live · farm board−$6 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	94.026	0.0100	pay 0.0050% / 4h	3h 11m	$32K	$1.6M	20x
Short	Lighter RH HYPE	93.975	0.0096	get 0.0012% / 1h	11m 26s	$3.0M	$12.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against SunX. 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 SunXbpFee Lighter RHbpOrdersPrice spread, now −0.054%Rate

Funding earned: −$0.84
Price spread: −0.054% → −0.046%: −$0.81
Slippage, 4 orders: −$52.41
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$62.07
Costs to cover: 0.604%
Break-even: never at this rate

Slippage from SunX: live order book, 4 min ago; Lighter RH: live order book, 2 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 SunX live order book, 4 min ago	19.34 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 2 min ago	0.05 bp	2.6 bp −$3	5.8 bp −$58	33.4 bp −$3,338	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	−0.1184%	1h	93.935	−0.097%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.859	−0.178%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0204%	1h	93.946	−0.085%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0110%	8h	93.928	−0.104%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0108%	1h	93.870	−0.166%	$710K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0093%	1h	94.002	−0.026%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.970	−0.060%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.964	−0.066%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0054%	1h	93.970	−0.059%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0034%	4h	93.944	−0.087%	$44.5M	$60.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0028%	4h	93.908	−0.125%	$159K	$643K	20x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.931	−0.101%	$323.3M	$279.9M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.946	−0.085%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.980	−0.049%	$26K	—	150x	as long as short
Aster HYPEUSDT	+0.0009%	4h	93.959	−0.071%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.891	−0.143%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.071	+0.048%	$218K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.955	−0.076%	$383.6M	$894.4M	75x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.967	−0.063%	$88.5M	$83.3M	100x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	93.999	−0.029%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.936	−0.096%	$116.1M	$315.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.993	−0.035%	$19.0M	$60.4M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	93.975	−0.054%	$3.0M	$12.2M	20x
Popdex HYPEUSDT	+0.0096%	1h	93.966	−0.064%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.977	−0.052%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.987	−0.041%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.960	−0.070%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.921	−0.111%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.020	−0.006%	$2.05B	$676.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.987	−0.041%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.529%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.970	−0.060%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.976	−0.053%	$227.6M	$100.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.957	−0.073%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.947	−0.084%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	−0.113%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.029%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.061	+0.037%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.040	+0.015%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.005	−0.023%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.996	−0.032%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.933	−0.099%	$76K	$170K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	94.026	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.953	−0.078%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.938	−0.093%	$18.4M	$45.3M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.000	−0.028%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.930	−0.102%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0205%	4h	94.015	−0.012%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.005	−0.022%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0237%	8h	94.046	+0.021%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.960	−0.070%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.975	−0.054%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0375%	4h	94.150	+0.132%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0463%	1h	94.051	+0.027%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.041	+0.016%	$21.0M	$29.8M	50x	as long as short