Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Lighter against Variational Omni+0.191%7-day average +0.054% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.006%+$1 on $10k

Price spread, last 7 days−0.168%−$17 · spread now +0.191%, 7d avg +0.054%

Together, before fees−0.162%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$16 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.137% dearer against Variational Omni than usual: you sell high and buy low, +$14 on $10k if it goes back to its 7-day average of +0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	92.689	0.0100	pay 0.0100% / 8h	4h 03m	$28.5M	$57.4M	—
Short	Lighter HYPE	92.866	0.0096	get 0.0012% / 1h	3m 53s	$16.1M	$62.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.191%Rate

Funding earned: −$0.84
Price spread: +0.191% → +0.054%: $13.74
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $12.9
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, just now; Lighter: live order book, 5 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 Variational Omni RFQ quote, just now	0.44 bp	doesn't fit	7.6 bp −$76	20.8 bp −$2,080	doesn't fit
Sell Lighter live order book, 5 min ago	0.68 bp	1.5 bp −$1	3.3 bp −$33	10.4 bp −$1,041	42.0 bp −$21.0K

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	92.765	+0.082%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0368%	1h	92.692	+0.004%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	92.787	+0.106%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.797	+0.117%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.831	+0.153%	$157K	$658K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.841	+0.164%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.787	+0.106%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.825	+0.147%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.886	+0.213%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0027%	1h	92.815	+0.136%	$111K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0027%	8h	92.851	+0.175%	$12.5M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.710	+0.023%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.859	+0.184%	—	$53.5M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	+0.071%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.850	+0.174%	$316.9M	$281.1M	75x	as long as short
Aster HYPEUSDT	+0.0059%	4h	92.858	+0.183%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0092%	4h	92.850	+0.174%	$224.7M	$98.6M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.729	+0.044%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.818	+0.139%	$339K	$163K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	92.866	+0.191%	$16.1M	$62.8M	20x
Lighter RH HYPE	+0.0096%	1h	92.873	+0.199%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.823	+0.145%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0096%	8h	92.851	+0.175%	$113.9M	$303.8M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.790	+0.109%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.788	+0.108%	$7.3M	$45.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.890	+0.217%	$2.02B	$663.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.838	+0.161%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.868	+0.193%	$373.1M	$901.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.120%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.849	+0.173%	$44.5M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.866	+0.191%	$88.4M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.857	+0.181%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.864	+0.189%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	92.689	long leg	$28.5M	$57.4M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	+0.094%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.721	+0.035%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.694	+0.006%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.856	+0.181%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.870	+0.196%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.840	+0.163%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.824	+0.145%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.779	+0.097%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.859	+0.184%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.950	+0.282%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.825	+0.147%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.857	+0.181%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.336%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.900	+0.228%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	92.832	+0.155%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.841	+0.164%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.857	+0.182%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.913	+0.242%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.780	+0.098%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0385%	1h	92.954	+0.286%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.883	+0.210%	$3.2M	$6.4M	20x	as long as short