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 Variational Omni+0.247%7-day average +0.024% · 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 RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.004%$0 on $10k

Price spread, last 7 days−0.233%−$23 · spread now +0.247%, 7d avg +0.024%

Together, before fees−0.237%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board−$24 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 RH is 0.222% dearer against Variational Omni than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of +0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.810	0.0100	pay 0.0100% / 8h	7h 13m	$31.4M	$54.1M	—
Short	Lighter RH HYPE	94.042	0.0096	get 0.0012% / 1h	13m 18s	$3.0M	$12.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now +0.247%Rate

Funding earned: −$0.84
Price spread: +0.247% → +0.024%: $22.24
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $21.4
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Lighter RH: live order book, 6 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, 1 min ago	0.43 bp	doesn't fit	4.9 bp −$49	18.2 bp −$1,817	doesn't fit
Sell Lighter RH live order book, 6 min ago	1.23 bp	1.3 bp −$1	3.8 bp −$38	29.9 bp −$2,994	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	−0.1240%	1h	93.973	+0.173%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.916	+0.113%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0214%	1h	93.951	+0.149%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0144%	8h	94.067	+0.273%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	93.980	+0.181%	$708K	$961K	10x	as long as short
dYdX HYPE-USD	−0.0097%	1h	94.086	+0.294%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.021	+0.224%	$85K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.024	+0.228%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0067%	1h	94.002	+0.204%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0048%	4h	94.014	+0.217%	$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	−0.0027%	4h	93.989	+0.190%	$160K	$645K	20x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	94.010	+0.213%	$323.6M	$280.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.995	+0.197%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.023	+0.227%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0013%	4h	94.090	+0.298%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.964	+0.163%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.141%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.004	+0.206%	$88.6M	$83.3M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.010	+0.212%	$383.5M	$895.0M	75x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	93.999	+0.201%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	94.010	+0.213%	$116.2M	$316.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.059	+0.265%	$19.0M	$60.2M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	94.042	+0.247%	$3.0M	$12.2M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.002	+0.204%	$65K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.006	+0.209%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.066	+0.273%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.980	+0.181%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.025	+0.229%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.049	+0.254%	$2.05B	$676.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.043	+0.248%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.301%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.013	+0.216%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.007	+0.210%	$227.7M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.002	+0.204%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.123	+0.333%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.810	long leg	$31.4M	$54.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.085	+0.292%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.061	+0.267%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.100	+0.309%	$672K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.048	+0.253%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.027	+0.231%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.984	+0.185%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.092	+0.300%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.004	+0.206%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.002	+0.204%	$18.4M	$45.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.130	+0.341%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.072	+0.279%	$17.1M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.930	+0.127%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.035	+0.239%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0232%	8h	94.152	+0.364%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.994	+0.196%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	94.012	+0.215%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0381%	4h	94.250	+0.469%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0494%	1h	94.109	+0.318%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.086	+0.293%	$21.0M	$29.8M	50x	as long as short