Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.001%
Price spread now: Hyperliquid against Lighter+0.088%7-day average −0.007% · you sell dearer than you buy
Net, funding: paid 7d − costs−$57as in the Funding arb table
Net, price: spread back to 7d avg − costs−$37as in the Price arb table
costs, in and out, $10k−$460.463% of the position
Funding, last 7 days−0.109%−$11 on $10k
+Price spread, last 4 days (all we have)−0.146%−$15 · spread now +0.088%, 7d avg −0.007%
=Together, before fees−0.255%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board−$26 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: Hyperliquid is 0.094% dearer against Lighter than usual: you sell high and buy low, +$9 on $10k if it goes back to its 7-day average of −0.007%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter OP | 0.1253 | 0.0096 | pay 0.0012% / 1h | 41m 20s | $268K | $902K | 15x |
| Short | Hyperliquid OP | 0.1254 | 0.0100 | get 0.0013% / 1h | 41m 20s | $3.9M | $2.9M | 5x |
Lighter OP
Hyperliquid OPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Hyperliquid against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0.84
- Price spread: +0.088% → −0.007%
- $9.44
- Slippage, 4 orders
- −$37.33
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Net
- −$36.05
- Costs to cover
- 0.463%
- Break-even
- 307.4 days
Slippage from Lighter: live order book, 44 min ago; Hyperliquid: live order book, 10 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 Lighter live order book, 44 min ago | 5.20 bp | 17.9 bp −$18 | 46.4 bp −$464 | doesn't fit | doesn't fit |
| Sell Hyperliquid live order book, 10 min ago | 1.61 bp | 10.4 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
OP on 30 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective OP/USDC PERP | −0.1658% | 1h | 0.1242 | −0.854% | $34K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1066% / S +0.0229% | 1h | 0.1253 | −0.015% | $13K | — | 100x | as long as short |
| Coinbase International OP-PERP-INTX | −0.0328% | 1h | 0.1243 | −0.774% | $21K | $64K | 50x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1252 | −0.043% | $39K | $519 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1253 | +0.024% | $41K | $172K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1253 | +0.014% | — | — | 150x | as long as short |
| Variational Omni OP | +0.0010% | 8h | 0.1249 | −0.331% | $228K | $45K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0029% | 8h | 0.1253 | +0.024% | $6K | $51K | 10x | as long as short |
| OKX OP-USDT-SWAP | +0.0095% | 8h | 0.1252 | −0.040% | $5.8M | $29.5M | 50x | as long as short |
| Lighter OPlong | +0.0096% | 1h | 0.1253 | long leg | $268K | $902K | 15x |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
Coinbase International OP-PERP-INTX
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Variational Omni OP
Orderly PERP_OP_USDC
OKX OP-USDT-SWAPShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OPshort | +0.0100% | 1h | 0.1254 | +0.088% | $3.9M | $2.9M | 5x | |
| Aster OPUSDT | +0.0100% | 8h | 0.1252 | −0.017% | $211K | $243K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1253 | −0.008% | $20.3M | $62.6M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1251 | −0.104% | $18.4M | $25.3M | 75x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1252 | −0.032% | $1.8M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1253 | 0.000% | $20.1M | $7.2M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1252 | −0.056% | $2.9M | $7.5M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1253 | +0.024% | $6.0M | $6.2M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1252 | −0.040% | — | $6.9M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1252 | −0.032% | $128K | $188K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1248 | −0.342% | $9K | $381K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1247 | −0.447% | $309K | $5.1M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1249 | −0.295% | $45K | $718K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1253 | +0.024% | $167 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1253 | +0.040% | $173K | $234K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1252 | −0.035% | $100K | $186K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1254 | +0.101% | $4K | — | 3x | as long as short |
| Kraken Futures PF_OPUSD | +0.0137% | 1h | 0.1254 | +0.143% | $775K | $733K | 20x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1253 | −0.016% | $996K | $279K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0436% | 1h | 0.1252 | −0.019% | $696 | — | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDT
Backpack OP_USDC_PERP
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
Kraken Futures PF_OPUSD
BloFin OP-USDT
Reya OPRUSDPERP