S

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h +0.004%

Price spread now: Lighter against Hyperliquid+0.054%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$148as in the Funding arb table

Net, price: spread back to 7d avg − costs−$77as in the Price arb table

costs, in and out, $10k−$820.817% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.658%−$66 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now +0.054%, 7d avg +0.007%

Together, before fees−0.751%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board−$75 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 0.047% dearer against Hyperliquid than usual: you sell high and buy low, +$5 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	Hyperliquid S	0.03918	0.0100	pay 0.0013% / 1h	1m 30s	$982K	$713K	5x
Short	Lighter S	0.03920	0.0096	get 0.0012% / 1h	1m 30s	$164K	$223K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Hyperliquid. 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 HyperliquidbpFee LighterbpOrdersPrice spread, now +0.054%Rate

Funding earned: −$0.84
Price spread: +0.054% → +0.007%: $4.69
Slippage, 4 orders: −$72.71
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$77.85
Costs to cover: 0.817%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 39 min ago; Lighter: live order book, 73 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 Hyperliquid live order book, 39 min ago	3.68 bp	20.3 bp −$20	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 73 min ago	15.24 bp	21.4 bp −$21	95.0 bp −$950	doesn't fit	doesn't fit

S on 25 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
01 Exchange SUSD	−0.2080%	1h	0.03840	−1.988%	$23K	$2K	5x	as long as short
Kraken Futures PF_SUSD	−0.1598%	1h	0.03912	−0.154%	$33K	$25K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1576%	1h	0.03826	−2.346%	$47K	$5K	25x	as long as short
Variational Omni S	−0.0957%	4h	0.03896	−0.560%	$606K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0198% / S +0.0192%	1h	0.03921	+0.069%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.03911	−0.170%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.03920	+0.061%	$604	—	150x	as long as short
Orderly PERP_S_USDC	+0.0031%	4h	0.03918	+0.003%	$100K	$343K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+4.648%	$2K	$37K	12x	as long as short
Lighter Sshort	+0.0096%	1h	0.03920	+0.054%	$164K	$223K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid Slong	+0.0100%	1h	0.03918	long leg	$982K	$713K	5x
Aster SUSDT	+0.0100%	4h	0.03920	+0.043%	$43K	$212K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.03912	−0.159%	$5.3M	$18.0M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.03906	−0.304%	$5.6M	$5.4M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.03912	−0.151%	$975K	$5.4M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.03910	−0.202%	$319K	$266K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.03918	+0.003%	$3.6M	$2.3M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.03914	−0.100%	$1.8M	$3.0M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.03914	−0.100%	$1.2M	$2.5M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.03914	−0.100%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.03910	−0.202%	$25K	$452K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.03913	−0.132%	$219K	$877K	10x	as long as short
Deribit S_USDC-PERPETUAL	+0.0260%	1h	0.03923	+0.130%	$66K	$10K	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.03914	−0.100%	$266K	$125K	75x	as long as short
Backpack S_USDC_PERP	+0.0394%	1h	0.03920	+0.054%	$114K	$302K	5x	as long as short