Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0058%/8h= +6.4% APRpaid last 24h +0.011%

Price spread now: Lighter RH against BingX+0.023%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$150.151% of the position

Long on BingX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.017%+$2 on $10k

Price spread, last 7 days−0.036%−$4 · spread now +0.023%, 7d avg +0.005%

Together, before fees−0.019%+ Points / potential airdropLighter RH: Points live · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	92.762	0.0038	pay 0.0019% / 4h	14m 59s	—	$53.5M	—
Short	Lighter RH HYPE	92.783	0.0096	get 0.0012% / 1h	14m 59s	$3.1M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against BingX. 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 BingXbpFee Lighter RHbpOrdersPrice spread, now +0.023%Rate

Funding earned: $12.18
Price spread: +0.023% → +0.005%: $1.72
Slippage, 4 orders: −$5.08
Fee BingX: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$1.18
Costs to cover: 0.151%
Break-even: 7.7 days

Slippage from BingX: live order book, 9 min ago; Lighter RH: live order book, 4 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 BingX live order book, 9 min ago	0.11 bp	6.2 bp −$6	6.4 bp −$64	8.9 bp −$890	12.8 bp −$6,408
Sell Lighter RH live order book, 4 min ago	1.13 bp	1.5 bp −$2	2.7 bp −$27	22.7 bp −$2,266	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
Arcus HYPE-USD	−0.0948%	1h	92.676	−0.093%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0248%	1h	92.691	−0.076%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0245%	1h	92.691	−0.077%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.690	−0.078%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.738	−0.026%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.782	+0.022%	$87K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.692	−0.075%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.753	−0.010%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.761	−0.001%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0029%	8h	92.763	+0.001%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.670	−0.099%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0037%	1h	92.720	−0.046%	$110K	$578K	20x	as long as short
BingX HYPE-USDTlong	+0.0038%	4h	92.762	long leg	—	$53.5M	—
Phoenix HYPE	+0.0043%	1h	92.779	+0.018%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0045%	4h	92.728	−0.037%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.750	−0.013%	$316.7M	$281.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0090%	8h	92.759	−0.003%	$113.7M	$303.9M	50x	as long as short
Gate HYPE_USDT	+0.0094%	4h	92.758	−0.004%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.728	−0.036%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.775	+0.014%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	92.783	+0.023%	$3.1M	$11.7M	20x
Popdex HYPEUSDT	+0.0096%	1h	92.750	−0.013%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.730	−0.034%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.713	−0.053%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.814	+0.056%	$2.02B	$663.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.742	−0.022%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.762	0.000%	$372.6M	$903.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.764	+0.002%	$87.4M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.758	−0.004%	$46.1M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.755	−0.008%	$224.5M	$98.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.760	−0.002%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.669	−0.100%	$28.7M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.760	−0.002%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.717	−0.049%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.715	−0.051%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.777	+0.016%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.749	−0.014%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.744	−0.019%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.748	−0.016%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.762	0.000%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.765	+0.003%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.901	+0.150%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.065%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.745	−0.018%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.770	+0.009%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	92.709	−0.057%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.257%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.760	−0.002%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0235%	8h	92.781	+0.020%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.720	−0.046%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.752	−0.010%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.825	+0.068%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.766	+0.004%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0418%	1h	92.861	+0.107%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.811	+0.053%	$3.2M	$6.4M	20x	as long as short