Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h +0.011%

Price spread now: Lighter against Bitget+0.034%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$210.213% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 7 days−0.043%−$4 · spread now +0.034%, 7d avg +0.037%

Together, before fees+0.010%+ Points / potential airdropLighter: Season 3 · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.037%, 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	Bitget HYPEUSDT	93.496	0.0016	pay 0.0008% / 4h	2h 35m	$226.0M	$98.9M	75x
Short	Lighter HYPE	93.527	0.0096	get 0.0012% / 1h	35m 17s	$16.1M	$63.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.034%Rate

Funding earned: $16.8
Price spread: +0.034% → +0.037%: −$0.33
Slippage, 4 orders: −$9.35
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$4.88
Costs to cover: 0.213%
Break-even: 9.0 days

Slippage from Bitget: live order book, 4 min ago; Lighter: 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 Bitget live order book, 4 min ago	0.27 bp	9.0 bp −$9	13.1 bp −$131	21.3 bp −$2,129	doesn't fit
Sell Lighter live order book, 4 min ago	0.40 bp	0.6 bp −$1	1.7 bp −$17	11.7 bp −$1,175	45.6 bp −$22.8K

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	−0.1664%	1h	93.244	−0.269%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0381%	1h	93.358	−0.147%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.469	−0.029%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	93.494	−0.002%	$112K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.508	+0.013%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.505	+0.010%	$88K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.465	−0.034%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.487	−0.010%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.534	+0.040%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.447	−0.052%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDTlong	+0.0016%	4h	93.496	long leg	$226.0M	$98.9M	75x
Bybit HYPEUSDT	+0.0021%	8h	93.483	−0.014%	$317.7M	$283.7M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	93.430	−0.071%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.434	−0.066%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0033%	8h	93.518	+0.024%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.304	−0.205%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.500	+0.004%	$340K	$162K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.527	+0.034%	$16.1M	$63.1M	20x
Lighter RH HYPE	+0.0096%	1h	93.528	+0.034%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.479	−0.018%	$76K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.450	−0.049%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.470	−0.027%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.516	+0.021%	$2.04B	$668.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.514	+0.019%	$8.7M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.504	+0.008%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.525	+0.031%	$374.7M	$913.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.491	−0.005%	$114.6M	$310.2M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.509	+0.014%	$46.8M	$54.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.514	+0.019%	$90.0M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.489	−0.007%	$46.2M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.513	+0.018%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.484	−0.013%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.351	−0.156%	$28.6M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.365	−0.140%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.331	−0.176%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.336	−0.171%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.522	+0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.512	+0.017%	$484K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.516	+0.021%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.496	0.000%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.475	−0.022%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.523	+0.029%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.600	+0.111%	$1.4M	$6.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	−0.162%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.488	−0.009%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.520	+0.025%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.541	+0.048%	$1.8M	$5.7M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.350	−0.156%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.500	+0.004%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.495	−0.001%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.526	+0.032%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.516	+0.021%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.596	+0.107%	$20.9M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0509%	1h	93.608	+0.120%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.541	+0.048%	$3.2M	$6.2M	20x	as long as short