Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0244%/8h= −26.7% APRpaid last 24h −0.059%

Price spread now: Lighter RH against BloFin−0.074%91s7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$73as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.194% of the position

Long on BloFin Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.535%−$54 on $10k

Price spread, last 4 days (all we have)+0.118%+$12 · spread now −0.074%, 7d avg +0.011%

Together, before fees−0.418%+ Points / potential airdropLighter RH: Points live · farm board−$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter RH is 0.085% cheaper against BloFin than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.011%). Swap the legs. The two prices were read 91 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin HYPE-USDT	94.335	0.0340	pay 0.0170% / 4h	2h 03m	$16.8M	$12.3M	75x
Short	Lighter RH HYPE	94.265	0.0096	get 0.0012% / 1h	3m 18s	$3.2M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against BloFin. 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 BloFinbpFee Lighter RHbpOrdersPrice spread, now −0.074%Rate

Funding earned: −$51.24
Price spread: −0.074% → +0.011%: −$8.54
Slippage, 4 orders: −$7.36
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$79.14
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from BloFin: live order book, 6 min ago; Lighter RH: live order book, 6 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 BloFin live order book, 6 min ago	0.69 bp	7.5 bp −$7	10.7 bp −$107	17.1 bp −$1,710	doesn't fit
Sell Lighter RH live order book, 6 min ago	1.01 bp	1.9 bp −$2	3.7 bp −$37	25.8 bp −$2,578	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	−0.1288%	1h	94.273	−0.066%	$201K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0311%	1h	94.294	−0.043%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	−0.007%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0015%	4h	94.245	−0.095%	$150K	$681K	20x	as long as short
Bullet HYPE-USD	0.0000%	1h	94.266	−0.073%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.272	−0.067%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.238	−0.103%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.263	−0.076%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.260	−0.080%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.207	−0.136%	$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
Bybit HYPEUSDT	+0.0019%	8h	94.250	−0.090%	$318.4M	$287.1M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.109%	$211K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.265	−0.074%	$12.8M	$2.8M	50x	as long as short
Bitget HYPEUSDT	+0.0036%	4h	94.278	−0.060%	$227.4M	$99.4M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0063%	1h	94.210	−0.133%	$711K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.277	−0.061%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.254	−0.086%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	94.265	−0.074%	$3.2M	$11.7M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.232	−0.109%	$78K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	94.343	+0.009%	$5.0M	$30.4M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.230	−0.111%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.245	−0.095%	$7.1M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.321	−0.015%	$2.07B	$679.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.256	−0.084%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.261	−0.078%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.277	−0.061%	$378.9M	$925.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.278	−0.060%	$116.4M	$317.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.256	−0.084%	$48.3M	$55.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.255	−0.085%	$90.8M	$82.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.260	−0.080%	$46.6M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.254	−0.086%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.293	−0.045%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	+0.057%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	+0.097%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.313	−0.023%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.316	−0.020%	$675K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.303	−0.034%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.254	−0.086%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.279	−0.059%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.269	−0.070%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.313	−0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.289	−0.049%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.450	+0.122%	$1.4M	$6.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.197	−0.146%	$217K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.254	−0.086%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.288	−0.050%	$399K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	94.363	+0.030%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.292%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.460	+0.133%	$4.7M	$6.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.243	−0.097%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.255	−0.085%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.374	+0.041%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDTlong	+0.0340%	4h	94.335	long leg	$16.8M	$12.3M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0354%	1h	94.374	+0.041%	$7.5M	$4.1M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.252	−0.088%	$3.2M	$6.3M	20x	as long as short