Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0016%/8h= +1.7% APRpaid last 24h +0.006%

Price spread now: Lighter RH against edgeX+0.674%50s7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as 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−$130.129% of the position

Long on edgeX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.064%−$6 on $10k

Price spread, last 7 days−0.678%−$68 · spread now +0.674%, 7d avg +0.030%

Together, before fees−0.742%+ Points / potential airdropedgeX: Active · Lighter RH: Points live · farm board−$74 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Lighter RH is 0.644% dearer against edgeX than usual: you sell high and buy low: +$64 more if the spread goes back to its 7-day average of +0.030%. Mind the row above: over the last 7 days funding on this pair cost −0.064%, so the current rate has only just turned in your favour. The two prices were read 50 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	edgeX HYPEUSDC	93.620	0.0080	pay 0.0040% / 4h	1h 24m	$5.0M	$30.5M	30x
Short	Lighter RH HYPE	94.251	0.0096	get 0.0012% / 1h	24m 39s	$3.2M	$11.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against edgeX. 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 edgeXbpFee Lighter RHbpOrdersPrice spread, now +0.674%Rate

Funding earned: $3.35
Price spread: +0.674% → +0.030%: $64.44
Slippage, 4 orders: −$3.93
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $54.86
Costs to cover: 0.129%
Break-even: from the start

Slippage from edgeX: live order book, 4 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 edgeX live order book, 4 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	143.2 bp −$14.3K	doesn't fit
Sell Lighter RH live order book, 4 min ago	1.39 bp	1.9 bp −$2	3.2 bp −$32	25.0 bp −$2,497	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	−0.1024%	1h	93.809	+0.202%	$199K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0211%	1h	93.708	+0.094%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.218	+0.639%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0062%	1h	94.220	+0.641%	$705K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0058%	1h	94.228	+0.649%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.296	+0.722%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.155	+0.572%	$146K	$683K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.880	+0.277%	$129K	$26K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.227	+0.648%	$20K	$290K	10x	as long as short
Bybit HYPEUSDT	+0.0002%	8h	94.224	+0.645%	$318.3M	$288.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.048	+0.458%	$83K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.339%	$16.2M	$7.5M	10x	as long as short
Bluefin HYPE-PERP	+0.0010%	1h	94.183	+0.601%	$80K	$156K	20x	as long as short
Phoenix HYPE	+0.0017%	1h	93.715	+0.102%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.255	+0.678%	$227.1M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.140	+0.556%	$12.8M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.297	+0.723%	$337K	$161K	20x	as long as short
edgeX HYPEUSDClong	+0.0080%	4h	93.620	long leg	$5.0M	$30.5M	30x
Arcus HYPE-USD	+0.0084%	1h	94.256	+0.679%	$1.0M	$4.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.253	+0.676%	$16.3M	$64.2M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	94.251	+0.674%	$3.2M	$11.1M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.265	+0.689%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	+0.694%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.208	+0.629%	$7.5M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.359	+0.789%	$2.07B	$684.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.264	+0.688%	$8.9M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.278	+0.703%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.235	+0.657%	$377.1M	$932.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.243	+0.666%	$116.3M	$317.3M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.276	+0.701%	$49.0M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.239	+0.661%	$89.5M	$84.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.261	+0.685%	$46.6M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.274	+0.699%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.193	+0.612%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.009	+0.415%	$28.9M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.696	+0.081%	$7.6M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.663	+0.046%	$357K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.643	+0.025%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.227	+0.648%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.242	+0.665%	$473K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.232	+0.654%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.174	+0.592%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.335	+0.764%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.194%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.237	+0.659%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.245	+0.667%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	94.251	+0.674%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.200	+0.620%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	93.681	+0.065%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0185%	1h	94.264	+0.688%	$7.5M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.100	+0.513%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	93.879	+0.277%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.202	+0.622%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.258	+0.682%	$21.0M	$29.5M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.316	+0.744%	$3.2M	$6.3M	20x	as long as short