Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.032%

Price spread now: Lighter against Gate+0.065%7-day average +0.040% · 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−$21as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 7 days−0.037%−$4 · spread now +0.065%, 7d avg +0.040%

Together, before fees+0.035%+ Points / potential airdropLighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.025% dearer against Gate than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.040%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	93.506	0.0078	pay 0.0039% / 4h	25m 01s	$43.9M	$59.6M	75x
Short	Lighter HYPE	93.567	0.0096	get 0.0012% / 1h	25m 01s	$18.8M	$60.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.065%Rate

Funding earned: $3.78
Price spread: +0.065% → +0.040%: $2.51
Slippage, 4 orders: −$8.17
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$16.88
Costs to cover: 0.232%
Break-even: 38.3 days

Slippage from Gate: 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 Gate live order book, 4 min ago	0.59 bp	11.6 bp −$12	18.4 bp −$184	29.9 bp −$2,993	50.2 bp −$25.1K
Sell Lighter live order book, 4 min ago	0.22 bp	1.1 bp −$1	3.4 bp −$34	11.4 bp −$1,144	43.6 bp −$21.8K

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	−0.0928%	1h	93.480	−0.027%	$198K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0375%	1h	93.654	+0.159%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.354	−0.163%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.496	−0.011%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0078%	1h	93.440	−0.071%	$703K	$909K	10x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.427	−0.084%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0002%	1h	93.424	−0.088%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.492	−0.015%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.480	−0.028%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0001%	4h	93.473	−0.035%	$166K	$583K	20x	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 −0.0003%	1h	93.515	+0.009%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.618	+0.120%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.515	+0.010%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.502	−0.004%	$321.3M	$283.4M	75x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.519	+0.014%	$382.2M	$896.2M	75x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.514	+0.009%	$87.7M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	+0.138%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0073%	8h	93.530	+0.026%	$12.7M	$2.6M	50x	as long as short
Gate HYPE_USDTlong	+0.0078%	4h	93.506	long leg	$43.9M	$59.6M	75x
Popdex HYPEUSDT	+0.0088%	1h	93.455	−0.055%	$59K	$1.2M	50x	as long as short
Bullet HYPE-USD	+0.0092%	1h	93.475	−0.033%	$113K	$577K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.567	+0.065%	$18.8M	$60.1M	20x
Lighter RH HYPE	+0.0096%	1h	93.524	+0.019%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.505	−0.001%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.488	−0.019%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.440	−0.071%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.507	+0.002%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.485	−0.022%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.518	+0.013%	$115.2M	$320.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	+0.127%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.507	+0.001%	$46.3M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.526	+0.021%	$226.5M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.510	+0.004%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.548	+0.045%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	+0.073%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.619	+0.121%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.646	+0.150%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.611	+0.112%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.513	+0.007%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.497	−0.010%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.481	−0.027%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.518	+0.013%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.514	+0.009%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.967%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.489	−0.018%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.556	+0.053%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.560	+0.058%	$4.9M	$5.7M	50x	as long as short
Hyperliquid HYPE	+0.0190%	1h	93.554	+0.051%	$2.03B	$677.0M	10x	as long as short
BloFin HYPE-USDT	+0.0208%	4h	93.521	+0.016%	$17.1M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0210%	4h	93.648	+0.152%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.480	−0.028%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.483	−0.025%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.509	+0.003%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0424%	1h	93.600	+0.101%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0580%	1h	93.613	+0.114%	$20.9M	$29.5M	50x	as long as short