Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.041%

Price spread now: Lighter against HTX−0.176%7-day average −0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$250.247% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 4 days (all we have)+0.561%+$56 · spread now −0.176%, 7d avg −0.015%

Together, before fees+0.501%+ Points / potential airdropLighter: Season 3 · farm board+$50 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.162% cheaper against HTX than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of −0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	94.511	0.0100	pay 0.0050% / 4h	3h 27m	$1.4M	$6.9M	75x
Short	Lighter HYPE	94.344	0.0096	get 0.0012% / 1h	27m 10s	$16.2M	$62.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now −0.176%Rate

Funding earned: −$0.84
Price spread: −0.176% → −0.015%: −$16.16
Slippage, 4 orders: −$12.68
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$41.68
Costs to cover: 0.247%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; Lighter: live order book, 7 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 HTX live order book, 2 min ago	1.54 bp	10.7 bp −$11	15.7 bp −$157	46.5 bp −$4,652	doesn't fit
Sell Lighter live order book, 7 min ago	0.69 bp	1.7 bp −$2	3.7 bp −$37	11.2 bp −$1,119	38.3 bp −$19.2K

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	−0.0800%	1h	94.235	−0.292%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0596%	1h	94.304	−0.219%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0293%	1h	94.401	−0.116%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0254%	1h	94.366	−0.154%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0175%	1h	94.210	−0.318%	$701K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.359	−0.161%	$90K	$365K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.332	−0.189%	$1.0M	$3.4M	10x	as long as short
Gate HYPE_USDT	−0.0086%	4h	94.321	−0.201%	$51.6M	$55.4M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.377	−0.142%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.347	−0.173%	$18.8M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0030%	8h	94.324	−0.198%	$318.1M	$293.6M	75x	as long as short
Phemex HYPEUSDT	−0.0019%	8h	94.321	−0.201%	$12.9M	$2.9M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.322	−0.200%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.385	−0.133%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.442	−0.073%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.394	−0.124%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.257	−0.268%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.404	−0.113%	$210K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.371%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.440	−0.075%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.319	−0.203%	$226.9M	$98.0M	75x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.417	−0.099%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0041%	8h	94.373	−0.146%	$337K	$39K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0043%	1h	94.293	−0.231%	$7.5M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0044%	8h	94.319	−0.203%	$117.7M	$327.2M	50x	as long as short
SoDEX HYPE-USD	+0.0048%	1h	94.346	−0.175%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.269	−0.256%	$5.0M	$31.0M	30x	as long as short
Lighter HYPEshort	+0.0096%	1h	94.344	−0.176%	$16.2M	$62.9M	20x
Lighter RH HYPE	+0.0096%	1h	94.350	−0.170%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.340	−0.181%	$149K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.340	−0.181%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.343	−0.177%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.429	−0.087%	$2.07B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.333	−0.188%	$9.6M	$38.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.390	−0.128%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.328	−0.194%	$379.4M	$932.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.315%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.333	−0.188%	$93.0M	$86.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.323	−0.199%	$47.1M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.320	−0.202%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	−0.192%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.308	−0.215%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.315	−0.207%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.232	−0.295%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.428	−0.088%	$498K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.389	−0.129%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	94.511	long leg	$1.4M	$6.9M	75x
Extended HYPE-USD	+0.0104%	1h	94.298	−0.225%	$18.2M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.382	−0.137%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.248	−0.278%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.697%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0227%	1h	94.438	−0.077%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.297	−0.226%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.397	−0.121%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.344	−0.177%	$17.3M	$12.5M	75x	as long as short