Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0104%/8h= −11.4% APRpaid last 24h −0.021%

Price spread now: Bybit against Lighter−0.080%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$150.146% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 7 days+0.077%+$8 · spread now −0.080%, 7d avg −0.044%

Together, before fees+0.026%+ Points / potential airdropLighter: Season 3 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.035% cheaper against Lighter than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.044%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	94.235	0.0096	pay 0.0012% / 1h	3m 01s	$16.3M	$64.5M	20x
Short	Bybit HYPEUSDT	94.160	−0.0008	pay 0.0008% / 8h	1h 03m	$317.2M	$289.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$21.9
Price spread: −0.080% → −0.044%: −$3.53
Slippage, 4 orders: −$3.62
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.05
Costs to cover: 0.146%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Bybit: live order book, 1 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 Lighter live order book, 6 min ago	0.52 bp	0.8 bp −$1	2.9 bp −$29	10.7 bp −$1,069	39.1 bp −$19.6K
Sell Bybit live order book, 1 min ago	0.53 bp	6.8 bp −$7	8.5 bp −$85	17.0 bp −$1,703	37.3 bp −$18.7K

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	−0.1088%	1h	94.070	−0.176%	$201K	$235K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0165%	1h	94.260	+0.026%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	94.100	−0.143%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.200	−0.037%	$3K	$331	25x	as long as short
Bluefin HYPE-PERP	−0.0078%	1h	94.127	−0.115%	$80K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0074%	1h	94.175	−0.064%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	94.196	−0.041%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.144	−0.097%	$146K	$685K	20x	as long as short
Bybit HYPEUSDTshort	−0.0008%	8h	94.160	−0.080%	$317.2M	$289.5M	75x
BingX HYPE-USDT	−0.0004%	4h	94.212	−0.024%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.178	−0.060%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.262	+0.029%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.188	−0.050%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	−0.133%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.180	−0.058%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.230	−0.005%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	94.165	−0.074%	$226.5M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.221	−0.015%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0064%	8h	94.226	−0.010%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.163	−0.077%	$5.0M	$30.7M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.170	−0.069%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	94.189	−0.049%	$116.9M	$321.4M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	94.235	long leg	$16.3M	$64.5M	20x
Lighter RH HYPE	+0.0096%	1h	94.215	−0.021%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.175	−0.064%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.210	−0.027%	$15K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.174	−0.064%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.304	+0.073%	$2.07B	$688.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.204	−0.033%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.226	−0.010%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.182	−0.057%	$376.9M	$932.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	−0.055%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.227	−0.008%	$49.4M	$57.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.238	+0.003%	$89.6M	$85.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.175	−0.064%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.197	−0.040%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	+0.004%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.188	−0.049%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.175	−0.064%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.172	−0.067%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.238	+0.003%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.198	−0.039%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.219	−0.017%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.184	−0.054%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.322	+0.092%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.150	−0.091%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.192	−0.046%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	−0.048%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0023%	1h	94.226	−0.009%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	−0.090%	$30K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0228%	1h	94.269	+0.036%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.152	−0.089%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.215	−0.021%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.264	+0.031%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.218	−0.018%	$3.2M	$6.4M	20x	as long as short