Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0013%/8h= −1.5% APRpaid last 24h −0.008%

Price spread now: edgeX against Lighter−0.216%49s7-day average −0.060% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as 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−$110.113% of the position

Long on Lighter Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 7 days+0.195%+$19 · spread now −0.216%, 7d avg −0.060%

Together, before fees+0.214%+ Points / potential airdropLighter: Season 3 · edgeX: Active · farm board+$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and edgeX is 0.156% cheaper against Lighter than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.060%). Swap the legs. The two prices were read 49 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	Lighter HYPE	93.699	0.0096	pay 0.0012% / 1h	48m 48s	$16.2M	$63.0M	20x
Short	edgeX HYPEUSDC	93.497	0.0083	get 0.0041% / 4h	2h 48m	$5.0M	$29.9M	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX 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 edgeXbpOrdersPrice spread, now −0.216%Rate

Funding earned: −$2.79
Price spread: −0.216% → −0.060%: −$15.6
Slippage, 4 orders: −$2.29
Fee Lighter: 0 bp × 2 orders: $0
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$29.67
Costs to cover: 0.113%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; edgeX: live order book, 5 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, 5 min ago	0.68 bp	0.7 bp −$1	2.0 bp −$20	9.0 bp −$900	36.2 bp −$18.1K
Sell edgeX live order book, 5 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	91.0 bp −$9,101	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	−0.1848%	1h	93.418	−0.299%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0365%	1h	93.494	−0.218%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.494	−0.219%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0046%	1h	93.542	−0.168%	$111K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0032%	4h	93.520	−0.191%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.528	−0.182%	$88K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0011%	1h	93.580	−0.127%	$704K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.530	−0.180%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.508	−0.204%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.559	−0.149%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.473	−0.241%	$1.0M	$3.9M	10x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	93.692	−0.007%	$226.7M	$99.1M	75x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	93.557	−0.152%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.670	−0.031%	$318.6M	$283.7M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.701	+0.002%	$210K	$1.2M	10x	as long as short
edgeX HYPEUSDCshort	+0.0083%	4h	93.497	−0.216%	$5.0M	$29.9M	30x
Paradex HYPE-USD-PERP	+0.0095%	8h	93.552	−0.157%	$340K	$162K	20x	as long as short
Lighter HYPElong	+0.0096%	1h	93.699	long leg	$16.2M	$63.0M	20x
Lighter RH HYPE	+0.0096%	1h	93.539	−0.171%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.501	−0.211%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.500	−0.212%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.511	−0.200%	$7.6M	$48.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.726	+0.029%	$2.04B	$666.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.660	−0.042%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.547	−0.162%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.681	−0.019%	$375.6M	$911.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.680	−0.020%	$114.9M	$310.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	−0.090%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.683	−0.017%	$46.5M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.674	−0.027%	$92.2M	$80.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.672	−0.029%	$46.9M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.687	−0.013%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.582	−0.125%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.649	−0.054%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.675	−0.025%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.596	−0.110%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.626	−0.078%	$670K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.574	−0.133%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.527	−0.184%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.517	−0.194%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.521	−0.190%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.494	−0.219%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.530	−0.180%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.670	−0.031%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.654	−0.048%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.539	−0.171%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.569	−0.139%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.440	−0.276%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.560	−0.148%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.496	−0.217%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.554	−0.155%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.529	−0.181%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.613	−0.092%	$20.9M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0434%	1h	93.635	−0.068%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.568	−0.140%	$3.2M	$6.3M	20x	as long as short