Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0092%/8h= −10.1% APRpaid last 24h −0.015%

Price spread now: Gate against Lighter−0.015%7-day average −0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$230.227% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 7 days+0.020%+$2 · spread now −0.015%, 7d avg −0.039%

Together, before fees−0.042%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.024% dearer against Lighter than usual: you sell high and buy low (spread −0.015% now, against its 7-day average of −0.039%): +$2 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 21 hours. At the pace of the last 7 days (−0.062% in total) that is about 2.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	95.038	0.0024	pay 0.0003% / 1h	18m 00s	$16.2M	$61.1M	20x
Short	Gate HYPE_USDT	95.024	−0.0068	pay 0.0034% / 4h	2h 18m	$54.2M	$54.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.015%Rate

Funding earned: −$19.32
Price spread: −0.015% → −0.039%: $2.44
Slippage, 4 orders: −$7.69
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$39.57
Costs to cover: 0.227%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Gate: 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 Lighter live order book, 4 min ago	0.67 bp	0.9 bp −$1	2.8 bp −$28	11.8 bp −$1,182	42.6 bp −$21.3K
Sell Gate live order book, 4 min ago	0.53 bp	10.3 bp −$10	13.9 bp −$139	29.1 bp −$2,910	50.6 bp −$25.3K

HYPE on 54 exchanges

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	−0.1416%	1h	94.863	−0.185%	$211K	$262K	7x	as long as short
Bluefin HYPE-PERP	−0.0553%	1h	95.071	+0.034%	$79K	$138K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	95.063	+0.026%	$18.6M	$35.5M	50x	as long as short
Bullet HYPE-USD	−0.0338%	1h	95.043	+0.005%	$114K	$581K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0243%	1h	94.930	−0.114%	$691K	$1.3M	10x	as long as short
Phemex HYPEUSDT	−0.0205%	8h	95.011	−0.029%	$13.0M	$2.8M	50x	as long as short
Arcus HYPE-USD	−0.0159%	1h	95.022	−0.017%	$1.1M	$2.5M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0154%	1h	94.975	−0.066%	$22K	$17K	10x	as long as short
01 Exchange HYPEUSD	−0.0144%	1h	95.044	+0.006%	$92K	$348K	20x	as long as short
Vest HYPE-PERP	−0.0085%	1h	95.069	+0.032%	—	$80K	5x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERP	−0.0080%	1h	94.955	−0.088%	$3K	$331	25x	as long as short
Gate HYPE_USDTshort	−0.0068%	4h	95.024	−0.015%	$54.2M	$54.6M	75x
Orderly PERP_HYPE_USDC	−0.0024%	4h	95.025	−0.014%	$148K	$646K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	95.090	+0.054%	$4.7M	$5.6M	50x	as long as short
SoDEX HYPE-USD	−0.0009%	1h	95.051	+0.013%	$2.1M	$378K	10x	as long as short
Aster HYPEUSDT	−0.0002%	4h	95.024	−0.015%	$9.0M	$34.2M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0001%	8h	94.986	−0.055%	$118.9M	$312.4M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.014	−0.026%	$130K	$92K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.052	+0.014%	$24K	$263K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.990	−0.051%	$99K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	95.019	−0.020%	—	$49.1M	—	as long as short
Phoenix HYPE	+0.0017%	1h	94.881	−0.166%	$200K	$1.0M	10x	as long as short
Lighter HYPElong	+0.0024%	1h	95.038	long leg	$16.2M	$61.1M	20x
Bulk HYPE-USD	+0.0031%	1h	95.069	+0.032%	$231K	$12K	10x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	95.020	−0.019%	$228.3M	$89.6M	75x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	95.020	−0.019%	$320.4M	$272.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0062%	8h	95.005	−0.035%	$339K	$36K	20x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.934	−0.110%	$5.0M	$29.9M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.053	+0.015%	$3.2M	$10.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.024	−0.015%	$270K	$1.1M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0097%	1h	95.064	+0.027%	$499K	$2.5M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.970	−0.072%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.978	−0.063%	$7.3M	$53.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.141	+0.108%	$2.11B	$657.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.039	+0.001%	$10.2M	$13.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.014	−0.025%	$381.8M	$876.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.019	−0.020%	$89.2M	$87.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.035	−0.003%	$47.2M	$17.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.123	+0.089%	$7.8M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.906	−0.140%	$29.8M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.825	−0.225%	$7.7M	$41.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.974	−0.068%	$348K	$965K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.957	−0.086%	$691K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.089	+0.053%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.114	+0.080%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.981	−0.060%	$18.2M	$40.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.040	+0.002%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	95.108	+0.073%	$1.8M	$5.2M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0129%	1h	95.138	+0.105%	$7.5M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	95.083	+0.047%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.016	−0.024%	$85K	$99K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.011	−0.028%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.975	−0.067%	$17.3M	$11.8M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.465%	$31K	$335K	12x	as long as short