Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.039%

Price spread now: HTX against Lighter+0.133%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$8as in the Price arb table

costs, in and out, $10k−$200.200% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 4 days (all we have)−0.222%−$22 · spread now +0.133%, 7d avg +0.012%

Together, before fees−0.163%+ Points / potential airdropLighter: Season 3 · farm board−$16 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: HTX is 0.120% dearer against Lighter than usual: you sell high and buy low, +$12 on $10k if it goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	94.178	0.0096	pay 0.0012% / 1h	56m 09s	$16.3M	$63.8M	20x
Short	HTX HYPE-USDT	94.303	0.0100	get 0.0050% / 4h	56m 09s	$1.4M	$6.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.133%Rate

Funding earned: $0.84
Price spread: +0.133% → +0.012%: $12.04
Slippage, 4 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$7.12
Costs to cover: 0.200%
Break-even: 66.3 days

Slippage from Lighter: live order book, 8 min ago; HTX: live order book, 3 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, 8 min ago	0.61 bp	0.8 bp −$1	1.9 bp −$19	9.3 bp −$932	38.2 bp −$19.1K
Sell HTX live order book, 3 min ago	0.58 bp	9.4 bp −$9	15.1 bp −$151	62.4 bp −$6,240	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	−0.1112%	1h	94.027	−0.161%	$201K	$235K	7x	as long as short
Bluefin HYPE-PERP	−0.0480%	1h	94.119	−0.063%	$79K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0365%	1h	94.122	−0.059%	$112K	$576K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0259%	1h	94.070	−0.115%	$709K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0166%	1h	94.208	+0.031%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0136%	1h	94.156	−0.023%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.131	−0.050%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.135	−0.046%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0039%	1h	94.050	−0.136%	$16.4M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	94.180	+0.002%	$317.1M	$289.5M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0012%	4h	94.195	+0.018%	—	$53.6M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.137	−0.044%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.176	−0.002%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.240	+0.066%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.181	+0.003%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.160	−0.019%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.081%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	94.191	+0.014%	$226.6M	$100.2M	75x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	94.166	−0.013%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.202	+0.025%	$337K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.220	+0.045%	$4.7M	$6.2M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0076%	1h	94.154	−0.025%	$495K	$2.8M	20x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.094	−0.089%	$5.0M	$30.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	94.207	+0.031%	$117.3M	$322.9M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	94.178	long leg	$16.3M	$63.8M	20x
Lighter RH HYPE	+0.0096%	1h	94.197	+0.020%	$3.2M	$10.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.131	−0.050%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	−0.019%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.130	−0.050%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.296	+0.125%	$2.07B	$689.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.217	+0.042%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.192	+0.015%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.225	+0.050%	$377.0M	$932.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.120%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.203	+0.027%	$49.3M	$56.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.230	+0.055%	$90.8M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.170	−0.008%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.166	−0.013%	$7.6M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.127%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.167	−0.012%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.120	−0.062%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.133	−0.048%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.191	+0.013%	—	$243K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.180	+0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.180	+0.002%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.303	+0.133%	$1.4M	$6.8M	75x
Extended HYPE-USD	+0.0104%	1h	94.148	−0.032%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.166	−0.013%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.176	−0.002%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0175%	1h	94.260	+0.087%	$7.4M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.110	−0.072%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.241	+0.067%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.172	−0.006%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.103	−0.080%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.130	−0.051%	$17.0M	$12.4M	75x	as long as short