Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.009%

Price spread now: MEXC against Lighter−0.103%7-day average −0.020% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$60.063% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.004%$0 on $10k

Price spread, last 7 days+0.070%+$7 · spread now −0.103%, 7d avg −0.020%

Together, before fees+0.065%+ Points / potential airdropLighter: Season 3 · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.084% cheaper against Lighter than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.927	0.0096	pay 0.0012% / 1h	49m 59s	$18.9M	$58.2M	20x
Short	MEXC HYPE_USDT	93.830	0.0044	get 0.0022% / 4h	3h 49m	$88.2M	$82.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$10.92
Price spread: −0.103% → −0.020%: −$8.36
Slippage, 4 orders: −$2.32
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$25.59
Costs to cover: 0.063%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; MEXC: live order book, 9 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	0.58 bp	0.7 bp −$1	2.8 bp −$28	12.7 bp −$1,266	42.1 bp −$21.1K
Sell MEXC live order book, 9 min ago	0.05 bp	2.1 bp −$2	3.2 bp −$32	13.5 bp −$1,345	41.2 bp −$20.6K

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	−0.1384%	1h	93.992	+0.069%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.800	−0.135%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0301%	1h	93.954	+0.028%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0161%	1h	93.850	−0.082%	$705K	$928K	10x	as long as short
Gate HYPE_USDT	−0.0126%	4h	93.835	−0.098%	$44.4M	$59.2M	75x	as long as short
Phemex HYPEUSDT	−0.0120%	8h	93.860	−0.071%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0102%	1h	93.917	−0.011%	$128K	$29K	5x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.932	+0.005%	$85K	$364K	20x	as long as short
Bullet HYPE-USD	−0.0090%	1h	93.910	−0.018%	$113K	$580K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.897	−0.032%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0025%	8h	93.820	−0.114%	$322.6M	$283.0M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	93.866	−0.065%	$169K	$594K	20x	as long as short
Derive HYPE-PERP	0.0000%	1h	93.806	−0.128%	$16.4M	$7.2M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.938	+0.012%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.943	+0.017%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	93.866	−0.065%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.829	−0.104%	$218K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0042%	4h	93.948	+0.022%	$5.1M	$29.8M	30x	as long as short
MEXC HYPE_USDTshort	+0.0044%	4h	93.830	−0.103%	$88.2M	$82.0M	100x
Binance HYPEUSDT	+0.0045%	4h	93.840	−0.092%	$383.1M	$896.3M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.917	−0.011%	$61K	$1.2M	50x	as long as short
Bluefin HYPE-PERP	+0.0079%	1h	93.839	−0.094%	$76K	$171K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	93.829	−0.104%	$115.8M	$320.8M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	93.927	long leg	$18.9M	$58.2M	20x
Lighter RH HYPE	+0.0096%	1h	93.883	−0.047%	$3.0M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.860	−0.072%	$399K	$191K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.935	+0.009%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.910	−0.018%	$39K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.897	−0.032%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.952	+0.027%	$2.04B	$675.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.918	−0.010%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.848	−0.084%	$46.5M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.834	−0.099%	$227.6M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.832	−0.101%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.872	−0.059%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.890	−0.039%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.981	+0.057%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.029	+0.108%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.911	−0.017%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.943	+0.017%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.944	+0.018%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.969	+0.045%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.868	−0.063%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	+0.018%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.809	−0.125%	$18.4M	$42.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.950	+0.024%	$4.9M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0171%	8h	93.968	+0.044%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0179%	4h	93.916	−0.012%	$17.0M	$12.3M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	−0.125%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.963	+0.038%	$2.8M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.918	−0.009%	$79K	$146K	15x	as long as short
HTX HYPE-USDT	+0.0310%	4h	94.050	+0.131%	$1.5M	$7.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0336%	1h	93.959	+0.034%	$7.5M	$4.7M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.939	+0.013%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.938	+0.012%	$21.0M	$29.7M	50x	as long as short