Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:05 UTC−0.0096%/8h= −10.5% APRpaid last 24h −0.021%

Price spread now: Perpl against Lighter−0.019%7-day average −0.024% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 4 days (all we have)+0.368%+$37 · spread now −0.019%, 7d avg −0.024%

Together, before fees+0.232%+ Points / potential airdropLighter: Season 3 · Perpl: Active · farm board+$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.024%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	92.704	0.0096	pay 0.0012% / 1h	18m 14s	$16.0M	$62.6M	20x
Short	Perpl HYPE	92.686	0	get 0.0000% / 43m	32m 14s	$22K	$304K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$20.16
Price spread: −0.019% → −0.024%: $0.45
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$33.51
Costs to cover: 0.138%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 6 min ago; Perpl: no order-book sample. Net counts fees only.

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	0.75 bp	1.2 bp −$1	2.7 bp −$27	10.8 bp −$1,078	38.7 bp −$19.3K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Arcus HYPE-USD	−0.0948%	1h	92.651	−0.057%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.721	+0.018%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0242%	1h	92.680	−0.025%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.706	+0.002%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.654	−0.054%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.711	+0.008%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.072%	$127K	$31K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	92.686	−0.019%	$22K	$304K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.707	+0.003%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	92.666	−0.041%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.700	−0.004%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0039%	1h	92.688	−0.018%	$111K	$578K	20x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.674	−0.032%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	+0.122%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0044%	4h	92.709	+0.005%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDT	+0.0048%	8h	92.700	−0.004%	$316.6M	$281.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	92.715	+0.012%	$113.6M	$303.9M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.682	−0.024%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.729	+0.027%	$338K	$163K	20x	as long as short
Lighter HYPElong	+0.0096%	1h	92.704	long leg	$16.0M	$62.6M	20x
Lighter RH HYPE	+0.0096%	1h	92.707	+0.003%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.686	−0.019%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.690	−0.015%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.694	−0.011%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.735	+0.033%	$2.02B	$663.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.726	+0.024%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.687	−0.018%	$372.2M	$903.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.691	−0.014%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.726	+0.024%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.665	−0.042%	$224.3M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.760	+0.060%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.017%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	+0.004%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.749	+0.049%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.784	+0.086%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.759	+0.059%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.708	+0.004%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.655	−0.053%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.666	−0.041%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.700	−0.004%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.677	−0.029%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.826	+0.132%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.003%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.643	−0.066%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.678	−0.028%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	−0.041%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.319%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.810	+0.114%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0239%	8h	92.750	+0.050%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.669	−0.037%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.696	−0.009%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.743	+0.042%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.775	+0.077%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0343%	1h	92.770	+0.071%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.754	+0.054%	$3.2M	$6.4M	20x	as long as short