Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0140%/8h= +15.3% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Lighter−0.289%7-day average −0.054% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.011%−$1 on $10k

Price spread, last 7 days+0.274%+$27 · spread now −0.289%, 7d avg −0.054%

Together, before fees+0.263%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.234% cheaper against Lighter than usual: you would sell low and buy high (spread −0.289% now, against its 7-day average of −0.054%). If the spread goes back, that is −$23 on $10k: about 5.6 days of funding at the current rate (+$4 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	94.351	−0.0040	get 0.0005% / 1h	19m 02s	$16.4M	$64.5M	20x
Short	Variational Omni HYPE	94.079	0.0100	get 0.0100% / 8h	19m 02s	$29.4M	$54.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.289%Rate

Funding earned: $29.4
Price spread: −0.289% → −0.054%: −$23.43
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $5.97
Costs to cover: 0.000%
Break-even: 5.6 days

Slippage unknown: Lighter: live order book, 5 min ago; Variational Omni: RFQ quote, just now. 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, 5 min ago	0.34 bp	1.6 bp −$2	3.5 bp −$35	13.6 bp −$1,356	42.1 bp −$21.0K
Sell Variational Omni RFQ quote, just now	0.45 bp	doesn't fit	6.4 bp −$64	24.1 bp −$2,412	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	−0.1712%	1h	94.057	−0.312%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0406%	1h	94.325	−0.027%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0218%	1h	94.190	−0.170%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0214%	1h	94.332	−0.020%	$111K	$577K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	94.196	−0.164%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.369	+0.019%	$88K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.153	−0.210%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.410%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.300	−0.054%	$1.0M	$3.6M	10x	as long as short
Lighter HYPElong	−0.0040%	1h	94.351	long leg	$16.4M	$64.5M	20x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.412	+0.065%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.400	+0.052%	$317.3M	$289.3M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.327	−0.025%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.225	−0.133%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.348	−0.003%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.248%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.314	−0.039%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.364	+0.014%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0002%	1h	94.348	−0.003%	$497K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.394	+0.046%	$226.8M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0031%	8h	94.319	−0.033%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0039%	1h	94.350	−0.001%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	94.344	−0.007%	$12.9M	$2.9M	50x	as long as short
SoDEX HYPE-USD	+0.0043%	1h	94.355	+0.004%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.360	+0.010%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.420	+0.073%	$117.7M	$325.3M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.402	+0.054%	$50.2M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.379%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.376	+0.027%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.325	−0.027%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	−0.075%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.275	−0.080%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.469	+0.125%	$2.08B	$687.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.400	+0.052%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.313	−0.040%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.405	+0.057%	$378.5M	$933.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.047%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.424	+0.078%	$89.0M	$84.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.380	+0.031%	$46.9M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.378	+0.029%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	94.079	−0.289%	$29.4M	$54.7M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.093	−0.274%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.342%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.093	−0.273%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.341	−0.010%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.158%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.324	−0.028%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.309	−0.044%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.411	+0.064%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.413%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0195%	1h	94.434	+0.088%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.387	+0.038%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.344	−0.007%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.311	−0.042%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.362	+0.012%	$17.2M	$12.4M	75x	as long as short