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 −0.021%

Price spread now: Gate against Lighter RH−0.016%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on Lighter RH Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 7 days+0.052%+$5 · spread now −0.016%, 7d avg −0.011%

Together, before fees+0.025%+ Points / potential airdropLighter RH: Points live · farm board+$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	94.423	0.0096	pay 0.0012% / 1h	15m 48s	$3.2M	$10.8M	20x
Short	Gate HYPE_USDT	94.408	0.0092	get 0.0046% / 4h	15m 48s	$50.2M	$56.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Lighter RH. 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 Lighter RHbpFee GatebpOrdersPrice spread, now −0.016%Rate

Funding earned: −$0.84
Price spread: −0.016% → −0.011%: −$0.51
Slippage, 4 orders: −$9.37
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$25.72
Costs to cover: 0.244%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 3 min ago; Gate: 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 RH live order book, 3 min ago	0.74 bp	0.8 bp −$1	2.8 bp −$28	20.3 bp −$2,026	doesn't fit
Sell Gate live order book, 3 min ago	0.05 bp	10.3 bp −$10	17.5 bp −$175	28.2 bp −$2,820	54.9 bp −$27.5K

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	−0.1720%	1h	94.369	−0.057%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.400	−0.024%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.035%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0190%	1h	94.444	+0.022%	$112K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0153%	1h	94.328	−0.101%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.470	+0.050%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.450	+0.029%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0061%	1h	94.393	−0.032%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.446	+0.024%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.413	−0.010%	$16.4M	$64.5M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.420	−0.003%	$317.3M	$289.0M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.415	−0.008%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.400	−0.024%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.043%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.523	+0.106%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.324%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.478	+0.058%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.444	+0.023%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0012%	1h	94.478	+0.058%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	94.416	−0.007%	$226.8M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0036%	8h	94.457	+0.036%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0036%	8h	94.488	+0.069%	$338K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0042%	1h	94.514	+0.096%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0052%	1h	94.409	−0.015%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	+0.050%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.436	+0.014%	$117.7M	$325.6M	50x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	94.281	−0.151%	$5.0M	$30.7M	30x	as long as short
Gate HYPE_USDTshort	+0.0092%	4h	94.408	−0.016%	$50.2M	$56.8M	75x
Lighter RH HYPElong	+0.0096%	1h	94.423	long leg	$3.2M	$10.8M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.451	+0.030%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.440	+0.018%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.455	+0.034%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.518	+0.101%	$2.08B	$688.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.437	+0.015%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.477	+0.057%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.413	−0.011%	$378.6M	$933.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.123%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.398	−0.026%	$89.6M	$84.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.393	−0.032%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.366	−0.060%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.035%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.066%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.316	−0.113%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.453	+0.032%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.473	+0.053%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.570	+0.156%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.372	−0.054%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.399	−0.026%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.459	+0.038%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0152%	1h	94.497	+0.078%	$7.5M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.336%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.452	+0.031%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.473	+0.053%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.437	+0.015%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.465	+0.044%	$17.1M	$12.4M	75x	as long as short