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 +0.041%

Price spread now: HTX against Lighter RH+0.093%7-day average +0.036% · 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−$18as in the Price arb table

costs, in and out, $10k−$240.241% of the position

Long on Lighter RH Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.101%+$10 on $10k

Price spread, last 4 days (all we have)−0.153%−$15 · spread now +0.093%, 7d avg +0.036%

Together, before fees−0.052%+ Points / potential airdropLighter RH: Points live · farm board−$5 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 0.057% dearer against Lighter RH than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of +0.036%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	94.512	0.0096	pay 0.0012% / 1h	2m 34s	$3.2M	$10.9M	20x
Short	HTX HYPE-USDT	94.600	0.0100	get 0.0050% / 4h	2m 34s	$1.4M	$6.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.093%Rate

Funding earned: $0.84
Price spread: +0.093% → +0.036%: $5.7
Slippage, 4 orders: −$12.12
Fee Lighter RH: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$17.57
Costs to cover: 0.241%
Break-even: 153.4 days

Slippage from Lighter RH: live order book, 6 min ago; HTX: live order book, 1 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, 6 min ago	0.63 bp	1.3 bp −$1	3.5 bp −$35	23.3 bp −$2,330	doesn't fit
Sell HTX live order book, 1 min ago	0.48 bp	10.4 bp −$10	14.2 bp −$142	46.6 bp −$4,660	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	−0.1528%	1h	94.486	−0.028%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0382%	1h	94.445	−0.071%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0200%	1h	94.460	−0.055%	$712K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0195%	1h	94.468	−0.046%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0187%	1h	94.467	−0.048%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.536	+0.025%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.518	+0.006%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.506	−0.006%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0027%	1h	94.383	−0.137%	$16.4M	$7.3M	10x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.505	−0.007%	$317.9M	$288.5M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.458	−0.057%	$147K	$686K	20x	as long as short
Lighter HYPE	0.0000%	1h	94.512	0.000%	$16.4M	$64.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.542	+0.032%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.577	+0.069%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.443	−0.073%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.495	−0.018%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.501	−0.012%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	94.491	−0.022%	$226.8M	$100.4M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0022%	1h	94.508	−0.004%	$498K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	94.493	−0.020%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0045%	8h	94.549	+0.039%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0049%	1h	94.495	−0.018%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.480	−0.034%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.503	−0.010%	$117.9M	$325.6M	50x	as long as short
Vest HYPE-PERP	+0.0072%	1h	94.533	+0.022%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0080%	4h	94.510	−0.002%	$50.6M	$57.0M	75x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.396	−0.123%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPElong	+0.0096%	1h	94.512	long leg	$3.2M	$10.9M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.505	−0.007%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.500	−0.013%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.495	−0.019%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.596	+0.089%	$2.08B	$687.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.525	+0.014%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.552	+0.042%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.516	+0.004%	$379.0M	$932.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.089%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.523	+0.012%	$90.1M	$84.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.494	−0.019%	$47.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.507	−0.005%	—	$52.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.494	−0.019%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.362	−0.158%	$29.6M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.422	−0.095%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.416	−0.102%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.472	−0.042%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.599	+0.092%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	94.600	+0.093%	$1.4M	$6.8M	75x
Extended HYPE-USD	+0.0104%	1h	94.472	−0.043%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.483	−0.031%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.531	+0.021%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.450	−0.066%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.547	+0.037%	$20.3M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0226%	1h	94.588	+0.080%	$7.5M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.538	+0.028%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.451	−0.065%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.486	−0.028%	$17.2M	$12.4M	75x	as long as short