Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Lighter against Lighter RH−0.007%7-day average +0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

costs, in and out, $10k−$70.067% of the position

Long on Lighter RH Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 7 days+0.041%+$4 · spread now −0.007%, 7d avg +0.029%

Together, before fees+0.088%+ Points / potential airdropLighter RH: Points live · Lighter: Season 3 · farm board+$9 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: Lighter is 0.036% cheaper against Lighter RH than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	94.329	0.0096	pay 0.0012% / 1h	4m 40s	$3.2M	$11.7M	20x
Short	Lighter HYPE	94.322	0.0096	get 0.0012% / 1h	4m 40s	$16.4M	$63.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.007%Rate

Funding earned: $0
Price spread: −0.007% → +0.029%: −$3.61
Slippage, 4 orders: −$6.7
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$10.3
Costs to cover: 0.067%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 4 min ago; Lighter: live order book, 4 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, 4 min ago	1.01 bp	3.3 bp −$3	4.5 bp −$45	23.3 bp −$2,329	doesn't fit
Sell Lighter live order book, 4 min ago	0.72 bp	0.8 bp −$1	2.3 bp −$23	9.1 bp −$913	41.0 bp −$20.5K

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	−0.1304%	1h	94.273	−0.059%	$200K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0338%	1h	94.298	−0.033%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	−0.001%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.309	−0.021%	$150K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	94.333	+0.004%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.351	+0.024%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.342	+0.014%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.362	+0.035%	$22K	$291K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.343	+0.014%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.285	−0.047%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0021%	8h	94.279	−0.053%	$318.5M	$287.1M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.116%	$211K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0030%	8h	94.323	−0.006%	$12.8M	$2.8M	50x	as long as short
Bitget HYPEUSDT	+0.0036%	4h	94.309	−0.021%	$227.5M	$99.4M	75x	as long as short
BingX HYPE-USDT	+0.0050%	4h	94.307	−0.023%	—	$53.8M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0066%	1h	94.300	−0.031%	$711K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	94.364	+0.038%	$5.0M	$30.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.352	+0.025%	$343K	$158K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	94.322	−0.007%	$16.4M	$63.8M	20x
Lighter RH HYPElong	+0.0096%	1h	94.329	long leg	$3.2M	$11.7M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.322	−0.007%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.290	−0.041%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.314	−0.016%	$7.2M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.439	+0.117%	$2.07B	$679.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.314	−0.016%	$8.8M	$36.8M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.344	+0.016%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.326	−0.003%	$379.1M	$925.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.290	−0.041%	$116.5M	$317.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.307	−0.023%	$48.3M	$55.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.339	+0.011%	$90.5M	$82.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.332	+0.003%	$46.6M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.359	+0.032%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	+0.063%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	+0.104%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.375	+0.049%	$345K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.333	+0.004%	$675K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.406	+0.082%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.328	−0.001%	$479K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.311	−0.019%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.295	−0.036%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.447	+0.125%	$33K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.316	−0.014%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.550	+0.234%	$1.4M	$6.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.197	−0.140%	$217K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.274	−0.059%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.312	−0.018%	$399K	$159K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.298%	$31K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	94.472	+0.152%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.460	+0.139%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0163%	1h	94.381	+0.055%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.305	−0.025%	$78K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.340	+0.012%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0337%	1h	94.401	+0.076%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.335	+0.006%	$16.8M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.365	+0.038%	$3.2M	$6.3M	20x	as long as short