Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0110%/8h= −12.0% APRpaid last 24h −0.049%

Price spread now: Orderly against Lighter RH−0.035%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 RH Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.108%−$11 on $10k

Price spread, last 4 days (all we have)+0.041%+$4 · spread now −0.035%, 7d avg −0.024%

Together, before fees−0.067%+ Points / potential airdropLighter RH: Points live · farm board−$7 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 RH HYPE	94.418	0.0096	pay 0.0012% / 1h	6m 29s	$3.2M	$11.7M	20x
Short	Orderly PERP_HYPE_USDC	94.385	−0.0014	pay 0.0007% / 4h	2h 06m	$147K	$677K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.035%Rate

Funding earned: −$23.08
Price spread: −0.035% → −0.024%: −$1.12
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$30.2
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter RH: live order book, 2 min ago; Orderly: 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 RH live order book, 2 min ago	1.01 bp	3.3 bp −$3	4.5 bp −$45	23.3 bp −$2,329	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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
Hibachi HYPE/USDT-P	−0.1304%	1h	94.273	−0.154%	$200K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0343%	1h	94.218	−0.212%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.343	−0.079%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0014%	4h	94.385	−0.035%	$147K	$677K	20x
Bullet HYPE-USD	−0.0002%	1h	94.421	+0.003%	$113K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.351	−0.070%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.453	+0.037%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.405	−0.014%	$22K	$291K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.410	−0.008%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.401	−0.018%	$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
BingX HYPE-USDT	+0.0016%	4h	94.417	−0.001%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.400	−0.019%	$319.1M	$286.9M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.363	−0.058%	$211K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0027%	8h	94.336	−0.087%	$12.8M	$2.8M	50x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	94.440	+0.023%	$227.8M	$99.4M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0071%	1h	94.350	−0.072%	$711K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.262	−0.166%	$5.0M	$30.3M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.454	+0.038%	$343K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.419	+0.001%	$16.4M	$63.7M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	94.418	long leg	$3.2M	$11.7M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.436	+0.019%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.410	−0.008%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.413	−0.005%	$7.2M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.500	+0.087%	$2.07B	$679.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.414	−0.004%	$8.8M	$36.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.438	+0.021%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.434	+0.017%	$379.5M	$924.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.419	+0.001%	$116.6M	$318.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.406	−0.013%	$48.3M	$55.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.424	+0.006%	$90.3M	$82.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.422	+0.004%	$46.6M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.426	+0.008%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	−0.190%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.322	−0.102%	$7.7M	$48.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.302	−0.123%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.363	−0.058%	$675K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.475	+0.060%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.432	+0.015%	$479K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.666	+0.263%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.390	−0.030%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.480	+0.066%	$33K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.401	−0.018%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.087%	$1.4M	$6.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.197	−0.234%	$217K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.396	−0.024%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.388	−0.032%	$399K	$159K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.510	+0.097%	$31K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.428	+0.011%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.450	+0.034%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0227%	1h	94.481	+0.067%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.408	−0.010%	$78K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.406	−0.013%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0337%	1h	94.468	+0.053%	$21.1M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.413	−0.005%	$16.9M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.480	+0.066%	$3.2M	$6.3M	20x	as long as short