Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Lighter RH−0.116%7-day average −0.025% · you buy dearer than you sell

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

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days+0.131%+$13 · spread now −0.116%, 7d avg −0.025%

Together, before fees+0.130%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · farm board+$13 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: Variational Omni is 0.092% cheaper against Lighter RH than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	92.876	0.0096	pay 0.0012% / 1h	21m 12s	$3.1M	$11.6M	20x
Short	Variational Omni HYPE	92.768	0.0100	get 0.0100% / 8h	3h 21m	$28.5M	$57.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.116%Rate

Funding earned: $0.84
Price spread: −0.116% → −0.025%: −$9.16
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$8.32
Costs to cover: 0.000%
Break-even: 76.3 days

Slippage unknown: Lighter RH: live order book, 3 min ago; Variational Omni: RFQ quote, 3 min ago. 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, 3 min ago	0.92 bp	2.0 bp −$2	3.5 bp −$35	27.0 bp −$2,698	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	0.43 bp	doesn't fit	4.4 bp −$44	19.3 bp −$1,934	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	92.605	−0.292%	$193K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0292%	1h	92.729	−0.158%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.841	−0.038%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.866	−0.011%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0058%	4h	92.851	−0.027%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0002%	1h	92.854	−0.023%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.850	−0.028%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.870	−0.007%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.894	+0.019%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0018%	1h	92.830	−0.050%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.908	+0.034%	$87K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.048%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.838	−0.041%	$315.8M	$283.2M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	92.890	+0.015%	$81K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	92.836	−0.043%	$224.7M	$99.0M	75x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	92.862	−0.015%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	92.835	−0.044%	$45.1M	$54.5M	75x	as long as short
Lighter HYPE	+0.0096%	1h	92.874	−0.002%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	92.876	long leg	$3.1M	$11.6M	20x
edgeX HYPEUSDC	+0.0098%	4h	92.694	−0.196%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.874	−0.002%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.870	−0.006%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.805	−0.077%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.875	−0.001%	$2.02B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.847	−0.031%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.854	−0.024%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.881	+0.005%	$373.5M	$906.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.832	−0.047%	$114.1M	$303.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.180%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.864	−0.013%	$91.3M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.881	+0.005%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.847	−0.031%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.879	+0.003%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.768	−0.116%	$28.5M	$57.3M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	−0.073%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.725	−0.163%	$340K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.765	−0.120%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.877	+0.001%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.908	+0.034%	$487K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.892	+0.017%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.858	−0.019%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.903	+0.029%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.874	−0.002%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.995	+0.128%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.843	−0.036%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.861	−0.016%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	92.725	−0.163%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.900	+0.026%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.956	+0.086%	$20.7M	$29.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.295%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.873	−0.004%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.893	+0.018%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.872	−0.004%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0450%	1h	92.967	+0.098%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.924	+0.051%	$3.2M	$6.4M	20x	as long as short