Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:22 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.021%

Price spread now: Lighter against Perpl−0.041%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 Perpl Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.136%+$14 on $10k

Price spread, last 4 days (all we have)−0.487%−$49 · spread now −0.041%, 7d avg +0.024%

Together, before fees−0.351%+ Points / potential airdropPerpl: Active · Lighter: Season 3 · farm board−$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.064% cheaper against Perpl than usual: you would sell low and buy high (spread −0.041% now, against its 7-day average of +0.024%). If the spread goes back, that is −$6 on $10k: about 2.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.017	0	get 0.0000% / 43m	38m 01s	$23K	$316K	10x
Short	Lighter HYPE	92.979	0.0096	get 0.0012% / 1h	7m 01s	$16.2M	$62.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpFee LighterbpOrdersPrice spread, now −0.041%Rate

Funding earned: $20.16
Price spread: −0.041% → +0.024%: −$6.45
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$0.09
Costs to cover: 0.138%
Break-even: 7.0 days

Slippage unknown: Perpl: no order-book sample; Lighter: live order book, 7 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 Perpl no order-book sample	—	—	—	—	—
Sell Lighter live order book, 7 min ago	0.62 bp	0.6 bp −$1	1.9 bp −$19	8.6 bp −$862	37.7 bp −$18.9K

Perpl: 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	−0.0944%	1h	93.076	+0.063%	$197K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.875	−0.153%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0132%	1h	93.080	+0.068%	$698K	$1.0M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0085%	1h	93.185	+0.181%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.031	+0.015%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	92.973	−0.047%	$86K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0050%	4h	92.974	−0.046%	$154K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.069	+0.056%	$128K	$31K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.017	long leg	$23K	$316K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.017	0.000%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0007%	1h	92.981	−0.039%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0009%	8h	93.023	+0.007%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0016%	4h	92.963	−0.058%	$8.8M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.210	+0.208%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.957	−0.064%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	92.966	−0.055%	$44.4M	$55.6M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	92.936	−0.087%	$319.7M	$276.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.941	−0.082%	$113.3M	$298.2M	50x	as long as short
Derive HYPE-PERP	+0.0087%	1h	92.962	−0.059%	$16.1M	$7.5M	10x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	92.920	−0.104%	$89.3M	$81.3M	100x	as long as short
Binance HYPEUSDT	+0.0095%	4h	92.934	−0.089%	$375.9M	$879.7M	75x	as long as short
Lighter HYPEshort	+0.0096%	1h	92.979	−0.041%	$16.2M	$62.2M	20x
Lighter RH HYPE	+0.0096%	1h	92.971	−0.049%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.965	−0.056%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.045	+0.030%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.990	−0.029%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.985	−0.034%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.025	+0.009%	$2.03B	$653.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.020	+0.003%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.958	−0.063%	$45.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.943	−0.079%	$224.7M	$96.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.959	−0.062%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.197	+0.193%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	+0.167%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.081	+0.069%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.112	+0.102%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.035	+0.019%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.012	−0.005%	$470K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.964	−0.057%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.996	−0.022%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.965	−0.056%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.148%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.906	−0.119%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.974	−0.046%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0114%	4h	93.123	+0.114%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0120%	4h	93.150	+0.143%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	+0.036%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	92.961	−0.060%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.060	+0.046%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.001	−0.017%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0335%	4h	92.971	−0.049%	$16.9M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	93.076	+0.064%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.078	+0.066%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.401%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0688%	1h	93.031	+0.015%	$20.7M	$29.8M	50x	as long as short