Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h +0.006%

Price spread now: Lighter RH against Phemex+0.005%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$430.427% of the position

Long on Phemex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.044%+$4 · spread now +0.005%, 7d avg +0.007%

Together, before fees−0.007%+ Points / potential airdropLighter RH: Points live · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.052%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.417	0.0042	pay 0.0042% / 8h	4m 34s	$12.9M	$2.9M	50x
Short	Lighter RH HYPE	94.422	0.0096	get 0.0012% / 1h	4m 34s	$3.2M	$10.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Phemex. 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 PhemexbpFee Lighter RHbpOrdersPrice spread, now +0.005%Rate

Funding earned: $11.4
Price spread: +0.005% → +0.007%: −$0.2
Slippage, 4 orders: −$30.71
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$31.5
Costs to cover: 0.427%
Break-even: 26.3 days

Slippage from Phemex: live order book, 4 min ago; Lighter RH: 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 Phemex live order book, 4 min ago	3.02 bp	16.2 bp −$16	33.1 bp −$331	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	0.63 bp	3.1 bp −$3	4.0 bp −$40	30.0 bp −$3,004	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	−0.1552%	1h	94.420	+0.003%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0386%	1h	94.422	+0.005%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0205%	1h	94.380	−0.039%	$712K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	94.449	+0.034%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.436	+0.020%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.507	+0.095%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.451	+0.036%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.438	+0.022%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0027%	1h	94.383	−0.036%	$16.4M	$7.3M	10x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.461	+0.047%	$317.6M	$288.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter HYPE	−0.0008%	1h	94.421	+0.005%	$16.4M	$64.7M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.411	−0.006%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.466	+0.052%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.505	+0.093%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.443	+0.028%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.464	+0.050%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.460	+0.046%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	94.455	+0.040%	$226.8M	$100.3M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0020%	1h	94.462	+0.048%	$498K	$2.8M	20x	as long as short
Phemex HYPEUSDTlong	+0.0042%	8h	94.417	long leg	$12.9M	$2.9M	50x
Paradex HYPE-USD-PERP	+0.0044%	8h	94.457	+0.042%	$337K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0050%	1h	94.431	+0.015%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.440	+0.024%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	94.451	+0.036%	$117.9M	$325.2M	50x	as long as short
Vest HYPE-PERP	+0.0072%	1h	94.520	+0.109%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0082%	4h	94.447	+0.032%	$50.5M	$56.9M	75x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.396	−0.022%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	94.422	+0.005%	$3.2M	$10.9M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.476	+0.062%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.460	+0.046%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.462	+0.047%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.508	+0.096%	$2.08B	$687.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.472	+0.058%	$8.8M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.448	+0.033%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.477	+0.064%	$378.9M	$932.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	+0.011%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.450	+0.035%	$89.7M	$84.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.427	+0.011%	$46.9M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.448	+0.033%	—	$52.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.415	−0.002%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.362	−0.058%	$29.6M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.422	+0.006%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.416	−0.001%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.445	+0.030%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.466	+0.052%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.515	+0.104%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.438	+0.023%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.463	+0.049%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.486	+0.073%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.342%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0216%	1h	94.538	+0.128%	$7.5M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.495	+0.083%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.497	+0.085%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.416	−0.001%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.462	+0.048%	$17.1M	$12.4M	75x	as long as short