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 +0.003%

Price spread now: Lighter RH against Popdex−0.060%51s7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$130.126% of the position

Long on Popdex Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.002%$0 on $10k

Price spread, last 7 days+0.054%+$5 · spread now −0.060%, 7d avg −0.009%

Together, before fees+0.056%+ Points / potential airdropLighter RH: Points live · farm board+$6 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 RH is 0.051% cheaper against Popdex than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.009%. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	94.322	0.0096	pay 0.0012% / 1h	3m 46s	$78K	$1.2M	50x
Short	Lighter RH HYPE	94.265	0.0096	get 0.0012% / 1h	3m 46s	$3.2M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Popdex. 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 PopdexbpFee Lighter RHbpOrdersPrice spread, now −0.060%Rate

Funding earned: $0
Price spread: −0.060% → −0.009%: −$5.11
Slippage, 4 orders: −$6.2
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$17.7
Costs to cover: 0.126%
Break-even: never at this rate

Slippage from Popdex: live order book, just now; Lighter RH: live order book, 5 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 Popdex live order book, just now	0.37 bp	3.6 bp −$4	4.3 bp −$43	24.5 bp −$2,448	doesn't fit
Sell Lighter RH live order book, 5 min ago	1.01 bp	1.9 bp −$2	3.7 bp −$37	25.8 bp −$2,578	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	−0.1296%	1h	94.290	−0.034%	$201K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0328%	1h	94.318	−0.004%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	+0.006%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.276	−0.049%	$150K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	94.308	−0.015%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.272	−0.053%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.342	+0.021%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.315	−0.007%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.310	−0.013%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.207	−0.122%	$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	94.220	−0.108%	$318.3M	$287.1M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.123%	$211K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0032%	8h	94.287	−0.037%	$12.8M	$2.8M	50x	as long as short
Bitget HYPEUSDT	+0.0036%	4h	94.240	−0.087%	$227.3M	$99.4M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0063%	1h	94.210	−0.119%	$711K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	94.364	+0.045%	$5.0M	$30.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.277	−0.048%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.254	−0.072%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	94.265	−0.060%	$3.2M	$11.7M	20x
Popdex HYPEUSDTlong	+0.0096%	1h	94.322	long leg	$78K	$1.2M	50x
Katana Perps HYPE-USD	+0.0100%	8h	94.230	−0.098%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.314	−0.008%	$7.2M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.357	+0.037%	$2.07B	$679.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.265	−0.060%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.261	−0.065%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.246	−0.081%	$378.8M	$925.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.226	−0.102%	$116.4M	$317.6M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.251	−0.075%	$48.2M	$55.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.245	−0.082%	$90.8M	$82.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.261	−0.065%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.228	−0.100%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.293	−0.031%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	+0.070%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	+0.111%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.375	+0.056%	$345K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.333	+0.012%	$675K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.379	+0.060%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.316	−0.006%	$479K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.285	−0.039%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.265	−0.060%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.414	+0.098%	$33K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.255	−0.071%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.450	+0.136%	$1.4M	$6.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.197	−0.132%	$217K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.198	−0.132%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.294	−0.030%	$399K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	94.363	+0.043%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.305%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.460	+0.146%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0185%	1h	94.350	+0.030%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.277	−0.047%	$78K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.308	−0.015%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.331	+0.010%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.335	+0.014%	$16.8M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.252	−0.074%	$3.2M	$6.3M	20x	as long as short