Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against SunX−0.076%7-day average −0.043% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$620.616% of the position

Long on SunX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now −0.076%, 7d avg −0.043%

Together, before fees+0.041%+ Points / potential airdropLighter RH: Points live · farm board+$4 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 0.032% cheaper against SunX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.043%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	95.338	0.0100	pay 0.0050% / 4h	1h 05m	$33K	$1.4M	20x
Short	Lighter RH HYPE	95.266	0.0096	get 0.0012% / 1h	5m 32s	$3.2M	$10.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against SunX. 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 SunXbpFee Lighter RHbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$0.84
Price spread: −0.076% → −0.043%: −$3.24
Slippage, 4 orders: −$53.64
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$65.73
Costs to cover: 0.616%
Break-even: never at this rate

Slippage from SunX: live order book, 2 min ago; Lighter RH: live order book, 6 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 SunX live order book, 2 min ago	19.36 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 6 min ago	0.89 bp	2.0 bp −$2	5.0 bp −$50	34.4 bp −$3,442	doesn't fit

HYPE on 55 exchanges

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
Phemex HYPEUSDT	−0.0292%	8h	95.248	−0.094%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.271	−0.070%	$18.5M	$34.6M	50x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.275	−0.066%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0111%	1h	95.191	−0.154%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0102%	1h	95.220	−0.124%	$678K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.302	−0.038%	$101K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.249	−0.093%	$3K	$421	25x	as long as short
Aster HYPEUSDT	−0.0075%	4h	95.262	−0.080%	$9.1M	$34.3M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	95.231	−0.112%	$148K	$642K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	95.248	−0.094%	$55.8M	$54.1M	75x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0059%	1h	95.238	−0.105%	$79K	$132K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.280	−0.061%	$4.8M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0048%	1h	95.257	−0.085%	$113K	$583K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0033%	8h	95.240	−0.103%	$119.4M	$304.0M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.251	−0.091%	$230.6M	$86.3M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	−0.165%	$200K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.273	−0.068%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.295	−0.045%	$100K	—	150x	as long as short
Derive HYPE-PERP	+0.0014%	1h	95.000	−0.355%	$16.4M	$7.0M	10x	as long as short
Lighter HYPE	+0.0016%	1h	95.254	−0.088%	$16.7M	$59.0M	20x	as long as short
edgeX HYPEUSDC	+0.0028%	4h	95.020	−0.334%	$5.1M	$28.0M	30x	as long as short
Bybit HYPEUSDT	+0.0036%	8h	95.260	−0.082%	$321.5M	$263.1M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	95.258	−0.084%	$90.4M	$85.0M	100x	as long as short
Binance HYPEUSDT	+0.0052%	4h	95.246	−0.097%	$383.3M	$850.6M	75x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.244	−0.099%	—	$49.3M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.272	−0.069%	$275K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0063%	1h	95.285	−0.055%	$128K	$96K	5x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	95.028	−0.325%	$323K	$926K	50x	as long as short
Paradex HYPE-USD-PERP	+0.0090%	8h	95.249	−0.093%	$340K	$30K	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	95.266	−0.076%	$3.2M	$10.4M	20x
Aevo HYPE-PERP	+0.0096%	1h	95.246	−0.097%	$403K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.200	−0.145%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.263	−0.078%	$7.3M	$50.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.274	−0.067%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.260	−0.082%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.247	−0.095%	$47.7M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.242	−0.101%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.230	−0.114%	$29.7M	$52.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.044	−0.308%	$7.7M	$40.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.077	−0.274%	$691K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.309	−0.031%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.265	−0.077%	$499K	$2.4M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	95.338	long leg	$33K	$1.4M	20x
SoDEX HYPE-USD	+0.0100%	1h	95.256	−0.086%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.394	+0.059%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.221	−0.123%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.278	−0.063%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.284	−0.057%	$3.1M	$5.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0138%	1h	95.341	+0.003%	$7.5M	$4.2M	50x	as long as short
Hyperliquid HYPE	+0.0155%	1h	95.361	+0.024%	$2.11B	$643.9M	10x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	95.018	−0.336%	$17.4M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.226	−0.118%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.292	−0.049%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0808%	1h	95.368	+0.031%	$215K	$279K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.275%	$31K	$334K	12x	as long as short