Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Lighter against Variational Omni−0.005%7-day average +0.055% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 7 days+0.020%+$2 · spread now −0.005%, 7d avg +0.055%

Together, before fees+0.028%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$3 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 is 0.059% cheaper against Variational Omni than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.759	0.0100	pay 0.0100% / 8h	1h 54m	$28.7M	$56.1M	—
Short	Lighter HYPE	93.754	0.0096	get 0.0012% / 1h	54m 59s	$16.2M	$63.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$0.84
Price spread: −0.005% → +0.055%: −$5.95
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$6.79
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Lighter: live order book, 4 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 Variational Omni RFQ quote, 4 min ago	0.45 bp	doesn't fit	5.3 bp −$53	20.4 bp −$2,036	doesn't fit
Sell Lighter live order book, 4 min ago	0.25 bp	0.3 bp $0	1.8 bp −$18	9.6 bp −$962	41.5 bp −$20.7K

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	−0.1224%	1h	93.798	+0.042%	$199K	$243K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	94.002	+0.259%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.992	+0.249%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.770	+0.012%	$86K	$372K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0044%	1h	93.730	−0.030%	$707K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	93.724	−0.037%	$149K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.813	+0.058%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.760	+0.001%	$22K	$285K	10x	as long as short
Bluefin HYPE-PERP	+0.0002%	1h	93.745	−0.014%	$79K	$166K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.781	+0.024%	$63K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0012%	4h	93.708	−0.054%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.683	−0.081%	$316.5M	$287.4M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.872	+0.121%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.707	−0.055%	$225.8M	$99.4M	75x	as long as short
Phemex HYPEUSDT	+0.0063%	8h	93.789	+0.032%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.922	+0.174%	$5.0M	$30.4M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.759	0.000%	$1.0M	$4.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	93.802	+0.046%	$348K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0090%	8h	93.827	+0.073%	$341K	$158K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.754	−0.005%	$16.2M	$63.2M	20x
Lighter RH HYPE	+0.0096%	1h	93.766	+0.008%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.750	−0.009%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.750	−0.009%	$20K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.782	+0.025%	$6.4M	$50.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.841	+0.088%	$2.05B	$683.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.717	−0.044%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.818	+0.063%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.698	−0.065%	$375.7M	$929.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.682	−0.082%	$115.7M	$316.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.485%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.684	−0.080%	$48.3M	$54.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.689	−0.074%	$88.9M	$83.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.739	−0.021%	$46.3M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.765	+0.007%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.759	long leg	$28.7M	$56.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.839	+0.086%	$7.7M	$47.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.836	+0.083%	$680K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.835	+0.082%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.784	+0.027%	$475K	$2.8M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.804	+0.048%	$112K	$581K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.731	−0.030%	$16.4M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.861	+0.109%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.752	−0.007%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.961	+0.216%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.676	−0.088%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.755	−0.004%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.838	+0.085%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.790	+0.033%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.740	−0.020%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.738	−0.022%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0294%	1h	93.843	+0.090%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.784	+0.027%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.752	−0.007%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0414%	1h	93.828	+0.074%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.798	+0.042%	$3.2M	$6.4M	20x	as long as short