Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRnext payment −$0.01 per $10,000 · paid last 24h −0.001%
Price spread now: Lighter against Hyperliquid−0.032%7-day average +0.002% · you buy dearer than you sell
Net, funding: paid 7d − costs−$50as in the Funding arb table
Net, price: spread back to 7d avg − costs−$64as in the Price arb table
costs, in and out, $10k−$610.608% of the position
Funding, last 7 days+0.109%+$11 on $10k
+Price spread, last 4 days (all we have)+0.077%+$8 · spread now −0.032%, 7d avg +0.002%
=Together, before fees+0.186%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board+$19 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 0.033% cheaper against Hyperliquid than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.002%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Hyperliquid OP | 0.1267 | 0.0100 | pay 0.0013% / 1h | 1m 26s | $3.7M | $2.7M | 5x |
| Short | Lighter OP | 0.1266 | 0.0096 | get 0.0012% / 1h | 1m 26s | $276K | $950K | 15x |
Hyperliquid OP
Lighter OPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Hyperliquid. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$0.84
- Price spread: −0.032% → +0.002%
- −$3.34
- Slippage, 4 orders
- −$51.83
- Fee Hyperliquid: 4.5 bp × 2 orders
- −$9
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$65.01
- Costs to cover
- 0.608%
- Break-even
- never at this rate
Slippage from Hyperliquid: live order book, 10 min ago; Lighter: live order book, 49 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 Hyperliquid live order book, 10 min ago | 1.59 bp | 10.5 bp −$10 | doesn't fit | doesn't fit | doesn't fit |
| Sell Lighter live order book, 49 min ago | 4.71 bp | 20.9 bp −$21 | 46.0 bp −$460 | doesn't fit | doesn't fit |
OP on 30 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 | |
|---|---|---|---|---|---|---|---|---|
| Injective OP/USDC PERP | −0.1568% | 1h | 0.1253 | −1.074% | $35K | $58K | 12x | as long as short |
| GMX OP/USD [OP-USDC] | L −0.1065% / S +0.0229% | 1h | 0.1265 | −0.113% | $13K | — | 100x | as long as short |
| dYdX OP-USD | 0.0000% | 1h | 0.1266 | −0.065% | $39K | $532 | 10x | as long as short |
| Deribit OP_USDC-PERPETUAL | 0.0000% | 1h | 0.1265 | −0.126% | $42K | $138K | 25x | as long as short |
| gTrade (Gains Network) OP/USD | L +0.0004% / S −0.0004% | 1h | 0.1265 | −0.120% | — | — | 150x | as long as short |
| Coinbase International OP-PERP-INTX | +0.0032% | 1h | 0.1270 | +0.268% | $25K | $56K | 50x | as long as short |
| Variational Omni OP | +0.0040% | 8h | 0.1261 | −0.471% | $223K | $48K | — | as long as short |
| Orderly PERP_OP_USDC | +0.0054% | 8h | 0.1265 | −0.126% | $6K | $47K | 10x | as long as short |
| Kraken Futures PF_OPUSD | +0.0057% | 1h | 0.1265 | −0.102% | $775K | $548K | 20x | as long as short |
| Lighter OPshort | +0.0096% | 1h | 0.1266 | −0.032% | $276K | $950K | 15x |
Injective OP/USDC PERP
GMX OP/USD [OP-USDC]
dYdX OP-USD
Deribit OP_USDC-PERPETUAL
gTrade (Gains Network) OP/USD
Coinbase International OP-PERP-INTX
Variational Omni OP
Orderly PERP_OP_USDC
Kraken Futures PF_OPUSDShow all 30 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Hyperliquid OPlong | +0.0100% | 1h | 0.1267 | long leg | $3.7M | $2.7M | 5x | |
| Aster OPUSDT | +0.0100% | 8h | 0.1266 | −0.050% | $211K | $216K | 10x | as long as short |
| Binance OPUSDT | +0.0100% | 8h | 0.1265 | −0.091% | $20.4M | $61.1M | 75x | as long as short |
| Bybit OPUSDT | +0.0100% | 8h | 0.1264 | −0.174% | $18.6M | $24.9M | 75x | as long as short |
| OKX OP-USDT-SWAP | +0.0100% | 8h | 0.1264 | −0.182% | $6.2M | $28.5M | 50x | as long as short |
| Gate OP_USDT | +0.0100% | 8h | 0.1266 | −0.055% | $2.0M | $1.5M | 50x | as long as short |
| MEXC OP_USDT | +0.0100% | 8h | 0.1265 | −0.087% | $21.6M | $7.4M | 300x | as long as short |
| KuCoin OPUSDTM | +0.0100% | 8h | 0.1264 | −0.205% | $2.8M | $6.3M | 75x | as long as short |
| Bitget OPUSDT | +0.0100% | 8h | 0.1265 | −0.126% | $5.8M | $6.5M | 75x | as long as short |
| BingX OP-USDT | +0.0100% | 8h | 0.1265 | −0.158% | — | $6.3M | — | as long as short |
| Backpack OP_USDC_PERP | +0.0100% | 1h | 0.1264 | −0.189% | $119K | $205K | 10x | as long as short |
| edgeX OPUSDC | +0.0100% | 4h | 0.1259 | −0.569% | $4K | $387K | 10x | as long as short |
| GRVT OP_USDT_Perp | +0.0100% | 8h | 0.1260 | −0.521% | $308K | $5.2M | 10x | as long as short |
| ApeX Omni OPUSDT | +0.0100% | 1h | 0.1259 | −0.600% | $43K | $706K | 50x | as long as short |
| SoDEX OP-USD | +0.0100% | 1h | 0.1264 | −0.174% | $194 | $6K | 5x | as long as short |
| HTX OP-USDT | +0.0100% | 8h | 0.1263 | −0.253% | $171K | $229K | 50x | as long as short |
| Extended OP-USD | +0.0104% | 1h | 0.1265 | −0.119% | $101K | $484K | 25x | as long as short |
| Aevo OP-PERP | +0.0104% | 1h | 0.1265 | −0.120% | $3K | $1K | 3x | as long as short |
| BloFin OP-USDT | +0.0220% | 8h | 0.1262 | −0.371% | $1.0M | $278K | 75x | as long as short |
| Reya OPRUSDPERP | +0.0442% | 1h | 0.1265 | −0.106% | $704 | — | 20x | as long as short |
Aster OPUSDT
Binance OPUSDT
Bybit OPUSDT
OKX OP-USDT-SWAP
Gate OP_USDT
MEXC OP_USDT
KuCoin OPUSDTM
Bitget OPUSDT
BingX OP-USDT
Backpack OP_USDC_PERP
edgeX OPUSDC
GRVT OP_USDT_Perp
ApeX Omni OPUSDT
SoDEX OP-USD
HTX OP-USDT
Extended OP-USD
Aevo OP-PERP
BloFin OP-USDT
Reya OPRUSDPERP