S

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h −0.004%

Price spread now: Hyperliquid against Lighter−0.102%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs+$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$630.635% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.663%+$66 on $10k

Price spread, last 4 days (all we have)+0.177%+$18 · spread now −0.102%, 7d avg −0.009%

Together, before fees+0.840%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$84 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: Hyperliquid is 0.093% cheaper against Lighter than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter S	0.04008	0.0096	pay 0.0012% / 1h	9m 13s	$164K	$192K	5x
Short	Hyperliquid S	0.04004	0.0100	get 0.0013% / 1h	9m 13s	$1.0M	$621K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Lighter. 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 LighterbpFee HyperliquidbpOrdersPrice spread, now −0.102%Rate

Funding earned: $0.84
Price spread: −0.102% → −0.009%: −$9.32
Slippage, 4 orders: −$54.49
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$71.98
Costs to cover: 0.635%
Break-even: 606.8 days

Slippage from Lighter: live order book, 46 min ago; Hyperliquid: live order book, 1 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 Lighter live order book, 46 min ago	7.59 bp	9.1 bp −$9	79.7 bp −$797	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 1 min ago	1.62 bp	18.4 bp −$18	doesn't fit	doesn't fit	doesn't fit

S on 25 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
Kraken Futures PF_SUSD	−0.2018%	1h	0.04003	−0.137%	$34K	$23K	10x	as long as short
01 Exchange SUSD	−0.1760%	1h	0.04000	−0.200%	$25K	$2K	5x	as long as short
Coinbase International S-PERP-INTX	−0.1240%	1h	0.03959	−1.223%	$49K	$5K	25x	as long as short
Variational Omni S	−0.0682%	4h	0.03997	−0.278%	$621K	$31K	—	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04005	−0.075%	$1K	—	100x	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04002	−0.146%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04004	−0.091%	$617	—	150x	as long as short
Orderly PERP_S_USDC	+0.0025%	4h	0.04003	−0.125%	$102K	$331K	10x	as long as short
Injective S/USDC PERP	+0.0033%	1h	0.04100	+2.295%	$2K	$37K	12x	as long as short
Lighter Slong	+0.0096%	1h	0.04008	long leg	$164K	$192K	5x

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid Sshort	+0.0100%	1h	0.04004	−0.102%	$1.0M	$621K	5x
Aster SUSDT	+0.0100%	4h	0.04006	−0.046%	$44K	$141K	10x	as long as short
Binance SUSDT	+0.0100%	4h	0.04003	−0.114%	$5.5M	$15.7M	75x	as long as short
Bybit SUSDT	+0.0100%	4h	0.04000	−0.200%	$5.7M	$4.9M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04002	−0.150%	$983K	$4.5M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04002	−0.150%	$327K	$218K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04004	−0.100%	$3.6M	$1.9M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04007	−0.025%	$1.9M	$2.9M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04006	−0.050%	$1.2M	$2.4M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04003	−0.125%	—	$6.7M	—	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04000	−0.200%	$26K	$445K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04002	−0.148%	$224K	$1.1M	10x	as long as short
Backpack S_USDC_PERP	+0.0259%	1h	0.04010	+0.050%	$117K	$325K	5x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04004	−0.100%	$271K	$127K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0499%	1h	0.04008	0.000%	$67K	$10K	10x	as long as short