Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.017%

Price spread now: Lighter RH against Aster+0.001%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

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

Long on Aster Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.017%−$2 on $10k

Price spread, last 7 days−0.034%−$3 · spread now +0.001%, 7d avg +0.006%

Together, before fees−0.050%+ Points / potential airdropAster: Stage 5 · Lighter RH: Points live · farm board−$5 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	94.248	0.0100	pay 0.0050% / 4h	20m 13s	$8.8M	$37.2M	300x
Short	Lighter RH HYPE	94.249	0.0096	get 0.0012% / 1h	20m 13s	$3.2M	$10.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Aster. 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 AsterbpFee Lighter RHbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$0.84
Price spread: +0.001% → +0.006%: −$0.54
Slippage, 4 orders: −$4.57
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$13.95
Costs to cover: 0.126%
Break-even: never at this rate

Slippage from Aster: live order book, 4 min ago; Lighter RH: live order book, 4 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 Aster live order book, 4 min ago	0.05 bp	4.1 bp −$4	4.2 bp −$42	10.1 bp −$1,011	doesn't fit
Sell Lighter RH live order book, 4 min ago	1.33 bp	1.7 bp −$2	3.6 bp −$36	26.3 bp −$2,634	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	−0.1712%	1h	94.057	−0.203%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0413%	1h	94.235	−0.014%	$80K	$152K	20x	as long as short
Bullet HYPE-USD	−0.0224%	1h	94.218	−0.032%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0223%	1h	93.910	−0.359%	$710K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0145%	1h	94.169	−0.084%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.209	−0.041%	$87K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.016	−0.246%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.302%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.129	−0.126%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0040%	1h	94.247	−0.001%	$16.3M	$64.5M	20x	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	−0.0020%	4h	94.247	−0.001%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.240	−0.008%	$316.8M	$289.3M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.221	−0.029%	$147K	$686K	20x	as long as short
Polymarket Perps HYPE-USD	−0.0006%	1h	94.233	−0.016%	$497K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.061	−0.199%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.272	+0.025%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.232	−0.017%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.169	−0.083%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.275	+0.029%	$124K	—	150x	as long as short
Paradex HYPE-USD-PERP	+0.0030%	8h	94.140	−0.115%	$336K	$154K	20x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.242	−0.006%	$226.4M	$100.1M	75x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.195	−0.057%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0040%	1h	94.250	+0.002%	$2.1M	$1.9M	10x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	94.234	−0.015%	$12.9M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.260	+0.013%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.237	−0.012%	$117.6M	$324.1M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.221	−0.029%	$50.0M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.270%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	94.249	+0.001%	$3.2M	$10.8M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.175	−0.077%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.157%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.134	−0.120%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.268	+0.021%	$2.07B	$687.6M	10x	as long as short
Aster HYPEUSDTlong	+0.0100%	4h	94.248	long leg	$8.8M	$37.2M	300x
Pacifica HYPE	+0.0100%	1h	94.153	−0.101%	$10.1M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.244	−0.004%	$377.4M	$933.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.240	−0.008%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.249	+0.001%	$89.1M	$83.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.241	−0.007%	$46.8M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.209	−0.041%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.180%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.122	−0.134%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.233%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.093	−0.164%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.173	−0.080%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.350	+0.108%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.219	−0.031%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.233	−0.016%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.288	+0.043%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.522%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.296	+0.051%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0248%	1h	94.338	+0.095%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.165	−0.088%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.199	−0.052%	$85K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.094	−0.163%	$17.1M	$12.3M	75x	as long as short