Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0058%/8h= −6.3% APRpaid last 24h +0.030%

Price spread now: Lighter against Bybit+0.001%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$140.140% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

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

Price spread, last 7 days+0.010%+$1 · spread now +0.001%, 7d avg +0.044%

Together, before fees+0.063%+ Points / potential airdropLighter: Season 3 · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Lighter is 0.044% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.044%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.053%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	95.256	0.0034	pay 0.0034% / 8h	5h 55m	$321.0M	$266.5M	75x
Short	Lighter HYPE	95.257	−0.0024	pay 0.0003% / 1h	55m 41s	$16.3M	$57.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.001%Rate

Funding earned: −$12.09
Price spread: +0.001% → +0.044%: −$4.36
Slippage, 4 orders: −$2.96
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$30.4
Costs to cover: 0.140%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Lighter: 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 Bybit live order book, 2 min ago	0.52 bp	6.7 bp −$7	8.6 bp −$86	16.9 bp −$1,689	49.5 bp −$24.7K
Sell Lighter live order book, 6 min ago	0.50 bp	0.7 bp −$1	2.4 bp −$24	10.2 bp −$1,019	42.2 bp −$21.1K

HYPE on 54 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
Hibachi HYPE/USDT-P	−0.1304%	1h	95.234	−0.024%	$213K	$261K	7x	as long as short
Phemex HYPEUSDT	−0.0285%	8h	95.237	−0.020%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.265	+0.009%	$18.6M	$35.2M	50x	as long as short
Bullet HYPE-USD	−0.0201%	1h	95.266	+0.011%	$114K	$582K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0138%	1h	95.229	−0.028%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	95.220	−0.038%	$690K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.258	+0.002%	$1.1M	$2.4M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.068%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.271	+0.016%	$54.7M	$53.1M	75x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	95.282	+0.027%	$92K	$346K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.260	+0.004%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.237	−0.020%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0026%	4h	95.251	−0.005%	$9.0M	$32.9M	300x	as long as short
Lighter HYPEshort	−0.0024%	1h	95.257	+0.001%	$16.3M	$57.4M	20x
OKX HYPE-USDT-SWAP	−0.0010%	8h	95.255	−0.001%	$119.3M	$303.9M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	+0.003%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.283	+0.028%	$24K	$254K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.343	+0.091%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.309	+0.056%	$100K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	−0.055%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.270	+0.015%	$229.0M	$87.0M	75x	as long as short
Bybit HYPEUSDTlong	+0.0034%	8h	95.256	long leg	$321.0M	$266.5M	75x
Popdex HYPEUSDT	+0.0040%	1h	95.275	+0.020%	$274K	$1.0M	50x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.014%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.265	+0.009%	$340K	$35K	20x	as long as short
Vest HYPE-PERP	+0.0075%	1h	95.332	+0.079%	—	$80K	5x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	95.253	−0.004%	$5.1M	$29.1M	30x	as long as short
Binance HYPEUSDT	+0.0096%	4h	95.251	−0.005%	$382.8M	$857.2M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.267	+0.012%	$3.3M	$10.0M	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	95.257	+0.001%	$90.7M	$83.0M	100x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.230	−0.027%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.278	+0.024%	$7.3M	$52.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.285	+0.030%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.257	+0.001%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.281	+0.026%	—	$48.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.300	+0.046%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.251	−0.006%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.256	0.000%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	−0.068%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.243	−0.014%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.298	+0.044%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.258	+0.002%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.345	+0.093%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.246	−0.010%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.379	+0.129%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.235	−0.022%	$18.4M	$39.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.248	−0.009%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	95.354	+0.103%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.301	+0.047%	$3.2M	$5.5M	20x	as long as short
Hyperliquid HYPE	+0.0136%	1h	95.369	+0.119%	$2.11B	$650.2M	10x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.228	−0.029%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.297	+0.043%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	95.279	+0.024%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.151%	$31K	$334K	12x	as long as short