HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0104%/8h= −11.4% APRnext payment −$0.13 per $10,000 · paid last 24h −0.001%

Price spread now: Lighter against Coinbase International−0.010%7-day average +0.059% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on Coinbase International Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 4 days (all we have)+0.096%+$10 · spread now −0.010%, 7d avg +0.059%

Together, before fees+0.178%+ Points / potential airdropLighter: Season 3 · farm board+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Lighter is 0.069% cheaper against Coinbase International than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.059%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.083%, 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	Coinbase International HYPE-PERP-INTX	94.360	0.0064	pay 0.0008% / 1h	19m 16s	$4.7M	$6.2M	50x
Short	Lighter HYPE	94.351	−0.0040	pay 0.0005% / 1h	19m 16s	$16.4M	$64.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Coinbase International. 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 Coinbase InternationalbpFee LighterbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$21.84
Price spread: −0.010% → +0.059%: −$6.89
Slippage, 4 orders: −$8.58
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$47.31
Costs to cover: 0.186%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 5 min ago; Lighter: live order book, 15 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 Coinbase International live order book, 5 min ago	2.66 bp	8.0 bp −$8	14.5 bp −$145	40.9 bp −$4,090	doesn't fit
Sell Lighter live order book, 15 min ago	0.75 bp	1.3 bp −$1	2.3 bp −$23	9.8 bp −$979	37.5 bp −$18.8K

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	−0.321%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0406%	1h	94.325	−0.037%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0218%	1h	94.190	−0.180%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0214%	1h	94.332	−0.030%	$111K	$577K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	94.196	−0.174%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.369	+0.010%	$88K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.153	−0.219%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.420%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.300	−0.064%	$1.0M	$3.6M	10x	as long as short
Lighter HYPEshort	−0.0040%	1h	94.351	−0.010%	$16.4M	$64.5M	20x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.323	−0.039%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.330	−0.032%	$317.1M	$289.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.327	−0.035%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.225	−0.143%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.348	−0.013%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.117	−0.258%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.314	−0.049%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.364	+0.004%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0002%	1h	94.348	−0.013%	$497K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.336	−0.025%	$226.6M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0031%	8h	94.319	−0.043%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0039%	1h	94.350	−0.011%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	94.344	−0.017%	$12.9M	$2.9M	50x	as long as short
SoDEX HYPE-USD	+0.0043%	1h	94.355	−0.005%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0064%	1h	94.360	long leg	$4.7M	$6.2M	50x
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.344	−0.017%	$117.7M	$324.8M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.324	−0.038%	$50.1M	$56.8M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.389%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.376	+0.017%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.325	−0.037%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	−0.085%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.275	−0.090%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.419	+0.063%	$2.07B	$687.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.369	+0.010%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.313	−0.050%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.381	+0.023%	$378.4M	$933.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.056%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.340	−0.021%	$89.1M	$84.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.327	−0.035%	$46.8M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.209	−0.160%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.079	−0.298%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.093	−0.283%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.352%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.093	−0.283%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.341	−0.020%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.148%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.324	−0.038%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.309	−0.054%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.288	−0.076%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.403%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0195%	1h	94.434	+0.078%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.387	+0.029%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.344	−0.017%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.311	−0.052%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.362	+0.002%	$17.2M	$12.4M	75x	as long as short