Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0020%/8hpaid last 24h +0.030%

Price spread now: Lighter against Gate+0.059%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Gate Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 7 days−0.022%−$2 · spread now +0.059%, 7d avg +0.039%

Together, before fees+0.049%+ Points / potential airdropLighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Lighter is 0.020% dearer against Gate than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of +0.039%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	93.255	0.0076	pay 0.0038% / 4h	7m 17s	$44.1M	$56.1M	75x
Short	Lighter HYPE	93.310	0.0096	get 0.0012% / 1h	7m 17s	$18.7M	$58.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Gate. 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 GatebpFee LighterbpOrdersPrice spread, now +0.059%Rate

Funding earned: $4.2
Price spread: +0.059% → +0.039%: $2.03
Slippage, 4 orders: −$8.05
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Lighter: 0 bp × 2 orders: $0
Net: −$16.82
Costs to cover: 0.231%
Break-even: 35.0 days

Slippage from Gate: live order book, 1 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 Gate live order book, 1 min ago	0.64 bp	10.9 bp −$11	18.0 bp −$180	33.8 bp −$3,377	60.0 bp −$30.0K
Sell Lighter live order book, 6 min ago	0.84 bp	1.2 bp −$1	3.3 bp −$33	13.4 bp −$1,340	44.2 bp −$22.1K

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	−0.1056%	1h	93.273	+0.020%	$196K	$244K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.302	+0.050%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0005%	1h	93.352	+0.104%	$22K	$22K	10x	as long as short
Injective HYPE/USDC PERP	−0.0004%	1h	93.620	+0.391%	$30K	$177K	12x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.336	+0.087%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.361	+0.114%	$2.0M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.280	+0.027%	$24K	$372K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0006%	1h	93.289	+0.037%	$43K	—	150x	as long as short
Aster HYPEUSDT	+0.0025%	4h	93.256	+0.001%	$8.9M	$36.2M	300x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	93.276	+0.023%	$90K	$323K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDTlong	+0.0076%	4h	93.255	long leg	$44.1M	$56.1M	75x
Arcus HYPE-USD	+0.0082%	1h	93.255	0.000%	$1.2M	$4.0M	10x	as long as short
Bybit HYPEUSDT	+0.0085%	8h	93.212	−0.046%	$324.9M	$286.6M	75x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.310	+0.059%	$18.7M	$58.3M	20x
Lighter RH HYPE	+0.0096%	1h	93.278	+0.025%	$3.1M	$12.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.271	+0.017%	$55K	$1.3M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0097%	4h	93.269	+0.015%	$181K	$505K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.310	+0.059%	$21K	$1.8M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.261	+0.007%	$6.3M	$43.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.302	+0.050%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.251	−0.004%	$390.0M	$869.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.210	−0.048%	$114.6M	$313.4M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.320	+0.070%	$701K	$945K	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.380	+0.134%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.249	−0.006%	$91.7M	$83.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.268	+0.014%	$46.4M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.232	−0.025%	$225.6M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.225	−0.032%	—	$54.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.263	+0.009%	$8.0M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.355	+0.107%	$29.1M	$49.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.137%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.365	+0.118%	$457K	$943K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.341	+0.092%	$675K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.332	+0.083%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.299	+0.047%	$460K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.278	+0.024%	$113K	$573K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.288	+0.035%	$76K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.241	−0.015%	$16.3M	$7.0M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.275	+0.021%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.256	+0.001%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.290	+0.038%	$12.6M	$2.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.318	+0.068%	$341K	$172K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.353	+0.105%	$5.1M	$28.9M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.261	+0.007%	$18.1M	$40.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.262	+0.008%	$397K	$320K	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0151%	1h	93.322	+0.072%	$16.2M	$20.9M	50x	as long as short
Phoenix HYPE	+0.0172%	1h	93.411	+0.167%	$208K	$954K	10x	as long as short
Hyperliquid HYPE	+0.0185%	1h	93.351	+0.103%	$2.02B	$660.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0200%	1h	93.430	+0.188%	$4.9M	$5.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0232%	1h	93.358	+0.110%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0242%	1h	93.272	+0.018%	$77K	$157K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.280	+0.027%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.249	−0.006%	$17.4M	$12.3M	75x	as long as short
HTX HYPE-USDT	+0.0407%	4h	93.450	+0.209%	$1.5M	$7.5M	75x	as long as short
RISEx HYPE/USDC	+0.0516%	1h	93.342	+0.093%	$2.7M	$6.4M	20x	as long as short