Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 13:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.043%

Price spread now: Lighter against HTX−0.110%7-day average −0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on HTX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.199%+$20 · spread now −0.110%, 7d avg −0.021%

Together, before fees+0.141%+ Points / potential airdropLighter: Season 3 · farm board+$14 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 0.090% cheaper against HTX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.021%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	95.824	0.0100	pay 0.0050% / 4h	3h 22m	$1.4M	$5.1M	75x
Short	Lighter HYPE	95.718	0.0040	get 0.0005% / 1h	22m 49s	$16.8M	$55.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against HTX. 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 HTXbpFee LighterbpOrdersPrice spread, now −0.110%Rate

Funding earned: −$12.6
Price spread: −0.110% → −0.021%: −$8.95
Slippage, 4 orders: −$10.76
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$44.31
Costs to cover: 0.228%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Lighter: live order book, 9 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 HTX live order book, 4 min ago	0.99 bp	9.6 bp −$10	17.4 bp −$174	66.7 bp −$6,672	doesn't fit
Sell Lighter live order book, 9 min ago	0.56 bp	1.2 bp −$1	2.5 bp −$25	9.2 bp −$922	39.9 bp −$20.0K

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	−0.1648%	1h	95.559	−0.277%	$207K	$317K	7x	as long as short
Bluefin HYPE-PERP	−0.0582%	1h	95.711	−0.118%	$79K	$129K	20x	as long as short
Phemex HYPEUSDT	−0.0210%	8h	95.709	−0.120%	$13.1M	$2.2M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0204%	1h	95.751	−0.077%	$18.2M	$32.0M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0145%	1h	95.739	−0.088%	$22K	$17K	10x	as long as short
Aster HYPEUSDT	−0.0118%	4h	95.771	−0.055%	$9.8M	$33.8M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0085%	4h	95.728	−0.100%	$147K	$635K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	95.700	−0.129%	$4.7M	$5.4M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0044%	1h	95.630	−0.202%	$681K	$1.3M	10x	as long as short
OKX HYPE-USDT-SWAP	−0.0034%	8h	95.799	−0.026%	$120.4M	$308.4M	50x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	−0.0028%	4h	95.797	−0.028%	$232.1M	$87.5M	75x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	95.721	−0.107%	$102K	$351K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0024%	1h	95.711	−0.118%	$6.8M	$12.1M	20x	as long as short
Phoenix HYPE	0.0000%	1h	95.726	−0.102%	$196K	$1.3M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.741	−0.087%	$24K	$246K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	95.712	−0.117%	$67K	—	150x	as long as short
KuCoin HYPEUSDTM	+0.0020%	4h	95.783	−0.043%	$47.9M	$17.2M	75x	as long as short
Nado HYPE-PERP	+0.0026%	1h	95.755	−0.072%	$4.3M	$50.4M	10x	as long as short
Gate HYPE_USDT	+0.0036%	4h	95.788	−0.038%	$59.6M	$54.1M	75x	as long as short
Lighter HYPEshort	+0.0040%	1h	95.718	−0.110%	$16.8M	$55.8M	20x
edgeX HYPEUSDC	+0.0054%	4h	95.666	−0.164%	$5.1M	$28.0M	30x	as long as short
Derive HYPE-PERP	+0.0066%	1h	95.678	−0.152%	$16.5M	$4.6M	10x	as long as short
Bybit HYPEUSDT	+0.0066%	8h	95.810	−0.015%	$324.4M	$267.2M	75x	as long as short
Binance HYPEUSDT	+0.0068%	4h	95.808	−0.017%	$391.1M	$834.8M	75x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	95.786	−0.040%	$89.8M	$83.0M	100x	as long as short
BingX HYPE-USDT	+0.0070%	4h	95.799	−0.026%	—	$52.0M	—	as long as short
Lighter RH HYPE	+0.0096%	1h	95.725	−0.103%	$3.0M	$10.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.712	−0.117%	$207K	$1.1M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.701	−0.128%	$405K	$115K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	95.717	−0.112%	$341K	$30K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.710	−0.119%	$30K	$1.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.791	−0.034%	$2.12B	$623.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.771	−0.055%	$10.3M	$12.1M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	95.743	−0.085%	$1.1M	$2.6M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.610	−0.223%	$230K	$18K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.774	−0.052%	$30.4M	$50.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.660	−0.171%	$7.7M	$41.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.828	+0.004%	$336K	$915K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.658	−0.173%	$692K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.738	−0.090%	—	$71K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.700	−0.129%	$421K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	95.689	−0.140%	$114K	$581K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.739	−0.089%	$33K	$1.3M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.718	−0.111%	$2.1M	$331K	10x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	95.824	long leg	$1.4M	$5.1M	75x
Extended HYPE-USD	+0.0104%	1h	95.734	−0.094%	$18.2M	$35.4M	50x	as long as short
dYdX HYPE-USD	+0.0128%	1h	95.768	−0.058%	$127K	$92K	5x	as long as short
Kalshi KXHYPEPERP	+0.0146%	8h	95.764	−0.063%	$1.8M	$5.0M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0016%	1h	95.692	−0.137%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0157%	1h	95.796	−0.029%	$7.6M	$4.2M	50x	as long as short
RISEx HYPE/USDC	+0.0159%	1h	95.727	−0.102%	$3.2M	$5.1M	20x	as long as short
Injective HYPE/USDC PERP	+0.0163%	1h	96.110	+0.298%	$31K	$334K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	95.661	−0.170%	$84K	$82K	15x	as long as short
BloFin HYPE-USDT	+0.0283%	4h	95.750	−0.077%	$17.8M	$11.5M	75x	as long as short