Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.041%

Price spread now: Lighter RH against HTX−0.192%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$230.233% of the position

Long on HTX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 4 days (all we have)+0.548%+$55 · spread now −0.192%, 7d avg −0.029%

Together, before fees+0.438%+ Points / potential airdropLighter RH: Points live · farm board+$44 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter RH is 0.163% cheaper against HTX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.029%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	93.150	0.0120	pay 0.0060% / 4h	1h 07m	$1.4M	$6.0M	75x
Short	Lighter RH HYPE	92.971	0.0096	get 0.0012% / 1h	7m 14s	$3.1M	$11.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.192%Rate

Funding earned: −$5.07
Price spread: −0.192% → −0.029%: −$16.29
Slippage, 4 orders: −$11.29
Fee HTX: 6 bp × 2 orders: −$12
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$44.64
Costs to cover: 0.233%
Break-even: never at this rate

Slippage from HTX: live order book, 2 min ago; Lighter RH: live order book, 2 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, 2 min ago	1.82 bp	8.7 bp −$9	14.8 bp −$148	49.3 bp −$4,926	doesn't fit
Sell Lighter RH live order book, 2 min ago	1.02 bp	2.5 bp −$2	3.4 bp −$34	24.1 bp −$2,414	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	−0.0944%	1h	93.076	−0.080%	$197K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.875	−0.295%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0132%	1h	93.080	−0.075%	$698K	$1.0M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0085%	1h	93.185	+0.038%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.031	−0.128%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	92.973	−0.190%	$86K	$346K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0050%	4h	92.974	−0.189%	$154K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.069	−0.087%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.017	−0.143%	$23K	$316K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.017	−0.143%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0007%	1h	92.981	−0.182%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0009%	8h	93.023	−0.136%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0016%	4h	92.979	−0.183%	$8.8M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.210	+0.064%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.957	−0.207%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	92.966	−0.198%	$44.4M	$55.6M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	92.953	−0.211%	$319.7M	$276.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.952	−0.213%	$113.4M	$298.2M	50x	as long as short
Derive HYPE-PERP	+0.0087%	1h	92.962	−0.201%	$16.1M	$7.5M	10x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	92.955	−0.209%	$89.3M	$81.3M	100x	as long as short
Binance HYPEUSDT	+0.0095%	4h	92.953	−0.212%	$376.0M	$879.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	92.979	−0.184%	$16.2M	$62.2M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	92.971	−0.192%	$3.1M	$11.7M	20x
Popdex HYPEUSDT	+0.0096%	1h	92.965	−0.199%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.045	−0.113%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.990	−0.172%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.985	−0.177%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.025	−0.134%	$2.03B	$653.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.020	−0.140%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.987	−0.175%	$45.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.954	−0.210%	$224.8M	$96.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.959	−0.205%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.197	+0.050%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	+0.024%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.081	−0.074%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.112	−0.041%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.035	−0.123%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.012	−0.148%	$470K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.964	−0.200%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.996	−0.165%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.965	−0.199%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.005%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.950	−0.215%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.974	−0.189%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0114%	4h	93.123	−0.029%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDTlong	+0.0120%	4h	93.150	long leg	$1.4M	$6.0M	75x
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	−0.107%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	92.961	−0.202%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.060	−0.097%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.001	−0.159%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0335%	4h	92.971	−0.192%	$16.9M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	93.076	−0.079%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.078	−0.077%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.258%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0688%	1h	93.031	−0.128%	$20.7M	$29.8M	50x	as long as short