Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.001%

Price spread now: Lighter against Katana Perps+0.016%7-day average +0.072% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Katana Perps Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.026%+$3 on $10k

Price spread, last 7 days−0.001%$0 · spread now +0.016%, 7d avg +0.072%

Together, before fees+0.025%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.055% cheaper against Katana Perps than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Katana Perps HYPE-USD	94.270	0.0100	pay 0.0100% / 8h	1h 18m	$17K	$1.7M	10x
Short	Lighter HYPE	94.285	0.0096	get 0.0012% / 1h	18m 58s	$16.3M	$64.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Katana Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Katana PerpsbpFee LighterbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$0.76
Price spread: +0.016% → +0.072%: −$5.54
Slippage, 4 orders: no order book: not counted
Fee Katana Perps: 1.9 bp × 2 orders: −$3.8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$10.1
Costs to cover: 0.038%
Break-even: never at this rate

Slippage unknown: Katana Perps: no order-book sample; Lighter: live order book, 10 min ago. Net counts fees only.

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 Katana Perps no order-book sample	—	—	—	—	—
Sell Lighter live order book, 10 min ago	1.17 bp	1.2 bp −$1	2.3 bp −$23	8.9 bp −$888	39.5 bp −$19.8K

Katana Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 54 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	−0.1072%	1h	94.168	−0.108%	$200K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0186%	1h	94.134	−0.145%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.264	−0.006%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0063%	1h	94.140	−0.138%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0059%	1h	94.278	+0.008%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.314	+0.047%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.259	−0.012%	$146K	$686K	20x	as long as short
Bluefin HYPE-PERP	−0.0004%	1h	94.282	+0.013%	$80K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.292	+0.023%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.280	+0.011%	$317.4M	$289.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	94.265	−0.005%	$19K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.290	+0.022%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.378	+0.115%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.293	+0.024%	$227.3M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.228	−0.045%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.318	+0.051%	$337K	$157K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.249	−0.022%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.344	+0.078%	$5.0M	$30.6M	30x	as long as short
Lighter HYPEshort	+0.0096%	1h	94.285	+0.016%	$16.3M	$64.3M	20x
Lighter RH HYPE	+0.0096%	1h	94.298	+0.030%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.259	−0.012%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USDlong	+0.0100%	8h	94.270	long leg	$17K	$1.7M	10x
Nado HYPE-PERP	+0.0100%	1h	94.258	−0.012%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.386	+0.123%	$2.08B	$687.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.297	+0.028%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.297	+0.029%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.319	+0.052%	$377.4M	$932.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.285	+0.016%	$116.3M	$317.0M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.283	+0.014%	$48.9M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.340	+0.074%	$89.9M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.285	+0.016%	$46.9M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.280	+0.011%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.308	+0.040%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.229	−0.044%	$29.0M	$56.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.424	+0.163%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.205	−0.069%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.221	−0.052%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.344	+0.079%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.287	+0.018%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.311	+0.043%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.291	+0.022%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.409	+0.147%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	+0.005%	$218K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0101%	8h	94.333	+0.067%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.282	+0.013%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.306	+0.039%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.330	+0.064%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.326	+0.060%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.361%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0227%	1h	94.370	+0.106%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.249	−0.022%	$78K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.278	+0.008%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.354	+0.089%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.310	+0.043%	$3.2M	$6.4M	20x	as long as short