Funding you earn now, next payment 23:00 UTC+0.0004%/8h= +0.4% APRnext payment +$0.01 per $10,000 · paid last 24h +0.004%
Price spread now: Backpack against Lighter+0.012%7-day average +0.217% · you sell dearer than you buy
Net, funding: paid 7d − costs−$6as in the Funding arb table
Net, price: spread back to 7d avg − costs−$33as in the Price arb table
costs, in and out, $10k−$120.125% of the position
Funding, last 7 days+0.064%+$6 on $10k
+Price spread, last 7 days−0.704%−$70 · spread now +0.012%, 7d avg +0.217%
=Together, before fees−0.640%+ Points / potential airdropLighter: Season 3 · farm board−$64 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: Backpack is 0.206% cheaper against Lighter than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of +0.217%.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Lighter HYPE | 92.944 | 0.0096 | pay 0.0012% / 1h | 30m 23s | $18.5M | $58.8M | 20x |
| Short | Backpack HYPE_USDC_PERP | 92.955 | 0.0100 | get 0.0013% / 1h | 30m 23s | $7.8M | $11.1M | 20x |
Lighter HYPE
Backpack HYPE_USDC_PERPFunding history
latest
Range statsloading…
Price spread between the two exchanges
Backpack against Lighter. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $0.84
- Price spread: +0.012% → +0.217%
- −$20.55
- Slippage, 4 orders
- −$2.46
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Backpack: 5 bp × 2 orders
- −$10
- Net
- −$32.17
- Costs to cover
- 0.125%
- Break-even
- 275.1 days
Slippage from Lighter: live order book, 4 min ago; Backpack: live order book, 4 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 Lighter live order book, 4 min ago | 0.71 bp | 0.8 bp −$1 | 2.7 bp −$27 | 10.4 bp −$1,043 | 38.2 bp −$19.1K |
| Sell Backpack live order book, 4 min ago | 0.05 bp | 5.9 bp −$6 | 8.1 bp −$81 | 65.5 bp −$6,552 | 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 | |
|---|---|---|---|---|---|---|---|---|
| Aftermath Perps HYPEUSD | −0.0393% | 1h | 93.061 | +0.126% | $22K | $22K | 10x | as long as short |
| Hibachi HYPE/USDT-P | −0.0256% | 1h | 93.000 | +0.060% | $196K | $230K | 7x | as long as short |
| Arcus HYPE-USD | −0.0131% | 1h | 92.874 | −0.075% | $1.2M | $4.0M | 10x | as long as short |
| Ondo Perps HYPE-USD.P | −0.0130% | 1h | 92.880 | −0.069% | $698K | $924K | 10x | as long as short |
| Hotstuff HYPE-PERP | −0.0080% | 1h | 92.921 | −0.025% | $3K | $331 | 25x | as long as short |
| 01 Exchange HYPEUSD | −0.0032% | 1h | 92.907 | −0.040% | $90K | $362K | 20x | as long as short |
| Popdex HYPEUSDT | −0.0016% | 1h | 92.906 | −0.041% | $57K | $1.2M | 50x | as long as short |
| Aster HYPEUSDT | −0.0005% | 4h | 92.909 | −0.037% | $8.8M | $36.0M | 300x | as long as short |
| dYdX HYPE-USD | 0.0000% | 1h | 92.933 | −0.012% | $126K | $32K | 5x | as long as short |
| Perpl HYPE | 0.0000% | 43m | 92.924 | −0.022% | $23K | $331K | 10x | as long as short |
Aftermath Perps HYPEUSD
Hibachi HYPE/USDT-P
Arcus HYPE-USD
Ondo Perps HYPE-USD.P
Hotstuff HYPE-PERP
01 Exchange HYPEUSD
Popdex HYPEUSDT
Aster HYPEUSDT
dYdX HYPE-USD
Perpl HYPEShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| gTrade (Gains Network) HYPE/USD | L +0.0002% / S −0.0001% | 1h | 92.945 | +0.002% | $20K | — | 150x | as long as short |
| Bybit HYPEUSDT | +0.0024% | 8h | 92.900 | −0.047% | $322.4M | $287.2M | 75x | as long as short |
| Orderly PERP_HYPE_USDC | +0.0025% | 4h | 92.931 | −0.014% | $171K | $518K | 20x | as long as short |
| Bullet HYPE-USD | +0.0031% | 1h | 92.910 | −0.037% | $111K | $579K | 20x | as long as short |
| Derive HYPE-PERP | +0.0033% | 1h | 92.879 | −0.070% | $16.2M | $7.1M | 10x | as long as short |
| Gate HYPE_USDT | +0.0034% | 4h | 92.905 | −0.042% | $43.7M | $58.4M | 75x | as long as short |
| Phoenix HYPE | +0.0034% | 1h | 93.118 | +0.187% | $214K | $1.2M | 10x | as long as short |
| Binance HYPEUSDT | +0.0070% | 4h | 92.910 | −0.037% | $381.7M | $894.6M | 75x | as long as short |
| MEXC HYPE_USDT | +0.0072% | 4h | 92.920 | −0.026% | $89.9M | $81.9M | 100x | as long as short |
| edgeX HYPEUSDC | +0.0086% | 4h | 93.085 | +0.152% | $5.1M | $29.6M | 30x | as long as short |
| Lighter HYPElong | +0.0096% | 1h | 92.944 | long leg | $18.5M | $58.8M | 20x | |
| Lighter RH HYPE | +0.0096% | 1h | 92.941 | −0.003% | $3.1M | $12.1M | 20x | as long as short |
| Paradex HYPE-USD-PERP | +0.0098% | 8h | 92.925 | −0.021% | $338K | $170K | 20x | as long as short |
| Katana Perps HYPE-USD | +0.0100% | 8h | 92.990 | +0.049% | $34K | $1.6M | 10x | as long as short |
| Nado HYPE-PERP | +0.0100% | 1h | 92.913 | −0.033% | $5.9M | $44.1M | 10x | as long as short |
| Hyperliquid HYPE | +0.0100% | 1h | 92.924 | −0.022% | $2.02B | $671.5M | 10x | as long as short |
| Pacifica HYPE | +0.0100% | 1h | 92.941 | −0.003% | $9.9M | $14.3M | 20x | as long as short |
| OKX HYPE-USDT-SWAP | +0.0100% | 8h | 92.909 | −0.038% | $113.6M | $313.4M | 50x | as long as short |
| Bulk HYPE-USD | +0.0100% | 1h | 93.030 | +0.092% | $203K | $8K | 10x | as long as short |
| KuCoin HYPEUSDTM | +0.0100% | 4h | 92.948 | +0.004% | $47.0M | $18.9M | 75x | as long as short |
| Bitget HYPEUSDT | +0.0100% | 4h | 92.923 | −0.023% | $225.2M | $103.0M | 75x | as long as short |
| BingX HYPE-USDT | +0.0100% | 4h | 92.900 | −0.047% | — | $53.9M | — | as long as short |
| Backpack HYPE_USDC_PERPshort | +0.0100% | 1h | 92.955 | +0.012% | $7.8M | $11.1M | 20x | |
| Variational Omni HYPE | +0.0100% | 8h | 93.003 | +0.064% | $28.9M | $50.6M | — | as long as short |
| GRVT HYPE_USDT_Perp | +0.0100% | 4h | 93.144 | +0.215% | $7.5M | $46.0M | 10x | as long as short |
| ApeX Omni HYPEUSDT | +0.0100% | 1h | 93.095 | +0.162% | $412K | $1.0M | 50x | as long as short |
| StandX HYPE-USD | +0.0100% | 1h | 93.014 | +0.075% | $673K | $2.5M | 20x | as long as short |
| Vest HYPE-PERP | +0.0100% | 1h | 92.941 | −0.004% | — | $454K | 5x | as long as short |
| Polymarket Perps HYPE-USD | +0.0100% | 1h | 92.922 | −0.024% | $491K | $2.5M | 20x | as long as short |
| Bluefin HYPE-PERP | +0.0100% | 1h | 92.908 | −0.039% | $75K | $168K | 20x | as long as short |
| SunX HYPE-USDT | +0.0100% | 4h | 93.038 | +0.101% | $32K | $1.6M | 20x | as long as short |
| SoDEX HYPE-USD | +0.0100% | 1h | 92.948 | +0.004% | $2.0M | $2.0M | 10x | as long as short |
| Phemex HYPEUSDT | +0.0100% | 8h | 92.967 | +0.025% | $12.7M | $2.6M | 50x | as long as short |
| Extended HYPE-USD | +0.0104% | 1h | 92.909 | −0.038% | $18.2M | $42.1M | 50x | as long as short |
| Aevo HYPE-PERP | +0.0104% | 1h | 92.899 | −0.049% | $395K | $318K | 20x | as long as short |
| Kalshi KXHYPEPERP | +0.0109% | 8h | 93.103 | +0.171% | $1.9M | $5.3M | 2.3x | as long as short |
| Coinbase International HYPE-PERP-INTX | +0.0176% | 1h | 93.020 | +0.082% | $4.9M | $5.7M | 50x | as long as short |
| Injective HYPE/USDC PERP | +0.0239% | 1h | 92.950 | +0.006% | $30K | $338K | 12x | as long as short |
| HTX HYPE-USDT | +0.0245% | 4h | 93.158 | +0.230% | $1.5M | $7.7M | 75x | as long as short |
| Reya HYPERUSDPERP | +0.0247% | 1h | 92.885 | −0.064% | $77K | $158K | 15x | as long as short |
| RISEx HYPE/USDC | +0.0280% | 1h | 92.982 | +0.040% | $2.7M | $6.8M | 20x | as long as short |
| BloFin HYPE-USDT | +0.0293% | 4h | 92.998 | +0.058% | $16.9M | $12.4M | 75x | as long as short |
| GMX HYPE/USD [WBTC.b-USDC] | L +0.0339% / S −0.0158% | 1h | 92.938 | −0.007% | $1.4M | — | 100x | as long as short |
| Deribit HYPE_USDC-PERPETUAL | +0.0460% | 1h | 93.068 | +0.133% | $7.4M | $4.6M | 50x | as long as short |
| Kraken Futures PF_HYPEUSD | +0.0467% | 1h | 93.057 | +0.121% | $20.8M | $28.9M | 50x | as long as short |
gTrade (Gains Network) HYPE/USD
Bybit HYPEUSDT
Orderly PERP_HYPE_USDC
Bullet HYPE-USD
Derive HYPE-PERP
Gate HYPE_USDT
Phoenix HYPE
Binance HYPEUSDT
MEXC HYPE_USDT
edgeX HYPEUSDC
Lighter RH HYPE
Paradex HYPE-USD-PERP
Katana Perps HYPE-USD
Nado HYPE-PERP
Hyperliquid HYPE
Pacifica HYPE
OKX HYPE-USDT-SWAP
Bulk HYPE-USD
KuCoin HYPEUSDTM
Bitget HYPEUSDT
BingX HYPE-USDT
Variational Omni HYPE
GRVT HYPE_USDT_Perp
ApeX Omni HYPEUSDT
StandX HYPE-USD
Vest HYPE-PERP
Polymarket Perps HYPE-USD
Bluefin HYPE-PERP
SunX HYPE-USDT
SoDEX HYPE-USD
Phemex HYPEUSDT
Extended HYPE-USD
Aevo HYPE-PERP
Kalshi KXHYPEPERP
Coinbase International HYPE-PERP-INTX
Injective HYPE/USDC PERP
HTX HYPE-USDT
Reya HYPERUSDPERP
RISEx HYPE/USDC
BloFin HYPE-USDT
GMX HYPE/USD [WBTC.b-USDC]
Deribit HYPE_USDC-PERPETUAL
Kraken Futures PF_HYPEUSD