Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.007%

Price spread now: Binance against Lighter−0.050%7-day average −0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$130.125% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.002%$0 on $10k

Price spread, last 7 days+0.020%+$2 · spread now −0.050%, 7d avg −0.018%

Together, before fees+0.017%+ Points / potential airdropLighter: Season 3 · farm board+$2 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 Binance is 0.032% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.303	0.0096	pay 0.0012% / 1h	18m 22s	$18.6M	$59.0M	20x
Short	Binance HYPEUSDT	93.257	0.0066	get 0.0033% / 4h	1h 18m	$381.9M	$894.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.050%Rate

Funding earned: −$6.39
Price spread: −0.050% → −0.018%: −$3.19
Slippage, 4 orders: −$2.5
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$22.08
Costs to cover: 0.125%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Binance: live order book, 11 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, 6 min ago	0.68 bp	0.9 bp −$1	2.5 bp −$25	10.9 bp −$1,089	41.6 bp −$20.8K
Sell Binance live order book, 11 min ago	0.05 bp	5.5 bp −$6	8.4 bp −$84	16.8 bp −$1,679	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	−0.0438%	1h	93.164	−0.150%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0336%	1h	93.229	−0.080%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.190	−0.121%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.170	−0.143%	$699K	$929K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.245	−0.062%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.288	−0.016%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.257	−0.050%	$58K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.276	−0.029%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.250	−0.057%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.255	−0.052%	$8.9M	$35.9M	300x	as long as short

Show 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	93.289	−0.016%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.250	−0.057%	$323.1M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0021%	4h	93.242	−0.066%	$172K	$518K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.293	−0.011%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0040%	1h	93.247	−0.060%	$112K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.185	−0.126%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0056%	4h	93.246	−0.061%	$43.9M	$58.6M	75x	as long as short
Binance HYPEUSDTshort	+0.0066%	4h	93.257	−0.050%	$381.9M	$894.9M	75x
MEXC HYPE_USDT	+0.0066%	4h	93.257	−0.050%	$90.3M	$82.2M	100x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.210	−0.100%	$5.1M	$29.7M	30x	as long as short
Lighter HYPElong	+0.0096%	1h	93.303	long leg	$18.6M	$59.0M	20x
Lighter RH HYPE	+0.0096%	1h	93.267	−0.039%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.227	−0.082%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.266	−0.040%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	−0.079%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.245	−0.062%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.296	−0.008%	$2.03B	$669.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.277	−0.028%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.250	−0.057%	$113.8M	$314.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.076%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.266	−0.040%	$47.0M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.267	−0.039%	$226.1M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.241	−0.067%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.248	−0.059%	$7.8M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.153	−0.161%	$29.0M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.258	−0.049%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.262	−0.044%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.227	−0.082%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.279	−0.026%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.282	−0.023%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.243	−0.065%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.210	−0.100%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.217	−0.092%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.216	−0.094%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.231	−0.077%	$18.2M	$41.9M	50x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.238	−0.070%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.220	−0.089%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.400	+0.104%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.120	−0.196%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.250	−0.057%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0268%	4h	93.242	−0.066%	$16.8M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.290	−0.014%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.259	−0.047%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0383%	1h	93.322	+0.020%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.331	+0.030%	$20.9M	$29.0M	50x	as long as short