HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0196%/8h= −21.4% APRnext payment −$0.24 per $10,000 · paid last 24h −0.008%

Price spread now: Bullet against Lighter+0.004%7-day average −0.015% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$190.190% of the position

Long on Lighter Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.014%−$1 on $10k

Price spread, last 3 days (all we have)+0.177%+$18 · spread now +0.004%, 7d avg −0.015%

Together, before fees+0.163%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.015%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.014% in total (about -1.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.24 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	94.162	0.0096	pay 0.0012% / 1h	28m 16s	$19.2M	$59.8M	20x
Short	Bullet HYPE-USD	94.166	−0.0100	pay 0.0012% / 1h	28m 16s	$113K	$580K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now +0.004%Rate

Funding earned: −$41.13
Price spread: +0.004% → −0.015%: $1.97
Slippage, 4 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$58.17
Costs to cover: 0.190%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Bullet: live order book, 46 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	0.00 bp	1.4 bp −$1	3.6 bp −$36	11.8 bp −$1,177	36.3 bp −$18.1K
Sell Bullet live order book, 46 min ago	0.27 bp	10.0 bp −$10	14.3 bp −$143	doesn't fit	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	−0.1384%	1h	93.990	−0.183%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.084	−0.083%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0228%	1h	94.132	−0.032%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0155%	8h	94.112	−0.053%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0143%	1h	94.131	−0.033%	$129K	$31K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0142%	1h	93.950	−0.225%	$706K	$956K	10x	as long as short
Bullet HYPE-USDshort	−0.0100%	1h	94.166	+0.004%	$113K	$580K	20x
01 Exchange HYPEUSD	−0.0080%	1h	94.137	−0.027%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.164	+0.002%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.082	−0.085%	$323.1M	$280.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0018%	4h	94.126	−0.038%	$160K	$645K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.187	+0.026%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.174	+0.013%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0017%	4h	94.142	−0.021%	$8.9M	$36.1M	300x	as long as short
Gate HYPE_USDT	+0.0018%	4h	94.136	−0.028%	$44.5M	$59.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.121	−0.044%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.109	−0.057%	$16.5M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0048%	4h	94.159	−0.003%	$384.0M	$893.4M	75x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.127	−0.037%	$89.3M	$82.7M	100x	as long as short
edgeX HYPEUSDC	+0.0068%	4h	94.068	−0.101%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	94.099	−0.067%	$116.1M	$318.5M	50x	as long as short
Lighter HYPElong	+0.0096%	1h	94.162	long leg	$19.2M	$59.8M	20x
Lighter RH HYPE	+0.0096%	1h	94.159	−0.003%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.132	−0.032%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.134	−0.030%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.241	+0.084%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.110	−0.055%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.177	+0.015%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.216	+0.057%	$2.05B	$677.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.190	+0.030%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.166	+0.004%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.136	−0.028%	$228.3M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.106	−0.060%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.133	−0.031%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.030	−0.140%	$31.5M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	−0.079%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.209	+0.050%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.984	−0.189%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.159	−0.004%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.187	+0.026%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.151	−0.012%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.206	+0.047%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.153	−0.010%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.012%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.132	−0.032%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.140%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0192%	4h	94.018	−0.153%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.348%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.187	+0.026%	$2.8M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0224%	8h	94.173	+0.011%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.165	+0.002%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0155%	1h	94.194	+0.034%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0419%	1h	94.253	+0.096%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0421%	4h	94.350	+0.199%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.248	+0.091%	$21.0M	$29.7M	50x	as long as short