Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0103%/8h= +11.2% APRpaid last 24h +0.039%

Price spread now: HTX against Lighter+0.124%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.059%+$6 on $10k

Price spread, last 3 days (all we have)−0.204%−$20 · spread now +0.124%, 7d avg +0.005%

Together, before fees−0.145%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and HTX is 0.119% dearer against Lighter than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.783	0.0096	pay 0.0012% / 1h	18m 00s	$16.4M	$62.6M	20x
Short	HTX HYPE-USDT	93.899	0.0199	get 0.0099% / 4h	2h 18m	$1.4M	$5.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.124%Rate

Funding earned: $21.54
Price spread: +0.124% → +0.005%: $11.89
Slippage, 4 orders: −$11.61
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: $9.83
Costs to cover: 0.236%
Break-even: 3.8 days

Slippage from Lighter: live order book, 6 min ago; HTX: live order book, 1 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	0.62 bp	0.6 bp −$1	1.1 bp −$11	10.2 bp −$1,016	37.9 bp −$18.9K
Sell HTX live order book, 1 min ago	1.22 bp	11.6 bp −$12	15.1 bp −$151	53.3 bp −$5,326	doesn't fit

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	−0.1040%	1h	93.615	−0.179%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.627	−0.166%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0129%	8h	93.687	−0.102%	$12.7M	$2.7M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0093%	1h	93.797	+0.015%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.705	−0.083%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0071%	1h	93.710	−0.078%	$702K	$922K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.728	−0.059%	$156K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.748	−0.037%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0030%	1h	93.650	−0.142%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0020%	4h	93.690	−0.099%	$44.4M	$55.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0007%	4h	93.730	−0.057%	$8.8M	$35.8M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.756	−0.029%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.721	−0.066%	$22K	$325K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.765	−0.020%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	93.656	−0.136%	—	$53.6M	—	as long as short
Bybit HYPEUSDT	+0.0008%	8h	93.613	−0.181%	$321.4M	$280.7M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.885	+0.109%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.701	−0.088%	$88.9M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0066%	4h	93.673	−0.117%	$380.9M	$890.4M	75x	as long as short
Bullet HYPE-USD	+0.0068%	1h	93.761	−0.024%	$111K	$577K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0070%	8h	93.636	−0.157%	$115.2M	$307.3M	50x	as long as short
edgeX HYPEUSDC	+0.0072%	4h	93.783	0.000%	$5.1M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.864	+0.086%	$341K	$164K	20x	as long as short
Lighter HYPElong	+0.0096%	1h	93.783	long leg	$16.4M	$62.6M	20x
Lighter RH HYPE	+0.0096%	1h	93.763	−0.021%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.736	−0.050%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.777	−0.006%	$399K	$175K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.710	−0.078%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.707	−0.082%	$5.7M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.797	+0.015%	$2.05B	$665.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.836	+0.057%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.781	−0.002%	$46.4M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.634	−0.159%	$226.8M	$98.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.748	−0.038%	$31.1M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.837	+0.057%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.800	+0.018%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.758	−0.027%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.786	+0.003%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.757	−0.028%	$473K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.701	−0.088%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.727	−0.060%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.849	+0.070%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.776	−0.008%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	+0.103%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.623	−0.170%	$18.3M	$44.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.810	+0.029%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.423%	$31K	$339K	12x	as long as short
HTX HYPE-USDTshort	+0.0199%	4h	93.899	+0.124%	$1.4M	$5.9M	75x
RISEx HYPE/USDC	+0.0210%	1h	93.803	+0.022%	$3.2M	$7.0M	20x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.738	−0.048%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.787	+0.004%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.772	−0.012%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0443%	1h	93.859	+0.081%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.842	+0.063%	$21.0M	$29.8M	50x	as long as short