Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0024%/8h= −2.7% APRpaid last 24h −0.025%

Price spread now: OKX against Lighter−0.041%7-day average −0.039% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$130.133% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.048%−$5 on $10k

Price spread, last 7 days+0.024%+$2 · spread now −0.041%, 7d avg −0.039%

Together, before fees−0.024%+ Points / potential airdropLighter: Season 3 · farm board−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.039%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.609	0.0096	pay 0.0012% / 1h	3m 14s	$18.8M	$60.8M	20x
Short	OKX HYPE-USDT-SWAP	93.571	0.0072	get 0.0072% / 8h	7h 03m	$115.7M	$313.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$5.12
Price spread: −0.041% → −0.039%: −$0.18
Slippage, 4 orders: −$3.28
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$18.57
Costs to cover: 0.133%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; OKX: live order book, 6 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	0.44 bp	0.4 bp $0	1.7 bp −$17	11.5 bp −$1,146	42.2 bp −$21.1K
Sell OKX live order book, 6 min ago	0.05 bp	5.7 bp −$6	9.4 bp −$94	18.3 bp −$1,833	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	−0.1120%	1h	93.805	+0.209%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.536	−0.078%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.890	+0.300%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0097%	1h	93.680	+0.076%	$710K	$957K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.646	+0.039%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.669	+0.064%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0079%	1h	93.695	+0.092%	$128K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0045%	1h	93.633	+0.025%	$113K	$579K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0037%	4h	93.616	+0.007%	$159K	$643K	20x	as long as short
Gate HYPE_USDT	−0.0036%	4h	93.649	+0.043%	$44.4M	$60.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	−0.0005%	8h	93.643	+0.036%	$12.8M	$2.6M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.663	+0.058%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.659	+0.054%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0004%	4h	93.675	+0.070%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.578	−0.033%	$321.8M	$278.7M	75x	as long as short
Derive HYPE-PERP	+0.0021%	1h	93.593	−0.017%	$16.3M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.887	+0.297%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.577	−0.034%	$87.9M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.575	−0.036%	$382.1M	$893.4M	75x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0072%	8h	93.571	−0.041%	$115.7M	$313.7M	50x
Bluefin HYPE-PERP	+0.0072%	1h	93.609	0.000%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.267%	$5.1M	$29.7M	30x	as long as short
Lighter HYPElong	+0.0096%	1h	93.609	long leg	$18.8M	$60.8M	20x
Lighter RH HYPE	+0.0096%	1h	93.595	−0.015%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.643	+0.036%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.628	+0.021%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.681	+0.077%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.670	+0.065%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.675	+0.070%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.706	+0.103%	$2.04B	$669.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.686	+0.082%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.647	+0.040%	$46.5M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.608	−0.001%	$226.6M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.678	+0.073%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.594	−0.016%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	+0.169%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.861	+0.269%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.820	+0.225%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.880	+0.289%	$670K	$2.6M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.658	+0.052%	$473K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.697	+0.094%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.625	+0.017%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.304%	$204K	$10K	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.723	+0.121%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.608	−0.001%	$18.4M	$44.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.740	+0.140%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.570	−0.042%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0217%	4h	93.624	+0.016%	$17.0M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.706	+0.103%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0246%	8h	93.839	+0.245%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.624	+0.016%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.654	+0.048%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0358%	4h	93.800	+0.204%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0551%	1h	93.736	+0.135%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0674%	1h	93.695	+0.092%	$20.9M	$29.7M	50x	as long as short