Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0036%/8h= −4.0% APRpaid last 24h −0.008%

Price spread now: Phemex against Lighter−0.018%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$390.389% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now −0.018%, 7d avg −0.030%

Together, before fees−0.075%+ Points / potential airdropLighter: Season 3 · farm board−$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.030%, 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	92.717	0.0096	pay 0.0012% / 1h	21m 59s	$16.0M	$62.7M	20x
Short	Phemex HYPEUSDT	92.700	0.0060	get 0.0060% / 8h	3h 21m	$12.5M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.018%Rate

Funding earned: −$7.63
Price spread: −0.018% → −0.030%: $1.2
Slippage, 4 orders: −$26.85
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$45.28
Costs to cover: 0.389%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Phemex: live order book, 2 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, 7 min ago	0.73 bp	0.8 bp −$1	1.7 bp −$17	9.8 bp −$984	41.9 bp −$21.0K
Sell Phemex live order book, 2 min ago	3.18 bp	16.4 bp −$16	33.0 bp −$330	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	−0.1696%	1h	92.615	−0.110%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0303%	1h	92.786	+0.075%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.606	−0.120%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.647	−0.075%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0060%	4h	92.697	−0.021%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	92.702	−0.016%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.661	−0.060%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.712	−0.005%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.735	+0.019%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0003%	1h	92.570	−0.158%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.652	−0.070%	$86K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.220%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.580	−0.148%	$314.9M	$283.0M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	92.644	−0.079%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	92.608	−0.117%	$224.2M	$98.9M	75x	as long as short
Phemex HYPEUSDTshort	+0.0060%	8h	92.700	−0.018%	$12.5M	$2.7M	50x
Gate HYPE_USDT	+0.0060%	4h	92.675	−0.045%	$45.1M	$54.4M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.129%	$4.9M	$29.6M	30x	as long as short
Lighter HYPElong	+0.0096%	1h	92.717	long leg	$16.0M	$62.7M	20x
Lighter RH HYPE	+0.0096%	1h	92.727	+0.011%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.674	−0.047%	$338K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.630	−0.094%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.626	−0.099%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.738	+0.023%	$2.02B	$666.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.617	−0.108%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.669	−0.052%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.644	−0.079%	$372.6M	$905.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.588	−0.139%	$113.7M	$303.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.009%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.701	−0.017%	$91.1M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.700	−0.018%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.670	−0.051%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.693	−0.026%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.055%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.098%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.139%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.765	+0.052%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.736	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.734	+0.018%	$481K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.702	−0.016%	$78K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.690	−0.028%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.670	−0.051%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.702	−0.016%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.812	+0.103%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.676	−0.044%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.691	−0.028%	$392K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	92.718	+0.001%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.770	+0.057%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.768	+0.055%	$20.6M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.640	−0.083%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.713	−0.005%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.738	+0.023%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.682	−0.038%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0343%	1h	92.797	+0.086%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.698	−0.020%	$3.1M	$6.4M	20x	as long as short