Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h 0.000%

Price spread now: SunX against Lighter−0.022%7-day average +0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$590.592% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.019%+$2 on $10k

Price spread, last 4 days (all we have)−0.115%−$11 · spread now −0.022%, 7d avg +0.022%

Together, before fees−0.096%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SunX is 0.044% cheaper against Lighter than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	92.782	0.0096	pay 0.0012% / 1h	14m 43s	$16.0M	$62.7M	20x
Short	SunX HYPE-USDT	92.762	0.0100	get 0.0050% / 4h	14m 43s	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now −0.022%Rate

Funding earned: $0.84
Price spread: −0.022% → +0.022%: −$4.38
Slippage, 4 orders: −$51.19
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$62.73
Costs to cover: 0.592%
Break-even: 529.7 days

Slippage from Lighter: live order book, 4 min ago; SunX: live order book, 10 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, 4 min ago	0.03 bp	0.1 bp $0	1.1 bp −$11	10.2 bp −$1,022	42.8 bp −$21.4K
Sell SunX live order book, 10 min ago	19.35 bp	32.7 bp −$33	doesn't fit	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
Arcus HYPE-USD	−0.0948%	1h	92.714	−0.074%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0248%	1h	92.691	−0.098%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0245%	1h	92.691	−0.099%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.690	−0.099%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.738	−0.048%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.782	0.000%	$87K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.780	−0.003%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.753	−0.032%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.761	−0.023%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0029%	8h	92.763	−0.021%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0032%	1h	92.670	−0.121%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0037%	1h	92.720	−0.067%	$110K	$578K	20x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.772	−0.011%	—	$53.5M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.779	−0.004%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.760	−0.024%	$316.8M	$281.3M	75x	as long as short
Aster HYPEUSDT	+0.0048%	4h	92.764	−0.020%	$8.7M	$36.2M	300x	as long as short
OKX HYPE-USDT-SWAP	+0.0091%	8h	92.775	−0.008%	$113.7M	$303.6M	50x	as long as short
Gate HYPE_USDT	+0.0094%	4h	92.766	−0.018%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.786	+0.004%	$339K	$163K	20x	as long as short
Lighter HYPElong	+0.0096%	1h	92.782	long leg	$16.0M	$62.7M	20x
Lighter RH HYPE	+0.0096%	1h	92.784	+0.002%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.750	−0.035%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.730	−0.056%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.713	−0.075%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.815	+0.035%	$2.02B	$663.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.803	+0.022%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.784	+0.002%	$372.7M	$902.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.760	−0.024%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.776	−0.007%	$87.4M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.754	−0.031%	$46.1M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.771	−0.012%	$224.6M	$98.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.760	−0.024%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.669	−0.122%	$28.7M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.760	−0.024%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.717	−0.070%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.715	−0.073%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.777	−0.006%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.749	−0.036%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.744	−0.041%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.748	−0.037%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	92.762	−0.022%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.765	−0.019%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.901	+0.128%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.748	−0.037%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.770	−0.013%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	92.709	−0.079%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.235%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.760	−0.024%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0235%	8h	92.781	−0.001%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.720	−0.067%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.752	−0.032%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.825	+0.046%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.766	−0.018%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0418%	1h	92.861	+0.085%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.839	+0.061%	$3.2M	$6.4M	20x	as long as short