Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0196%/8h= −21.5% APRpaid last 24h −0.014%

Price spread now: Gate against Lighter RH−0.014%7-day average −0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$250.252% of the position

Long on Lighter RH Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.024%−$2 on $10k

Price spread, last 7 days+0.049%+$5 · spread now −0.014%, 7d avg −0.011%

Together, before fees+0.026%+ Points / potential airdropLighter RH: Points live · farm board+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.011%, 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 7 days it paid -0.024% in total (about -1.2% a year). A funding rate is set anew for every payment. 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 RH HYPE	94.375	0.0096	pay 0.0012% / 1h	33m 31s	$3.2M	$10.3M	20x
Short	Gate HYPE_USDT	94.362	−0.0100	pay 0.0050% / 4h	3h 33m	$51.4M	$55.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Lighter RH. 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 Lighter RHbpFee GatebpOrdersPrice spread, now −0.014%Rate

Funding earned: −$41.16
Price spread: −0.014% → −0.011%: −$0.27
Slippage, 4 orders: −$10.17
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$66.6
Costs to cover: 0.252%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 5 min ago; Gate: live order book, 5 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 RH live order book, 5 min ago	1.27 bp	2.7 bp −$3	3.9 bp −$39	28.6 bp −$2,861	doesn't fit
Sell Gate live order book, 5 min ago	0.05 bp	10.0 bp −$10	15.4 bp −$154	29.5 bp −$2,948	60.1 bp −$30.0K

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	−0.0880%	1h	94.602	+0.240%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0608%	1h	94.604	+0.243%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0308%	1h	94.670	+0.312%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0236%	1h	94.320	−0.058%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0170%	1h	94.300	−0.079%	$704K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.345	−0.032%	$1.0M	$3.5M	10x	as long as short
Gate HYPE_USDTshort	−0.0100%	4h	94.362	−0.014%	$51.4M	$55.1M	75x
01 Exchange HYPEUSD	−0.0096%	1h	94.376	+0.001%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.377	+0.002%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0067%	8h	94.575	+0.212%	$12.9M	$2.9M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.569	+0.206%	$18.9M	$35.4M	50x	as long as short
Bybit HYPEUSDT	−0.0024%	8h	94.323	−0.055%	$317.3M	$296.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.616	+0.255%	$147K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.395	+0.021%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.684	+0.327%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.608	+0.247%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.652	+0.294%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.654	+0.296%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.660	+0.302%	$4.7M	$6.3M	50x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.336	−0.041%	$226.7M	$99.3M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	+0.230%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0041%	1h	94.467	+0.098%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0047%	8h	94.368	−0.008%	$337K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0049%	8h	94.325	−0.053%	$117.8M	$328.4M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.626	+0.266%	$5.0M	$30.9M	30x	as long as short
SoDEX HYPE-USD	+0.0086%	1h	94.596	+0.234%	$2.1M	$2.0M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0088%	1h	94.499	+0.131%	$7.6M	$10.4M	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.383	+0.008%	$16.2M	$62.7M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	94.375	long leg	$3.2M	$10.3M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.356	−0.020%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.380	+0.005%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.391	+0.017%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.464	+0.094%	$2.08B	$686.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.404	+0.031%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.387	+0.013%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.354	−0.022%	$380.0M	$937.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.200%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.324	−0.054%	$93.8M	$86.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.367	−0.008%	$47.1M	$19.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.375	0.000%	—	$53.5M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.619	+0.259%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.284%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.587	+0.225%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.634	+0.274%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.460	+0.090%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.627	+0.267%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.781	+0.430%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.337	−0.040%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.648	+0.289%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.412	+0.039%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.842%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0204%	1h	94.722	+0.368%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.540	+0.175%	$85K	$104K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.641	+0.282%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.619	+0.259%	$17.3M	$12.6M	75x	as long as short