Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.041%

Price spread now: HTX against Lighter RH+0.295%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs+$3as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Lighter RH Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.108%+$11 on $10k

Price spread, last 4 days (all we have)−0.440%−$44 · spread now +0.295%, 7d avg +0.032%

Together, before fees−0.332%+ Points / potential airdropLighter RH: Points live · farm board−$33 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: HTX is 0.263% dearer against Lighter RH than usual: you sell high and buy low, +$26 on $10k if it goes back to its 7-day average of +0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	93.098	0.0096	pay 0.0012% / 1h	16m 19s	$3.1M	$11.6M	20x
Short	HTX HYPE-USDT	93.373	0.0100	get 0.0050% / 4h	3h 16m	$1.4M	$6.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.295%Rate

Funding earned: $0.84
Price spread: +0.295% → +0.032%: $26.32
Slippage, 4 orders: −$11.21
Fee Lighter RH: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: $3.95
Costs to cover: 0.232%
Break-even: from the start

Slippage from Lighter RH: live order book, 2 min ago; HTX: live order book, 3 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, 2 min ago	0.86 bp	1.7 bp −$2	3.2 bp −$32	32.2 bp −$3,223	doesn't fit
Sell HTX live order book, 3 min ago	1.93 bp	10.8 bp −$11	13.7 bp −$137	54.8 bp −$5,482	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	−0.1768%	1h	93.085	−0.014%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0303%	1h	92.964	−0.144%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.012	−0.092%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.219	+0.130%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.029	−0.074%	$146K	$674K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	93.003	−0.102%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.174	+0.081%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.039	−0.064%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.050	−0.051%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0015%	1h	93.000	−0.105%	$701K	$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
Phemex HYPEUSDT	+0.0021%	8h	93.229	+0.141%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0024%	1h	93.048	−0.054%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.923	−0.188%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.030	−0.073%	$317.3M	$284.1M	75x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.034	−0.069%	$225.1M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.018	−0.086%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	93.009	−0.096%	$45.3M	$54.6M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.807	−0.312%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.093	−0.006%	$16.0M	$62.8M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	93.098	long leg	$3.1M	$11.6M	20x
Paradex HYPE-USD-PERP	+0.0098%	8h	93.110	+0.013%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.040	−0.062%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.026	−0.077%	$7.1M	$46.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.059	−0.042%	$2.03B	$668.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.063	−0.038%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.106	+0.009%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.038	−0.064%	$374.4M	$910.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.053	−0.048%	$113.9M	$305.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.418%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.080	−0.019%	$91.6M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.036	−0.067%	$46.2M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.019	−0.085%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.181	+0.089%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.839	−0.278%	$28.5M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.866	−0.249%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.950	−0.159%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.234	+0.146%	$666K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.087	−0.012%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.052	−0.049%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.056	−0.045%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.032	−0.071%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.009	−0.096%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.217	+0.128%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDTshort	+0.0100%	4h	93.373	+0.295%	$1.4M	$6.3M	75x
Extended HYPE-USD	+0.0104%	1h	93.023	−0.080%	$18.1M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.042	−0.061%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.284	+0.200%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.260	+0.174%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.117	+0.021%	$20.7M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.130	+0.034%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.999	−0.106%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.024	−0.080%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.183	+0.091%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0545%	1h	93.143	+0.048%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.098	0.000%	$3.2M	$6.3M	20x	as long as short