Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.049%

Price spread now: Orderly against Lighter RH−0.041%7-day average −0.024% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter RH Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.110%−$11 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now −0.041%, 7d avg −0.024%

Together, before fees−0.083%+ Points / potential airdropLighter RH: Points live · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.024%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	93.597	0.0096	pay 0.0012% / 1h	45m 44s	$3.1M	$11.1M	20x
Short	Orderly PERP_HYPE_USDC	93.559	−0.0020	pay 0.0010% / 4h	1h 45m	$145K	$685K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.041%Rate

Funding earned: −$24.32
Price spread: −0.041% → −0.024%: −$1.67
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$31.99
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter RH: live order book, 3 min ago; Orderly: no order-book sample. Net counts fees only.

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, 3 min ago	0.53 bp	2.2 bp −$2	3.5 bp −$35	29.1 bp −$2,913	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1096%	1h	93.581	−0.018%	$198K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0234%	1h	93.764	+0.179%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.570	−0.029%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.621	+0.026%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	93.591	−0.006%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.625	+0.030%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0035%	1h	93.576	−0.022%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0020%	4h	93.559	−0.041%	$145K	$685K	20x
dYdX HYPE-USD	0.0000%	1h	93.698	+0.108%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.652	+0.059%	$21K	$287K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.634	+0.040%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.566	−0.033%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0008%	8h	93.533	−0.068%	$315.9M	$288.0M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.687	+0.096%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.547	−0.053%	$225.3M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0074%	8h	93.592	−0.005%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.648	+0.054%	$5.0M	$30.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0082%	8h	93.656	+0.063%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.600	+0.003%	$1.0M	$4.0M	10x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.549	−0.051%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.542	−0.059%	$16.1M	$63.6M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	93.597	long leg	$3.1M	$11.1M	20x
Popdex HYPEUSDT	+0.0096%	1h	93.607	+0.011%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.630	+0.035%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.617	+0.021%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.650	+0.057%	$2.05B	$682.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.570	−0.029%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.667	+0.075%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.554	−0.046%	$374.9M	$930.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.529	−0.073%	$115.6M	$315.9M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.566	−0.033%	$48.4M	$55.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.572	−0.027%	$90.0M	$83.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.564	−0.035%	$46.2M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.592	−0.005%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	+0.078%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	+0.138%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.674	+0.082%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.649	+0.056%	$678K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.677	+0.085%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.633	+0.038%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.702	+0.112%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.563	−0.036%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.783	+0.199%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.143%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0102%	8h	93.619	+0.024%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.550	−0.050%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.581	−0.017%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.610	+0.014%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.640	+0.046%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0252%	1h	93.679	+0.088%	$7.4M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.569	−0.030%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.625	+0.030%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.653	+0.060%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.648	+0.054%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.647	+0.054%	$3.2M	$6.4M	20x	as long as short