Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Variational Omni against Lighter RH−0.122%7-day average −0.027% · you buy dearer than you sell

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

Long on Lighter RH Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.002%$0 on $10k

Price spread, last 7 days+0.102%+$10 · spread now −0.122%, 7d avg −0.027%

Together, before fees+0.105%+ Points / potential airdropLighter RH: Points live · Variational Omni: Active · 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: Variational Omni is 0.095% cheaper against Lighter RH than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of −0.027%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter RH HYPE	95.087	0.0096	pay 0.0012% / 1h	8m 06s	$3.2M	$10.4M	20x
Short	Variational Omni HYPE	94.971	0.0100	get 0.0100% / 8h	5h 08m	$29.7M	$52.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter RH. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.122%Rate

Funding earned: $0.84
Price spread: −0.122% → −0.027%: −$9.48
Slippage, 4 orders: no order book: not counted
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$8.64
Costs to cover: 0.000%
Break-even: 79.0 days

Slippage unknown: Lighter RH: live order book, 4 min ago; Variational Omni: RFQ quote, 4 min ago. 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, 4 min ago	0.89 bp	1.8 bp −$2	5.9 bp −$59	28.8 bp −$2,884	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	0.43 bp	doesn't fit	8.8 bp −$88	29.4 bp −$2,936	doesn't fit

HYPE on 54 exchanges

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
Phemex HYPEUSDT	−0.0274%	8h	95.130	+0.045%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.072	−0.016%	$18.4M	$34.9M	50x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.142	+0.058%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0126%	1h	95.172	+0.089%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	94.950	−0.144%	$680K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.104	+0.018%	$100K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.054	−0.035%	$3K	$421	25x	as long as short
Aster HYPEUSDT	−0.0079%	4h	95.066	−0.022%	$9.7M	$34.3M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	95.052	−0.037%	$148K	$642K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	95.068	−0.020%	$55.6M	$54.0M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0060%	1h	95.070	−0.018%	$79K	$132K	20x	as long as short
Bullet HYPE-USD	−0.0058%	1h	95.079	−0.008%	$113K	$583K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.110	+0.024%	$4.8M	$5.5M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0031%	8h	95.045	−0.044%	$119.1M	$303.2M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.087	0.000%	$230.3M	$86.2M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	+0.099%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.022	−0.069%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.014%	$99K	—	150x	as long as short
Lighter HYPE	+0.0016%	1h	95.060	−0.028%	$16.6M	$58.9M	20x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	95.060	−0.028%	$320.8M	$262.9M	75x	as long as short
Binance HYPEUSDT	+0.0045%	4h	95.085	−0.002%	$382.7M	$848.7M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	95.067	−0.021%	$90.5M	$84.8M	100x	as long as short
edgeX HYPEUSDC	+0.0046%	4h	95.146	+0.062%	$5.1M	$27.9M	30x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.066	−0.022%	—	$49.1M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.081	−0.006%	$274K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0066%	1h	95.118	+0.032%	$128K	$96K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0089%	8h	95.129	+0.044%	$339K	$30K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	95.188	+0.106%	$324K	$926K	50x	as long as short
Lighter RH HYPElong	+0.0096%	1h	95.087	long leg	$3.2M	$10.4M	20x
Aevo HYPE-PERP	+0.0096%	1h	95.066	−0.022%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.100	+0.014%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.115	+0.029%	$7.3M	$50.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.142	+0.058%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	+0.153%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.063	−0.025%	$47.6M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.029	−0.061%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	94.971	−0.122%	$29.7M	$52.8M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.037	−0.053%	$7.7M	$40.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.079	−0.008%	$692K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.148	+0.064%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.120	+0.035%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.147	+0.063%	$32K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.058	−0.030%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.184	+0.102%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.017	−0.074%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.202	+0.121%	$1.8M	$5.0M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.103	+0.017%	$3.1M	$5.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0139%	1h	95.151	+0.067%	$7.5M	$4.2M	50x	as long as short
Hyperliquid HYPE	+0.0151%	1h	95.171	+0.089%	$2.11B	$643.8M	10x	as long as short
BloFin HYPE-USDT	+0.0194%	4h	95.035	−0.055%	$17.5M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.028	−0.062%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.052	−0.036%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0704%	1h	95.101	+0.015%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.540%	$31K	$334K	12x	as long as short