Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.023%

Price spread now: Lighter RH against OKX+0.040%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$160.159% of the position

Long on OKX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 7 days−0.071%−$7 · spread now +0.040%, 7d avg +0.010%

Together, before fees−0.068%+ Points / potential airdropLighter RH: Points live · farm board−$7 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: Lighter RH is 0.030% dearer against OKX than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.630	0.0100	pay 0.0100% / 8h	1h 27m	$115.6M	$314.5M	50x
Short	Lighter RH HYPE	93.667	0.0096	get 0.0012% / 1h	27m 45s	$3.2M	$11.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against OKX. 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 OKXbpFee Lighter RHbpOrdersPrice spread, now +0.040%Rate

Funding earned: −$0.84
Price spread: +0.040% → +0.010%: $3
Slippage, 4 orders: −$5.93
Fee OKX: 5 bp × 2 orders: −$10
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$13.77
Costs to cover: 0.159%
Break-even: never at this rate

Slippage from OKX: live order book, 1 min ago; Lighter RH: live order book, 6 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 OKX live order book, 1 min ago	0.05 bp	6.2 bp −$6	10.2 bp −$102	19.0 bp −$1,904	doesn't fit
Sell Lighter RH live order book, 6 min ago	0.75 bp	2.5 bp −$2	3.6 bp −$36	30.7 bp −$3,073	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	−0.0984%	1h	93.520	−0.118%	$198K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.528	−0.109%	$22K	$21K	10x	as long as short
BingX HYPE-USDT	−0.0100%	4h	93.635	+0.005%	—	$53.5M	—	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.553	−0.082%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0079%	1h	93.520	−0.117%	$703K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0076%	1h	93.552	−0.083%	$111K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.575	−0.059%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.531	−0.106%	$145K	$683K	20x	as long as short
Bluefin HYPE-PERP	−0.0008%	1h	93.564	−0.070%	$79K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.682	+0.055%	$128K	$26K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.570	−0.064%	$20K	$290K	10x	as long as short
Bybit HYPEUSDT	+0.0001%	8h	93.630	0.000%	$316.0M	$287.2M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.580	−0.053%	$83K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.350%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.508	−0.130%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	93.652	+0.023%	$225.6M	$99.4M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.687	+0.060%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.632	+0.002%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.566	−0.068%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.451	−0.191%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.651	+0.022%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	93.667	+0.040%	$3.2M	$11.1M	20x
Popdex HYPEUSDT	+0.0096%	1h	93.544	−0.092%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.530	−0.107%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.546	−0.090%	$7.5M	$50.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.743	+0.121%	$2.05B	$682.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.659	+0.031%	$8.8M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.681	+0.054%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.651	+0.022%	$374.7M	$928.6M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	93.630	long leg	$115.6M	$314.5M	50x
Gate HYPE_USDT	+0.0100%	4h	93.626	−0.004%	$48.7M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.651	+0.022%	$90.4M	$84.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.674	+0.047%	$46.4M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.593	−0.040%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.194%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.492	−0.147%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.494	−0.145%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.600	−0.032%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.609	−0.022%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.569	−0.065%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.593	−0.040%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.571	−0.063%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.691	+0.065%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.205%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.586	−0.047%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.567	−0.067%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	93.630	0.000%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.560	−0.075%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	93.597	−0.035%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0199%	1h	93.645	+0.016%	$7.5M	$4.2M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.530	−0.107%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.535	−0.101%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.572	−0.062%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.644	+0.015%	$20.9M	$29.5M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.590	−0.043%	$3.2M	$6.3M	20x	as long as short