Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0106%/8h= +11.6% APRpaid last 24h +0.049%

Price spread now: Lighter against Orderly−0.023%7-day average +0.046% · you buy dearer than you sell

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.148%+$15 on $10k

Price spread, last 4 days (all we have)+0.379%+$38 · spread now −0.023%, 7d avg +0.046%

Together, before fees+0.527%+ Points / potential airdropLighter: Season 3 · farm board+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.069% cheaper against Orderly than usual: you would sell low and buy high (spread −0.023% now, against its 7-day average of +0.046%). If the spread goes back, that is −$7 on $10k: about 2.2 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	94.322	−0.0010	get 0.0005% / 4h	3h 26m	$147K	$678K	20x
Short	Lighter HYPE	94.300	0.0096	get 0.0012% / 1h	26m 39s	$16.2M	$62.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Orderly. 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 OrderlybpFee LighterbpOrdersPrice spread, now −0.023%Rate

Funding earned: $22.2
Price spread: −0.023% → +0.046%: −$6.91
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $9.29
Costs to cover: 0.060%
Break-even: 4.1 days

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 7 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 Orderly no order-book sample	—	—	—	—	—
Sell Lighter live order book, 7 min ago	0.69 bp	1.7 bp −$2	3.7 bp −$37	11.2 bp −$1,119	38.3 bp −$19.2K

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	−0.0800%	1h	94.235	−0.092%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0596%	1h	94.304	−0.019%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0293%	1h	94.401	+0.084%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0254%	1h	94.366	+0.046%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0186%	1h	94.300	−0.023%	$702K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.325	+0.003%	$90K	$365K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.287	−0.037%	$1.0M	$3.4M	10x	as long as short
Gate HYPE_USDT	−0.0102%	4h	94.300	−0.023%	$51.6M	$55.4M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.344	+0.023%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.347	+0.027%	$18.8M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0030%	8h	94.290	−0.034%	$318.0M	$293.7M	75x	as long as short
Phemex HYPEUSDT	−0.0019%	8h	94.321	−0.001%	$12.9M	$2.9M	50x	as long as short
Orderly PERP_HYPE_USDClong	−0.0010%	4h	94.322	long leg	$147K	$678K	20x
dYdX HYPE-USD	0.0000%	1h	94.385	+0.067%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.442	+0.127%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.394	+0.076%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.257	−0.069%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.404	+0.087%	$210K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.172%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.440	+0.125%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.277	−0.048%	$226.8M	$97.9M	75x	as long as short
Vest HYPE-PERP	+0.0037%	1h	94.417	+0.101%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0040%	8h	94.317	−0.006%	$337K	$39K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0043%	1h	94.293	−0.031%	$7.5M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0044%	8h	94.289	−0.035%	$117.7M	$326.8M	50x	as long as short
SoDEX HYPE-USD	+0.0048%	1h	94.346	+0.025%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.269	−0.057%	$5.0M	$31.0M	30x	as long as short
Lighter HYPEshort	+0.0096%	1h	94.300	−0.023%	$16.2M	$62.9M	20x
Lighter RH HYPE	+0.0096%	1h	94.300	−0.023%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.319	−0.003%	$149K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.320	−0.002%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.343	+0.023%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.402	+0.085%	$2.07B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.310	−0.012%	$9.6M	$38.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.334	+0.013%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.318	−0.004%	$379.4M	$930.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.115%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.292	−0.032%	$93.1M	$86.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.290	−0.034%	$47.1M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.294	−0.030%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	+0.008%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.308	−0.015%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.315	−0.007%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.232	−0.095%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.428	+0.112%	$498K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.389	+0.071%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.511	+0.200%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.248	−0.078%	$18.2M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.382	+0.063%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.331	+0.009%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.899%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0227%	1h	94.438	+0.123%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.297	−0.026%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.397	+0.080%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.344	+0.023%	$17.3M	$12.5M	75x	as long as short