Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:07 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.021%

Price spread now: Lighter against Perpl−0.046%7-day average +0.022% · you buy dearer than you sell

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

Long on Perpl Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.135%+$13 on $10k

Price spread, last 4 days (all we have)−0.482%−$48 · spread now −0.046%, 7d avg +0.022%

Together, before fees−0.348%+ Points / potential airdropPerpl: Active · Lighter: Season 3 · farm board−$35 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.068% cheaper against Perpl than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of +0.022%). If the spread goes back, that is −$7 on $10k: about 2.4 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	Perpl HYPE	94.654	0	get 0.0000% / 43m	6m 39s	$19K	$286K	10x
Short	Lighter HYPE	94.611	0.0096	get 0.0012% / 1h	34m 39s	$16.2M	$62.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Perpl. 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 PerplbpFee LighterbpOrdersPrice spread, now −0.046%Rate

Funding earned: $20.16
Price spread: −0.046% → +0.022%: −$6.8
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$0.44
Costs to cover: 0.138%
Break-even: 7.2 days

Slippage unknown: Perpl: no order-book sample; Lighter: live order book, 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 Perpl no order-book sample	—	—	—	—	—
Sell Lighter live order book, 4 min ago	0.87 bp	1.1 bp −$1	3.7 bp −$37	11.1 bp −$1,113	44.0 bp −$22.0K

Perpl: 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	−0.0952%	1h	94.552	−0.108%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0604%	1h	94.601	−0.056%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0306%	1h	94.706	+0.055%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0208%	1h	94.641	−0.014%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0168%	1h	94.610	−0.047%	$704K	$1.3M	10x	as long as short
Phemex HYPEUSDT	−0.0114%	8h	94.603	−0.054%	$12.9M	$2.9M	50x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.620	−0.036%	$1.0M	$3.5M	10x	as long as short
Gate HYPE_USDT	−0.0082%	4h	94.602	−0.055%	$51.5M	$55.0M	75x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.720	+0.069%	$90K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.588	−0.070%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.596	−0.062%	$19.0M	$35.4M	50x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	94.577	−0.082%	$318.2M	$296.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.612	−0.045%	$147K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.650	−0.004%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.728	+0.078%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPElong	0.0000%	43m	94.654	long leg	$19K	$286K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.652	−0.002%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.654	0.000%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.620	−0.036%	$4.7M	$6.3M	50x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.598	−0.059%	$227.3M	$99.6M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	−0.066%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0046%	1h	94.710	+0.059%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0050%	8h	94.570	−0.089%	$118.1M	$329.4M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	94.633	−0.022%	$338K	$154K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0094%	1h	94.577	−0.082%	$7.6M	$10.5M	20x	as long as short
SoDEX HYPE-USD	+0.0096%	1h	94.613	−0.044%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	94.547	−0.113%	$5.0M	$30.8M	30x	as long as short
Lighter HYPEshort	+0.0096%	1h	94.611	−0.046%	$16.2M	$62.6M	20x
Lighter RH HYPE	+0.0096%	1h	94.577	−0.082%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.686	+0.033%	$148K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.660	+0.006%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.639	−0.016%	$7.3M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.734	+0.084%	$2.08B	$686.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.584	−0.075%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.609	−0.048%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.581	−0.077%	$380.9M	$938.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	−0.095%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.595	−0.063%	$93.8M	$85.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.582	−0.076%	$47.2M	$19.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.612	−0.045%	—	$53.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.619	−0.037%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.563	−0.096%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.587	−0.071%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.634	−0.021%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.747	+0.098%	$500K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.732	+0.082%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.800	+0.154%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.578	−0.081%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.655	+0.001%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.710	+0.059%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.545%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0173%	1h	94.706	+0.055%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.588	−0.070%	$85K	$108K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.672	+0.018%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.619	−0.037%	$17.3M	$12.6M	75x	as long as short