Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0068%/8h= +7.5% APRpaid last 24h +0.008%

Price spread now: Lighter against Phemex−0.021%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$350.345% of the position

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)+0.175%+$18 · spread now −0.021%, 7d avg +0.030%

Together, before fees+0.166%+ Points / potential airdropLighter: Season 3 · farm board+$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.050% cheaper against Phemex than usual: you would sell low and buy high (spread −0.021% now, against its 7-day average of +0.030%). If the spread goes back, that is −$5 on $10k: about 2.5 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	92.728	0.0028	pay 0.0028% / 8h	4h 16m	$12.5M	$2.7M	50x
Short	Lighter HYPE	92.709	0.0096	get 0.0012% / 1h	16m 15s	$16.0M	$62.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now −0.021%Rate

Funding earned: $14.36
Price spread: −0.021% → +0.030%: −$5.05
Slippage, 4 orders: −$22.54
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$25.23
Costs to cover: 0.345%
Break-even: 19.3 days

Slippage from Phemex: live order book, 3 min ago; Lighter: live order book, 8 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 Phemex live order book, 3 min ago	4.75 bp	18.8 bp −$19	43.7 bp −$437	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	0.75 bp	0.8 bp −$1	1.7 bp −$17	10.2 bp −$1,022	41.3 bp −$20.7K

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
Arcus HYPE-USD	−0.0948%	1h	92.663	−0.070%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.657	−0.076%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0246%	1h	92.707	−0.023%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.724	−0.004%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.678	−0.054%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.740	+0.013%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.046%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.707	−0.022%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.725	−0.003%	$62K	—	150x	as long as short
Phemex HYPEUSDTlong	+0.0028%	8h	92.728	long leg	$12.5M	$2.7M	50x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0033%	1h	92.660	−0.073%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.702	−0.028%	—	$53.4M	—	as long as short
Bullet HYPE-USD	+0.0041%	1h	92.678	−0.054%	$110K	$578K	20x	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	+0.096%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0044%	4h	92.712	−0.018%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.685	−0.046%	$316.5M	$281.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0090%	8h	92.702	−0.028%	$113.6M	$303.7M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.684	−0.047%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.737	+0.010%	$338K	$163K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	92.709	−0.021%	$16.0M	$62.6M	20x
Lighter RH HYPE	+0.0096%	1h	92.713	−0.016%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.709	−0.020%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.710	−0.019%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.709	−0.021%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.761	+0.036%	$2.02B	$663.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.741	+0.014%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.703	−0.027%	$372.4M	$902.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.690	−0.041%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.710	−0.019%	$45.9M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.713	−0.016%	$224.4M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.728	0.000%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.043%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	+0.086%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.760	+0.035%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.701	−0.029%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.769	+0.045%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.729	+0.001%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.677	−0.055%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.691	−0.040%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.702	−0.028%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.704	−0.026%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.875	+0.159%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.029%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.678	−0.053%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.707	−0.022%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0110%	4h	92.754	+0.028%	$5.0M	$29.6M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.293%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.750	+0.024%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0236%	8h	92.830	+0.110%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.703	−0.027%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.706	−0.024%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.771	+0.046%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.733	+0.005%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0354%	1h	92.793	+0.070%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.778	+0.054%	$3.2M	$6.4M	20x	as long as short