Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h 0.000%

Price spread now: Lighter against SunX−0.021%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$590.590% of the position

Long on SunX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.019%−$2 on $10k

Price spread, last 3 days (all we have)+0.158%+$16 · spread now −0.021%, 7d avg −0.023%

Together, before fees+0.138%+ Points / potential airdropLighter: Season 3 · farm board+$14 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.270	0.0100	pay 0.0050% / 4h	2h 05m	$32K	$1.6M	20x
Short	Lighter HYPE	93.251	0.0096	get 0.0012% / 1h	5m 42s	$18.6M	$60.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against SunX. 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 SunXbpFee LighterbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$0.84
Price spread: −0.021% → −0.023%: $0.26
Slippage, 4 orders: −$50.99
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$59.57
Costs to cover: 0.590%
Break-even: never at this rate

Slippage from SunX: live order book, 9 min ago; Lighter: live order book, 13 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 SunX live order book, 9 min ago	19.35 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 13 min ago	0.82 bp	1.5 bp −$1	3.2 bp −$32	10.1 bp −$1,006	39.5 bp −$19.7K

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
Hibachi HYPE/USDT-P	−0.0848%	1h	93.321	+0.055%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0253%	1h	93.394	+0.133%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0230%	1h	93.210	−0.064%	$700K	$934K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.237	−0.035%	$90K	$358K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	−0.036%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0036%	1h	93.202	−0.073%	$111K	$580K	20x	as long as short
Derive HYPE-PERP	−0.0035%	1h	93.179	−0.097%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.280	+0.011%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.335	+0.070%	$1.9M	$5.2M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.264	−0.007%	$23K	$334K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.270	0.000%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0009%	4h	93.220	−0.053%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.211	−0.063%	$324.6M	$287.1M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.221	−0.053%	$43.9M	$57.8M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.232	−0.041%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0053%	4h	93.228	−0.045%	$165K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.345	+0.080%	$215K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0084%	1h	93.220	−0.054%	$2.0M	$2.0M	10x	as long as short
Vest HYPE-PERP	+0.0086%	1h	93.267	−0.003%	—	$454K	5x	as long as short
Bluefin HYPE-PERP	+0.0096%	1h	93.230	−0.043%	$75K	$168K	20x	as long as short
Lighter HYPEshort	+0.0096%	1h	93.251	−0.021%	$18.6M	$60.0M	20x
Lighter RH HYPE	+0.0096%	1h	93.238	−0.034%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.234	−0.038%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	−0.021%	$36K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.219	−0.054%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.302	+0.034%	$2.03B	$671.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.239	−0.033%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.214	−0.060%	$384.7M	$889.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.233	−0.040%	$114.5M	$314.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.206	−0.069%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	+0.016%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.220	−0.054%	$92.9M	$82.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.217	−0.057%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.257	−0.014%	$226.5M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.219	−0.055%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.262	−0.009%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	−0.008%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.304	+0.036%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.276	+0.006%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.340	+0.075%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.262	−0.009%	$492K	$2.6M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.270	long leg	$32K	$1.6M	20x
Phemex HYPEUSDT	+0.0100%	8h	93.274	+0.004%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.208	−0.066%	$18.4M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.196	−0.080%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.268	−0.002%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.260	−0.011%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.219	−0.055%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.686%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0292%	4h	93.450	+0.193%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.268	−0.003%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.350	+0.086%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.275	+0.005%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.292	+0.024%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.388	+0.127%	$19.2M	$26.3M	50x	as long as short