Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: Lighter RH against SunX−0.010%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$67as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$610.608% of the position

Long on SunX Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 4 days (all we have)+0.259%+$26 · spread now −0.010%, 7d avg −0.045%

Together, before fees+0.200%+ Points / potential airdropLighter RH: Points live · farm board+$20 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 0.035% dearer against SunX than usual: you sell high and buy low, +$4 on $10k if it goes back to its 7-day average of −0.045%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	94.614	0.0100	pay 0.0050% / 4h	3h 24m	$33K	$1.6M	20x
Short	Lighter RH HYPE	94.605	0.0096	get 0.0012% / 1h	24m 05s	$3.2M	$10.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$0.84
Price spread: −0.010% → −0.045%: $3.52
Slippage, 4 orders: −$52.82
Fee SunX: 4 bp × 2 orders: −$8
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$58.14
Costs to cover: 0.608%
Break-even: never at this rate

Slippage from SunX: live order book, 11 min ago; Lighter RH: live order book, 5 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, 11 min ago	19.34 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Lighter RH live order book, 5 min ago	0.43 bp	3.6 bp −$4	5.9 bp −$59	31.3 bp −$3,133	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	−0.0808%	1h	94.348	−0.281%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0581%	1h	94.583	−0.033%	$80K	$148K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0298%	1h	94.453	−0.170%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0256%	1h	94.605	−0.009%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0174%	1h	94.500	−0.120%	$702K	$1.3M	10x	as long as short
Phemex HYPEUSDT	−0.0125%	8h	94.561	−0.056%	$12.9M	$2.9M	50x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.613	−0.001%	$90K	$365K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.563	−0.054%	$1.0M	$3.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.464	−0.159%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.602	−0.013%	$18.9M	$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
Gate HYPE_USDT	−0.0040%	4h	94.562	−0.055%	$51.8M	$55.5M	75x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.564	−0.053%	$318.9M	$293.1M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.593	−0.022%	$147K	$676K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.465	−0.157%	$130K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.608	−0.006%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.594	−0.021%	$19K	$275K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.424	−0.200%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.372	−0.256%	$210K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.480%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.590	−0.025%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	94.573	−0.043%	$227.5M	$97.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0036%	1h	94.550	−0.068%	$7.6M	$10.4M	20x	as long as short
Vest HYPE-PERP	+0.0040%	1h	94.611	−0.003%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0040%	8h	94.565	−0.052%	$338K	$39K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0043%	8h	94.572	−0.044%	$118.0M	$327.6M	50x	as long as short
SoDEX HYPE-USD	+0.0045%	1h	94.598	−0.017%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	94.332	−0.298%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.604	−0.011%	$16.2M	$63.2M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	94.605	−0.010%	$3.2M	$10.3M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.601	−0.014%	$150K	$1.2M	50x	as long as short
Aster HYPEUSDT	+0.0097%	4h	94.612	−0.002%	$9.0M	$38.3M	300x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.540	−0.078%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.549	−0.068%	$7.2M	$51.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.669	+0.058%	$2.08B	$670.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.542	−0.076%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.621	+0.007%	$380.6M	$930.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.423%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.584	−0.032%	$94.4M	$87.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.566	−0.051%	$47.2M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.560	−0.057%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.267	−0.367%	$29.8M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.267%	$7.6M	$44.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.358	−0.271%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.386	−0.241%	$688K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.660	+0.049%	$499K	$2.7M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	94.614	long leg	$33K	$1.6M	20x
HTX HYPE-USDT	+0.0100%	4h	94.708	+0.099%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.570	−0.046%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.656	+0.044%	$400K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.627	+0.014%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.588%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0236%	1h	94.701	+0.092%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.572	−0.045%	$84K	$107K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.654	+0.043%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.377	−0.250%	$17.3M	$12.4M	75x	as long as short