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 against Variational Omni0.000%7-day average +0.055% · you buy dearer than you sell

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days+0.018%+$2 · spread now 0.000%, 7d avg +0.055%

Together, before fees+0.019%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$2 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 is 0.055% cheaper against Variational Omni than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of +0.055%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	94.929	0.0100	pay 0.0100% / 8h	7h 44m	$30.1M	$56.3M	—
Short	Lighter HYPE	94.929	0.0096	get 0.0012% / 1h	44m 47s	$16.3M	$62.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$0.84
Price spread: 0.000% → +0.055%: −$5.5
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$6.34
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; 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 Variational Omni RFQ quote, 4 min ago	0.47 bp	doesn't fit	6.0 bp −$60	19.3 bp −$1,926	doesn't fit
Sell Lighter live order book, 4 min ago	0.34 bp	0.8 bp −$1	2.8 bp −$28	10.7 bp −$1,072	40.6 bp −$20.3K

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	−0.1216%	1h	94.851	−0.083%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0392%	1h	94.736	−0.204%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0305%	1h	94.858	−0.075%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0240%	8h	94.897	−0.034%	$12.9M	$2.9M	50x	as long as short
Bullet HYPE-USD	−0.0160%	1h	94.904	−0.027%	$112K	$577K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.883	−0.049%	$1.0M	$3.5M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.906	−0.025%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.948	+0.020%	$89K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0056%	1h	94.850	−0.084%	$707K	$1.3M	10x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.905	−0.026%	$19.2M	$35.1M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0005%	4h	94.913	−0.017%	$148K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.913	−0.017%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.968	+0.041%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.923	−0.006%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.943	+0.015%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.846	−0.088%	$211K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.960	+0.032%	$4.8M	$6.4M	50x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	94.912	−0.018%	$227.9M	$99.9M	75x	as long as short
Derive HYPE-PERP	+0.0051%	1h	94.682	−0.260%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0055%	8h	94.938	+0.010%	$339K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0057%	1h	94.972	+0.045%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0061%	8h	94.938	+0.009%	$118.5M	$329.7M	50x	as long as short
Gate HYPE_USDT	+0.0082%	4h	94.904	−0.027%	$51.1M	$54.3M	75x	as long as short
SoDEX HYPE-USD	+0.0085%	1h	94.949	+0.021%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.770	−0.168%	$5.0M	$30.8M	30x	as long as short
Lighter HYPEshort	+0.0096%	1h	94.929	0.000%	$16.3M	$62.3M	20x
Lighter RH HYPE	+0.0096%	1h	94.933	+0.004%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.909	−0.021%	$148K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.860	−0.073%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.877	−0.055%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.024	+0.100%	$2.09B	$692.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.906	−0.025%	$9.7M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.977	+0.051%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.958	+0.030%	$382.3M	$938.2M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.940	+0.011%	$318.1M	$293.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	−0.252%	$221K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.946	+0.018%	$94.4M	$85.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.944	+0.015%	$47.3M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.926	−0.004%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.904	−0.027%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	94.929	long leg	$30.1M	$56.3M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.757	−0.182%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.921	−0.009%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.911	−0.019%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.973	+0.046%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.961	+0.033%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.105	+0.185%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.920	−0.010%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.938	+0.009%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.921	−0.008%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.254%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0161%	1h	95.018	+0.093%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.880	−0.052%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.950	+0.021%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.887	−0.045%	$17.2M	$12.7M	75x	as long as short