Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

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

Price spread now: Lighter RH against Variational Omni+0.048%7-day average +0.025% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.005%$0 on $10k

Price spread, last 7 days−0.019%−$2 · spread now +0.048%, 7d avg +0.025%

Together, before fees−0.015%+ Points / potential airdropVariational Omni: Active · Lighter RH: Points live · farm board−$1 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 0.023% dearer against Variational Omni than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.672	0.0100	pay 0.0100% / 8h	21m 20s	$31.1M	$54.1M	—
Short	Lighter RH HYPE	93.717	0.0096	get 0.0012% / 1h	21m 20s	$3.0M	$12.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH against Variational Omni. 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 Variational OmnibpFee Lighter RHbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$0.84
Price spread: +0.048% → +0.025%: $2.31
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter RH: 0 bp × 2 orders: $0
Net: $1.47
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 3 min ago; Lighter RH: live order book, 2 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, 3 min ago	0.43 bp	doesn't fit	2.5 bp −$25	11.1 bp −$1,108	doesn't fit
Sell Lighter RH live order book, 2 min ago	1.07 bp	1.3 bp −$1	3.7 bp −$37	31.2 bp −$3,121	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	−0.0992%	1h	93.602	−0.076%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0396%	1h	93.644	−0.030%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.559	−0.121%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0089%	1h	93.680	+0.008%	$704K	$912K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.123%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.671	−0.001%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0001%	4h	93.700	+0.030%	$168K	$586K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.737	+0.070%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.700	+0.029%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.727	+0.058%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0006%	4h	93.667	−0.006%	$8.9M	$36.0M	300x	as long as short
Phoenix HYPE	+0.0009%	1h	93.610	−0.067%	$214K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.690	+0.019%	$322.1M	$283.8M	75x	as long as short
Derive HYPE-PERP	+0.0030%	1h	93.653	−0.021%	$16.4M	$7.1M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	93.688	+0.017%	$87.9M	$81.9M	100x	as long as short
Binance HYPEUSDT	+0.0049%	4h	93.697	+0.027%	$382.6M	$896.5M	75x	as long as short
Phemex HYPEUSDT	+0.0067%	8h	93.708	+0.038%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	93.483	−0.202%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0074%	4h	93.679	+0.007%	$44.0M	$59.7M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.688	+0.017%	$59K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.741	+0.074%	$18.9M	$60.2M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	93.717	+0.048%	$3.0M	$12.3M	20x
Aevo HYPE-PERP	+0.0096%	1h	93.710	+0.040%	$399K	$318K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0098%	8h	93.701	+0.031%	$115.5M	$321.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.683	+0.011%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.680	+0.008%	$15K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.645	−0.029%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.708	+0.039%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.051%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.703	+0.033%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.698	+0.027%	$227.0M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.688	+0.017%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.753	+0.086%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.672	long leg	$31.1M	$54.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.549	−0.132%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.489	−0.196%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.514	−0.169%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.717	+0.048%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.706	+0.036%	$491K	$2.4M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.698	+0.028%	$113K	$576K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.698	+0.027%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.748	+0.081%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.698	+0.027%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.787%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.680	+0.008%	$18.4M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0134%	8h	93.672	0.000%	$1.9M	$5.0M	2.3x	as long as short
Hyperliquid HYPE	+0.0135%	1h	93.734	+0.066%	$2.04B	$677.3M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.790	+0.126%	$4.9M	$5.7M	50x	as long as short
BloFin HYPE-USDT	+0.0197%	4h	93.704	+0.034%	$17.0M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0204%	4h	93.848	+0.188%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.694	+0.023%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.716	+0.046%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.725	+0.056%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0433%	1h	93.798	+0.134%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.795	+0.131%	$20.9M	$29.5M	50x	as long as short