Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0086%/8h= +9.4% APRpaid last 24h +0.018%

Price spread now: Bluefin against Aster+0.005%7-day average +0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$480.475% of the position

Long on Aster Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 3 days (all we have)−0.154%−$15 · spread now +0.005%, 7d avg +0.003%

Together, before fees−0.224%+ Points / potential airdropAster: Stage 5 · farm board−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.070%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	93.441	0.0014	pay 0.0007% / 4h	2h 46m	$8.9M	$36.2M	300x
Short	Bluefin HYPE-PERP	93.445	0.0100	get 0.0013% / 1h	46m 15s	$76K	$169K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Aster. 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 AsterbpFee BluefinbpOrdersPrice spread, now +0.005%Rate

Funding earned: $17.99
Price spread: +0.005% → +0.003%: $0.11
Slippage, 4 orders: −$32.53
Fee Aster: 4 bp × 2 orders: −$8
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$29.44
Costs to cover: 0.475%
Break-even: 18.5 days

Slippage from Aster: live order book, 3 min ago; Bluefin: live order book, 43 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 Aster live order book, 3 min ago	0.59 bp	4.8 bp −$5	5.0 bp −$50	12.0 bp −$1,195	doesn't fit
Sell Bluefin live order book, 43 min ago	5.45 bp	20.6 bp −$21	doesn't fit	doesn't fit	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	−0.1240%	1h	93.362	−0.085%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0186%	1h	93.330	−0.118%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0175%	1h	93.418	−0.024%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.472	+0.033%	$89K	$345K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.410	−0.033%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	+0.067%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.520	+0.085%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.446	+0.005%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.494	+0.057%	$19K	—	150x	as long as short
Aster HYPEUSDTlong	+0.0014%	4h	93.441	long leg	$8.9M	$36.2M	300x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0017%	1h	93.397	−0.047%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	+0.0020%	1h	93.455	+0.015%	$112K	$583K	20x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.450	+0.010%	$44.2M	$56.3M	75x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.430	−0.011%	$325.5M	$287.8M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.035%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0075%	4h	93.462	+0.023%	$180K	$536K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	93.318	−0.131%	$405K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.505	+0.069%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.467	+0.028%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.448	+0.008%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.500	+0.063%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.455	+0.015%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.524	+0.089%	$2.04B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.456	+0.016%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.434	−0.007%	$385.9M	$888.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.426	−0.016%	$114.8M	$315.6M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.433	−0.008%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.113%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.451	+0.011%	$93.1M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.448	+0.008%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.453	+0.013%	$227.0M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.452	+0.012%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.423	−0.019%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.295	−0.155%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.036%	$7.5M	$46.2M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.504	+0.068%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.490	+0.053%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.483	+0.045%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.445	+0.005%	$76K	$169K	20x
SunX HYPE-USDT	+0.0100%	4h	93.496	+0.059%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.446	+0.006%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.429	−0.013%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.483	+0.045%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.438	−0.003%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.488	+0.051%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.395	−0.049%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.063%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.462	+0.023%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.360	−0.086%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.552	+0.119%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.499	+0.062%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.408	−0.035%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0388%	4h	93.628	+0.200%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.518	+0.083%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.537	+0.103%	$19.2M	$25.8M	50x	as long as short