Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0104%/8h= +11.3% APRpaid last 24h +0.018%

Price spread now: Bulk against Aster−0.045%7-day average +0.047% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$190.189% of the position

Long on Aster Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.021%+$2 on $10k

Price spread, last 4 days (all we have)+0.251%+$25 · spread now −0.045%, 7d avg +0.047%

Together, before fees+0.272%+ Points / potential airdropAster: Stage 5 · farm board+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.092% cheaper against Aster than usual: you would sell low and buy high (spread −0.045% now, against its 7-day average of +0.047%). If the spread goes back, that is −$9 on $10k: about 3.0 days of funding at the current rate (+$3 a day). At the pace of the last 4 days (+0.021% in total) that is about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	92.852	−0.0004	get 0.0002% / 4h	55m 38s	$8.7M	$36.2M	300x
Short	Bulk HYPE-USD	92.810	0.0100	get 0.0013% / 1h	55m 38s	$202K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.045%Rate

Funding earned: $21.74
Price spread: −0.045% → +0.047%: −$9.23
Slippage, 4 orders: −$3.86
Fee Aster: 4 bp × 2 orders: −$8
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$6.34
Costs to cover: 0.189%
Break-even: 9.0 days

Slippage from Aster: live order book, 3 min ago; Bulk: live order book, 3 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	0.70 bp	4.7 bp −$5	5.1 bp −$51	10.8 bp −$1,076	doesn't fit
Sell Bulk live order book, 3 min ago	1.08 bp	4.9 bp −$5	6.3 bp −$63	12.0 bp −$1,198	35.1 bp −$17.5K

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
Arcus HYPE-USD	−0.0948%	1h	92.690	−0.174%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0816%	1h	92.530	−0.347%	$194K	$227K	7x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.809	−0.046%	$86K	$351K	20x	as long as short
Bullet HYPE-USD	−0.0107%	1h	92.847	−0.005%	$111K	$579K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0086%	1h	92.709	−0.153%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.869	+0.019%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.829	−0.024%	$158K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0030%	1h	92.340	−0.551%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDTlong	−0.0004%	4h	92.852	long leg	$8.7M	$36.2M	300x
dYdX HYPE-USD	0.0000%	1h	92.870	+0.019%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.874	+0.024%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.876	+0.026%	$62K	—	150x	as long as short
Derive HYPE-PERP	+0.0017%	1h	92.809	−0.045%	$16.1M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0018%	8h	92.838	−0.015%	$12.5M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	92.584	−0.288%	$210K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.792	−0.064%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0038%	8h	92.784	−0.073%	$318.5M	$278.9M	75x	as long as short
Gate HYPE_USDT	+0.0052%	4h	92.806	−0.049%	$44.5M	$54.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0072%	8h	92.801	−0.055%	$113.4M	$301.1M	50x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.810	−0.045%	$87.8M	$80.1M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	92.815	−0.039%	$373.3M	$891.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.851	−0.001%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.846	−0.006%	$16.1M	$61.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.859	+0.008%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.798	−0.058%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.820	−0.034%	$14K	$1.6M	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	92.417	−0.469%	$5.0M	$29.1M	30x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.775	−0.082%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.889	+0.040%	$2.03B	$659.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.832	−0.021%	$10.0M	$14.9M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.851	−0.001%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.791	−0.065%	$224.5M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.860	+0.009%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.820	−0.034%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.275%	$7.5M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.550	−0.325%	$336K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.567	−0.307%	$664K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.823	−0.031%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.866	+0.015%	$469K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.897	+0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.851	−0.001%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.000	+0.160%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	92.810	−0.045%	$202K	$13K	10x
Extended HYPE-USD	+0.0104%	1h	92.783	−0.074%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.853	+0.001%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.340	−0.551%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.960	+0.117%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.856	+0.004%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.804	−0.051%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0321%	4h	92.530	−0.346%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.876	+0.026%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.936	+0.090%	$20.7M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0428%	1h	92.955	+0.111%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.885	+0.036%	$3.2M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.4965%	1h	92.839	−0.014%	$79K	$169K	20x	as long as short