Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0119%/8h= −13.0% APRpaid last 24h −0.002%

Price spread now: Bybit against Aster−0.022%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$26as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$230.234% of the position

Long on Aster Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 7 days+0.018%+$2 · spread now −0.022%, 7d avg −0.009%

Together, before fees−0.008%+ Points / potential airdropAster: Stage 5 · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.009%, so right now this pair is about funding alone: −$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	94.030	0.0100	pay 0.0050% / 4h	24m 28s	$8.8M	$37.2M	300x
Short	Bybit HYPEUSDT	94.010	−0.0019	pay 0.0019% / 8h	24m 28s	$316.0M	$289.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$25.01
Price spread: −0.022% → −0.009%: −$1.25
Slippage, 4 orders: −$4.41
Fee Aster: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$49.67
Costs to cover: 0.234%
Break-even: never at this rate

Slippage from Aster: live order book, 5 min ago; Bybit: live order book, 10 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, 5 min ago	0.58 bp	4.8 bp −$5	6.0 bp −$60	13.1 bp −$1,310	doesn't fit
Sell Bybit live order book, 10 min ago	0.53 bp	6.0 bp −$6	7.3 bp −$73	16.1 bp −$1,607	34.3 bp −$17.2K

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	−0.1744%	1h	94.075	+0.047%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0405%	1h	94.072	+0.044%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0232%	1h	93.970	−0.064%	$711K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0219%	1h	94.098	+0.072%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0131%	1h	94.242	+0.225%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.044	+0.014%	$87K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.143	+0.120%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0076%	1h	93.987	−0.046%	$16.4M	$7.5M	10x	as long as short
Lighter HYPE	−0.0056%	1h	93.999	−0.033%	$16.3M	$64.4M	20x	as long as short
Arcus HYPE-USD	−0.0045%	1h	93.986	−0.047%	$1.0M	$3.6M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDTshort	−0.0019%	8h	94.010	−0.022%	$316.0M	$289.2M	75x
BingX HYPE-USDT	−0.0018%	4h	93.989	−0.044%	—	$52.9M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.077	+0.050%	$146K	$684K	20x	as long as short
Polymarket Perps HYPE-USD	−0.0002%	1h	94.065	+0.037%	$496K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.059	+0.031%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.193	+0.173%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.232	+0.214%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.106	+0.080%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.135	+0.111%	$124K	—	150x	as long as short
Paradex HYPE-USD-PERP	+0.0031%	8h	94.009	−0.023%	$336K	$154K	20x	as long as short
Bitget HYPEUSDT	+0.0034%	4h	94.018	−0.013%	$225.8M	$100.0M	75x	as long as short
SoDEX HYPE-USD	+0.0042%	1h	94.078	+0.051%	$2.0M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0047%	1h	94.097	+0.071%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	94.102	+0.076%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.150	+0.127%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	94.025	−0.006%	$117.2M	$323.1M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.209	+0.190%	$5.0M	$30.7M	30x	as long as short
Gate HYPE_USDT	+0.0094%	4h	93.982	−0.051%	$49.8M	$56.7M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.000	−0.032%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.020	−0.011%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.040	+0.010%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.981	−0.052%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.137	+0.113%	$2.07B	$686.9M	10x	as long as short
Aster HYPEUSDTlong	+0.0100%	4h	94.030	long leg	$8.8M	$37.2M	300x
Pacifica HYPE	+0.0100%	1h	94.012	−0.020%	$10.1M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.021	−0.010%	$376.5M	$933.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.240	+0.223%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.988	−0.045%	$88.2M	$83.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.997	−0.036%	$46.7M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.022	−0.009%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.108	+0.082%	$29.5M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.230	+0.212%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.231	+0.213%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.194	+0.174%	$681K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.158	+0.136%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.200	+0.180%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.960	−0.075%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.105	+0.079%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.158	+0.136%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.755%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0186%	1h	94.177	+0.156%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.138	+0.115%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.024	−0.007%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.073	+0.045%	$84K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.108	+0.083%	$17.1M	$12.3M	75x	as long as short