Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0907%/8h= −99.3% APRpaid last 24h −0.201%

Price spread now: Hibachi against Aster−0.215%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$228as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$680.676% of the position

Long on Aster Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.606%−$161 on $10k

Price spread, last 4 days (all we have)+1.355%+$135 · spread now −0.215%, 7d avg −0.056%

Together, before fees−0.251%+ Points / potential airdropAster: Stage 5 · Hibachi: Active · farm board−$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$27 a day on $10k at the current rate, and Hibachi is 0.159% cheaper against Aster than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.056%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	93.923	−0.0005	get 0.0003% / 4h	2h 28m	$8.9M	$35.9M	300x
Short	Hibachi HYPE/USDT-P	93.720	−0.0912	pay 0.0114% / 1h	28m 08s	$197K	$229K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.215%Rate

Funding earned: −$190.4
Price spread: −0.215% → −0.056%: −$15.94
Slippage, 4 orders: −$50.6
Fee Aster: 4 bp × 2 orders: −$8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$273.94
Costs to cover: 0.676%
Break-even: never at this rate

Slippage from Aster: live order book, 6 min ago; Hibachi: live order book, 41 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, 6 min ago	0.38 bp	4.4 bp −$4	5.0 bp −$50	12.9 bp −$1,289	doesn't fit
Sell Hibachi live order book, 41 min ago	20.74 bp	33.6 bp −$34	53.3 bp −$533	doesn't fit	doesn't fit

HYPE on 54 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-Pshort	−0.0912%	1h	93.720	−0.215%	$197K	$229K	7x
Arcus HYPE-USD	−0.0786%	1h	93.743	−0.191%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	93.636	−0.305%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0137%	8h	93.909	−0.015%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0088%	1h	93.740	−0.194%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.826	−0.103%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.911	−0.012%	$157K	$648K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.894	−0.030%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0045%	1h	93.914	−0.009%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0044%	4h	93.952	+0.031%	$44.5M	$54.9M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDTlong	−0.0005%	4h	93.923	long leg	$8.9M	$35.9M	300x
dYdX HYPE-USD	0.0000%	1h	93.868	−0.058%	$129K	$31K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.940	+0.018%	$322.7M	$281.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.926	+0.003%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.956	+0.036%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0003%	4h	93.947	+0.026%	—	$53.7M	—	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.953	+0.032%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	−0.286%	$5.1M	$30.1M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.232%	$211K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0064%	1h	93.911	−0.012%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.957	+0.037%	$382.2M	$895.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.959	+0.039%	$115.6M	$310.5M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.908	−0.016%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.901	−0.023%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.972	+0.053%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.969	+0.049%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.877	−0.049%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.965	+0.046%	$400K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.880	−0.045%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.828	−0.100%	$5.7M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.072	+0.159%	$2.05B	$671.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.876	−0.050%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.958	+0.038%	$46.5M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.963	+0.043%	$227.3M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.332%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.484%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	−0.282%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.837	−0.091%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.902	−0.022%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.950	+0.029%	$470K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.929	+0.007%	$80K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.933	+0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.957	+0.037%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.612%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.928	+0.006%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	94.010	+0.093%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.790	−0.141%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.923	+0.001%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0220%	4h	94.050	+0.136%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.904	−0.020%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.922	−0.001%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.929	+0.006%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0484%	1h	94.058	+0.144%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0678%	1h	94.051	+0.136%	$21.0M	$29.7M	50x	as long as short