Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h +0.031%

Price spread now: Phoenix against Aster+0.052%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs+$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.303%+$30 on $10k

Price spread, last 7 days+0.067%+$7 · spread now +0.052%, 7d avg +0.112%

Together, before fees+0.370%+ Points / potential airdropAster: Stage 5 · farm board+$37 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: Phoenix is 0.060% cheaper against Aster than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	93.870	0.0017	pay 0.0009% / 4h	11m 32s	$8.9M	$36.1M	300x
Short	Phoenix HYPE	93.919	0.0009	get 0.0001% / 1h	11m 32s	$217K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.052%Rate

Funding earned: −$1.87
Price spread: +0.052% → +0.112%: −$6.04
Slippage, 4 orders: −$4.81
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$27.72
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from Aster: live order book, 2 min ago; Phoenix: live order book, 7 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, 2 min ago	0.21 bp	4.2 bp −$4	4.6 bp −$46	11.3 bp −$1,134	doesn't fit
Sell Phoenix live order book, 7 min ago	1.17 bp	5.7 bp −$6	9.5 bp −$95	117.2 bp −$11.7K	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	−0.1232%	1h	93.765	−0.112%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0401%	1h	93.836	−0.036%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.730	−0.149%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0105%	1h	93.780	−0.096%	$705K	$916K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.868	−0.002%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.830	−0.043%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0002%	4h	93.908	+0.040%	$169K	$588K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.935	+0.069%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.866	−0.005%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.931	+0.065%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPEshort	+0.0009%	1h	93.919	+0.052%	$217K	$1.2M	10x
Aster HYPEUSDTlong	+0.0017%	4h	93.870	long leg	$8.9M	$36.1M	300x
Bybit HYPEUSDT	+0.0021%	8h	93.820	−0.053%	$322.8M	$283.9M	75x	as long as short
Derive HYPE-PERP	+0.0027%	1h	93.859	−0.012%	$16.4M	$7.1M	10x	as long as short
Phemex HYPEUSDT	+0.0045%	8h	93.834	−0.038%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.870	0.000%	$88.5M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0053%	4h	93.852	−0.019%	$383.2M	$898.0M	75x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	93.800	−0.074%	$5.1M	$29.6M	30x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.826	−0.047%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0074%	4h	93.838	−0.034%	$44.1M	$59.9M	75x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.908	+0.040%	$113K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	93.818	−0.055%	$115.8M	$322.4M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.908	+0.040%	$18.9M	$60.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.889	+0.020%	$3.1M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.913	+0.045%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.896	+0.028%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.810	−0.064%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.856	−0.014%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.933	+0.067%	$2.04B	$681.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.892	+0.023%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.820	−0.053%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.867	−0.003%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.832	−0.041%	$227.2M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.840	−0.032%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.938	+0.072%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.861	−0.009%	$31.2M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.848	−0.024%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.859	−0.012%	$359K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.811	−0.063%	$678K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.880	+0.011%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.854	−0.017%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.915	+0.048%	$76K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.911	+0.044%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.883	+0.014%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.575%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.814	−0.060%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0151%	8h	93.951	+0.086%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.960	+0.096%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0193%	4h	94.050	+0.192%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0217%	4h	93.824	−0.049%	$16.9M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.809	−0.065%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.872	+0.002%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0314%	1h	93.991	+0.129%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.934	+0.068%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	93.981	+0.118%	$21.0M	$29.5M	50x	as long as short