Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h +0.018%

Price spread now: Variational Omni against Aster−0.034%7-day average −0.019% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aster Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.021%+$2 on $10k

Price spread, last 7 days+0.018%+$2 · spread now −0.034%, 7d avg −0.019%

Together, before fees+0.039%+ Points / potential airdropAster: Stage 5 · Variational Omni: Active · farm board+$4 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.019%, so right now this pair is about funding alone: +$2 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	93.389	0.0028	pay 0.0014% / 4h	1h 20m	$8.8M	$35.5M	300x
Short	Variational Omni HYPE	93.358	0.0100	get 0.0100% / 8h	5h 20m	$31.1M	$53.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.034%Rate

Funding earned: $15.17
Price spread: −0.034% → −0.019%: −$1.51
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $5.66
Costs to cover: 0.080%
Break-even: 4.4 days

Slippage unknown: Aster: live order book, 3 min ago; Variational Omni: RFQ quote, 3 min ago. Net counts fees only.

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	0.64 bp	5.1 bp −$5	5.7 bp −$57	12.2 bp −$1,222	doesn't fit
Sell Variational Omni RFQ quote, 3 min ago	0.42 bp	doesn't fit	5.9 bp −$59	20.0 bp −$1,997	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	−0.1128%	1h	93.400	+0.011%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.284	−0.113%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0111%	1h	93.360	−0.031%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.382	−0.008%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0063%	1h	93.394	+0.005%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.439	+0.053%	$85K	$343K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.369	−0.022%	$154K	$652K	20x	as long as short
Phemex HYPEUSDT	−0.0038%	8h	93.379	−0.011%	$12.6M	$2.7M	50x	as long as short
Bullet HYPE-USD	−0.0001%	1h	93.403	+0.015%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.398	+0.010%	$128K	$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	93.381	−0.009%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.416	+0.028%	$63K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	93.480	+0.097%	$213K	$1.2M	10x	as long as short
Aster HYPEUSDTlong	+0.0028%	4h	93.389	long leg	$8.8M	$35.5M	300x
BingX HYPE-USDT	+0.0034%	4h	93.371	−0.019%	—	$52.9M	—	as long as short
Bybit HYPEUSDT	+0.0043%	8h	93.361	−0.030%	$321.5M	$277.1M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.368	−0.023%	$44.6M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.355	−0.037%	$114.0M	$300.7M	50x	as long as short
Derive HYPE-PERP	+0.0082%	1h	93.361	−0.030%	$16.2M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.411	+0.023%	$16.3M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.396	+0.007%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.413	+0.026%	$71K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.409	+0.021%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.400	+0.012%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.385	−0.004%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.452	+0.067%	$2.04B	$653.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.401	+0.013%	$10.0M	$14.7M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.373	−0.017%	$378.8M	$876.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.371	−0.019%	$89.6M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.384	−0.006%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.308	−0.087%	$225.7M	$96.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.364	−0.027%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.358	−0.034%	$31.1M	$53.7M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.441	+0.056%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.396	+0.007%	$339K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.440	+0.054%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.448	+0.062%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.444	+0.059%	$476K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.372	−0.018%	$79K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.402	+0.014%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.385	−0.004%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.217	−0.184%	$203K	$10K	10x	as long as short
edgeX HYPEUSDC	+0.0100%	4h	93.203	−0.199%	$5.0M	$29.0M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.351	−0.041%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.373	−0.017%	$397K	$162K	20x	as long as short
HTX HYPE-USDT	+0.0165%	4h	93.531	+0.152%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.420	+0.033%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0258%	1h	93.396	+0.007%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0274%	8h	93.448	+0.063%	$1.9M	$5.1M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.478	+0.095%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.415	+0.028%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.367	−0.024%	$17.0M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.488	+0.105%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.365%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0685%	1h	93.454	+0.070%	$20.8M	$29.8M	50x	as long as short