Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0590%/8h= +64.6% APRpaid last 24h −0.032%

Price spread now: Aster against Bluefin+0.018%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$370.370% of the position

Long on Bluefin Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 4 days (all we have)+0.033%+$3 · spread now +0.018%, 7d avg −0.002%

Together, before fees+0.106%+ Points / potential airdropAster: Stage 5 · farm board+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Aster is 0.020% dearer against Bluefin than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.002%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.073% in total (about 3.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	94.090	−0.0490	get 0.0061% / 1h	58m 54s	$80K	$155K	20x
Short	Aster HYPEUSDT	94.107	0.0100	get 0.0050% / 4h	58m 54s	$8.8M	$37.2M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bluefin. 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 BluefinbpFee AsterbpOrdersPrice spread, now +0.018%Rate

Funding earned: $123.93
Price spread: +0.018% → −0.002%: $2.03
Slippage, 4 orders: −$22.02
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: $88.94
Costs to cover: 0.370%
Break-even: 2.0 days

Slippage from Bluefin: live order book, 45 min ago; Aster: live order book, 5 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 Bluefin live order book, 45 min ago	3.63 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	0.05 bp	4.5 bp −$4	6.1 bp −$61	12.2 bp −$1,216	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	−0.1088%	1h	94.072	−0.019%	$201K	$235K	7x	as long as short
Bluefin HYPE-PERPlong	−0.0490%	1h	94.090	long leg	$80K	$155K	20x
Ondo Perps HYPE-USD.P	−0.0399%	1h	94.080	−0.011%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0287%	1h	94.113	+0.025%	$111K	$578K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0174%	1h	94.230	+0.149%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0152%	1h	94.115	+0.027%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.103	+0.014%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0010%	8h	94.053	−0.039%	$316.8M	$289.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.094	+0.004%	$146K	$685K	20x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.101	+0.012%	—	$53.6M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.176	+0.091%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.231	+0.150%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.129	+0.042%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	+0.021%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.140	+0.053%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.174%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	94.095	+0.005%	$226.4M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.167	+0.082%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.153	+0.067%	$336K	$156K	20x	as long as short
SoDEX HYPE-USD	+0.0061%	1h	94.121	+0.033%	$2.0M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.210	+0.128%	$4.7M	$6.2M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.140	+0.053%	$5.0M	$30.8M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.086	−0.004%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	94.080	−0.011%	$117.4M	$322.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.121	+0.033%	$16.2M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.142	+0.055%	$3.2M	$10.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.104	+0.015%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.150	+0.064%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.103	+0.014%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.243	+0.163%	$2.07B	$689.2M	10x	as long as short
Aster HYPEUSDTshort	+0.0100%	4h	94.107	+0.018%	$8.8M	$37.2M	300x
Pacifica HYPE	+0.0100%	1h	94.153	+0.067%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.111	+0.022%	$376.6M	$932.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.027%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.124	+0.036%	$49.5M	$55.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.146	+0.060%	$90.7M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.140	+0.053%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.127	+0.039%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.033%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.167	+0.082%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.120	+0.032%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.189	+0.105%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.169	+0.084%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.138	+0.051%	$494K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.180	+0.096%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.261	+0.182%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.111	+0.022%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.145	+0.058%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.157	+0.071%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.550	+0.489%	$31K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.183	+0.098%	$20.2M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0228%	1h	94.211	+0.129%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.151	+0.065%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.097	+0.007%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.136	+0.049%	$17.0M	$12.4M	75x	as long as short