Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.007%

Price spread now: Aster against Bullet+0.029%7-day average −0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on Bullet Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.004%$0 on $10k

Price spread, last 3 days (all we have)−0.307%−$31 · spread now +0.029%, 7d avg −0.034%

Together, before fees−0.311%+ Points / potential airdropAster: Stage 5 · farm board−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.063% dearer against Bullet than usual: you sell high and buy low (spread +0.029% now, against its 7-day average of −0.034%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.8 days. At the pace of the last 3 days (−0.004% in total) that is about 48 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	92.952	0.0075	pay 0.0009% / 1h	51m 22s	$112K	$579K	20x
Short	Aster HYPEUSDT	92.979	0.0000	pay 0.0000% / 4h	1h 51m	$8.9M	$35.9M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bullet. 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 BulletbpFee AsterbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$15.89
Price spread: +0.029% → −0.034%: $6.27
Slippage, 4 orders: −$10.2
Fee Bullet: 4 bp × 2 orders: −$8
Fee Aster: 4 bp × 2 orders: −$8
Net: −$35.82
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Bullet: live order book, 33 min ago; Aster: live order book, 3 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 Bullet live order book, 33 min ago	0.48 bp	7.1 bp −$7	9.1 bp −$91	doesn't fit	doesn't fit
Sell Aster live order book, 3 min ago	0.54 bp	4.5 bp −$5	5.6 bp −$56	13.3 bp −$1,328	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
Aftermath Perps HYPEUSD	−0.0297%	1h	93.091	+0.149%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.865	−0.094%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.931	−0.023%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0048%	1h	92.970	+0.019%	$196K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0012%	1h	92.913	−0.042%	$16.3M	$7.1M	10x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	92.910	−0.046%	$90K	$365K	20x	as long as short
Aster HYPEUSDTshort	0.0000%	4h	92.979	+0.029%	$8.9M	$35.9M	300x
dYdX HYPE-USD	0.0000%	1h	93.009	+0.061%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.970	+0.019%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.002	+0.053%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	92.997	+0.048%	$20K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	92.894	−0.063%	$56K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.970	+0.019%	$323.3M	$286.7M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.039	+0.093%	$215K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.840	−0.121%	$697K	$921K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0042%	4h	92.992	+0.043%	$165K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.913	−0.042%	$43.9M	$56.8M	75x	as long as short
Bullet HYPE-USDlong	+0.0075%	1h	92.952	long leg	$112K	$579K	20x
Lighter HYPE	+0.0096%	1h	92.954	+0.002%	$18.4M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.937	−0.017%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.911	−0.045%	$337K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.880	−0.078%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.909	−0.046%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.945	−0.008%	$2.02B	$669.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.916	−0.039%	$9.9M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.960	+0.008%	$382.5M	$891.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.895	−0.062%	$113.9M	$313.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.884	−0.073%	$203K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.961	+0.009%	$90.5M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.960	+0.008%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.971	+0.020%	$225.3M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.958	+0.006%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.017	+0.070%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	+0.166%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.315%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	+0.068%	$411K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	+0.051%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.946	−0.006%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.947	−0.006%	$491K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.991	+0.042%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.001	+0.052%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.986	+0.036%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.991	+0.042%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.871	−0.088%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.990	+0.041%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0119%	4h	93.037	+0.091%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	+0.105%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.990	+0.040%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.953	0.000%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	92.959	+0.007%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.172	+0.236%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	92.990	+0.041%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.007	+0.059%	$17.0M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0406%	1h	93.097	+0.156%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.104	+0.163%	$20.8M	$28.4M	50x	as long as short