Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h −0.016%

Price spread now: Aster against Coinbase International−0.105%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$290.288% of the position

Long on Coinbase International Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 4 days (all we have)+0.128%+$13 · spread now −0.105%, 7d avg +0.015%

Together, before fees+0.186%+ Points / potential airdropAster: Stage 5 · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Aster is 0.120% cheaper against Coinbase International than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.015%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.058%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	93.440	0.0144	pay 0.0018% / 1h	43m 20s	$4.8M	$5.6M	50x
Short	Aster HYPEUSDT	93.342	0.0100	get 0.0050% / 4h	2h 43m	$8.7M	$36.4M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Coinbase International. 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 Coinbase InternationalbpFee AsterbpOrdersPrice spread, now −0.105%Rate

Funding earned: −$9.24
Price spread: −0.105% → +0.015%: −$11.97
Slippage, 4 orders: −$10.79
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$49.99
Costs to cover: 0.288%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 6 min ago; Aster: live order book, 6 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 Coinbase International live order book, 6 min ago	3.73 bp	9.5 bp −$9	13.2 bp −$132	36.1 bp −$3,608	doesn't fit
Sell Aster live order book, 6 min ago	0.75 bp	4.7 bp −$5	5.1 bp −$51	12.3 bp −$1,233	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	−0.1808%	1h	93.315	−0.134%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0374%	1h	93.489	+0.052%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0094%	1h	93.330	−0.118%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.433	−0.007%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0026%	4h	93.320	−0.128%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.364	−0.081%	$87K	$366K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0006%	1h	93.390	−0.054%	$702K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.409	−0.033%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.337	−0.110%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.359	−0.086%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.319	−0.129%	$1.0M	$3.9M	10x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	93.314	−0.135%	$225.7M	$98.8M	75x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	93.302	−0.148%	$317.2M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.462	+0.024%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0033%	8h	93.366	−0.079%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	93.544	+0.111%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.414	−0.028%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.344	−0.102%	$16.1M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.337	−0.110%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.333	−0.115%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.350	−0.096%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.362	−0.084%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.386	−0.058%	$2.03B	$668.3M	10x	as long as short
Aster HYPEUSDTshort	+0.0100%	4h	93.342	−0.105%	$8.7M	$36.4M	300x
Pacifica HYPE	+0.0100%	1h	93.383	−0.061%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.338	−0.109%	$374.3M	$912.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.323	−0.125%	$114.5M	$309.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	+0.187%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.323	−0.125%	$46.5M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.343	−0.104%	$91.5M	$80.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.338	−0.109%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.338	−0.109%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.417	−0.025%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.419	−0.023%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	+0.030%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.432	−0.009%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.453	+0.014%	$669K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.410	−0.032%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.358	−0.088%	$502K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.321	−0.127%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.311	−0.138%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.316	−0.133%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.325	−0.123%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.500	+0.064%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.293	−0.157%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.321	−0.128%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	93.414	−0.028%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.330	−0.118%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0144%	1h	93.440	long leg	$4.8M	$5.6M	50x
Reya HYPERUSDPERP	+0.0268%	1h	93.322	−0.127%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.355	−0.091%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.333	−0.115%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.411	−0.032%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0446%	1h	93.427	−0.014%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.412	−0.030%	$3.2M	$6.3M	20x	as long as short