Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0390%/8h= −42.7% APRpaid last 24h −0.057%

Price spread now: Aster against Deribit−0.113%7-day average −0.054% · 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−$27as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 4 days (all we have)+0.094%+$9 · spread now −0.113%, 7d avg −0.054%

Together, before fees+0.073%+ Points / potential airdropAster: Stage 5 · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Aster is 0.059% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.020% in total (about -1.1% 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	Deribit HYPE_USDC-PERPETUAL	93.267	0.0490	pay 0.0061% / 1h	39m 23s	$7.5M	$4.0M	50x
Short	Aster HYPEUSDT	93.162	0.0100	get 0.0050% / 4h	2h 39m	$8.7M	$36.5M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now −0.113%Rate

Funding earned: −$81.9
Price spread: −0.113% → −0.054%: −$5.89
Slippage, 4 orders: −$5.69
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$108.48
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 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 Deribit live order book, 5 min ago	0.86 bp	5.0 bp −$5	11.6 bp −$116	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	0.11 bp	4.1 bp −$4	4.9 bp −$49	13.6 bp −$1,364	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	−0.1736%	1h	93.110	−0.169%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0361%	1h	93.327	+0.064%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0081%	1h	93.152	−0.123%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.095	−0.184%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.111	−0.167%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.173	−0.101%	$146K	$663K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.220	−0.051%	$128K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.152	−0.123%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.139	−0.137%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.179	−0.095%	$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	93.084	−0.196%	$1.0M	$3.9M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	93.170	−0.104%	$225.4M	$98.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0015%	1h	93.080	−0.200%	$701K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.160	−0.115%	$316.5M	$283.9M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.305	+0.041%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0045%	8h	93.218	−0.053%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	93.341	+0.079%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.155	−0.120%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.165	−0.109%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.155	−0.120%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.103	−0.176%	$76K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.120	−0.158%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.112	−0.166%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.185	−0.088%	$2.03B	$667.7M	10x	as long as short
Aster HYPEUSDTshort	+0.0100%	4h	93.162	−0.113%	$8.7M	$36.5M	300x
Pacifica HYPE	+0.0100%	1h	93.167	−0.107%	$10.0M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.177	−0.096%	$373.3M	$913.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.172	−0.102%	$114.2M	$308.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.163	−0.112%	$46.5M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.137	−0.139%	$90.0M	$80.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.127	−0.150%	$46.0M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.167	−0.107%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.209	−0.062%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.140	−0.137%	$28.5M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.223	−0.047%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.222	−0.048%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.157	−0.118%	$666K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.188	−0.085%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.140	−0.136%	$501K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.165	−0.109%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.155	−0.120%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.183	−0.090%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.161	−0.114%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.297	+0.032%	$1.4M	$6.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	+0.083%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.156	−0.119%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.149	−0.127%	$394K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.220	−0.050%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.140	−0.136%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.135	−0.141%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.167	−0.107%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.200	−0.072%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0342%	1h	93.225	−0.045%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0490%	1h	93.267	long leg	$7.5M	$4.0M	50x
RISEx HYPE/USDC	+0.0527%	1h	93.188	−0.085%	$3.2M	$6.2M	20x	as long as short