Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1264%/8h= +138.4% APRpaid last 24h +0.199%

Price spread now: Aster against Hibachi+0.288%55s7-day average +0.058% · you sell dearer than you buy

Net, funding: paid 7d − costs+$92as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$670.669% of the position

Long on Hibachi Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+1.594%+$159 on $10k

Price spread, last 3 days (all we have)−0.347%−$35 · spread now +0.288%, 7d avg +0.058%

Together, before fees+1.247%+ Points / potential airdropHibachi: Active · Aster: Stage 5 · farm board+$125 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$38 a day on $10k at the current rate, and Aster is 0.230% dearer against Hibachi than usual: you sell high and buy low: +$23 more if the spread goes back to its 7-day average of +0.058%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.810	−0.1256	get 0.0157% / 1h	14m 35s	$199K	$228K	7x
Short	Aster HYPEUSDT	94.080	0.0008	get 0.0004% / 4h	3h 14m	$8.9M	$36.1M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hibachi. 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 HibachibpFee AsterbpOrdersPrice spread, now +0.288%Rate

Funding earned: $265.35
Price spread: +0.288% → +0.058%: $23.03
Slippage, 4 orders: −$49.92
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: $221.47
Costs to cover: 0.669%
Break-even: 1.2 days

Slippage from Hibachi: live order book, 59 min ago; Aster: live order book, 4 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 Hibachi live order book, 59 min ago	12.88 bp	40.5 bp −$40	66.0 bp −$660	doesn't fit	doesn't fit
Sell Aster live order book, 4 min ago	0.54 bp	4.5 bp −$5	5.3 bp −$53	12.6 bp −$1,256	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-Plong	−0.1256%	1h	93.810	long leg	$199K	$228K	7x
Arcus HYPE-USD	−0.0625%	1h	93.958	+0.158%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0197%	1h	93.894	+0.089%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0123%	8h	94.039	+0.244%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	94.010	+0.213%	$708K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0099%	1h	94.086	+0.294%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.079	+0.287%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.066	+0.273%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	94.032	+0.237%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0034%	4h	94.056	+0.262%	$44.5M	$60.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0027%	4h	94.014	+0.218%	$160K	$646K	20x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	94.054	+0.260%	$323.7M	$280.9M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.034	+0.239%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.055	+0.261%	$27K	—	150x	as long as short
Aster HYPEUSDTshort	+0.0008%	4h	94.080	+0.288%	$8.9M	$36.1M	300x
Derive HYPE-PERP	+0.0017%	1h	93.989	+0.191%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.141%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.077	+0.285%	$88.7M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.086	+0.294%	$383.8M	$895.2M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.602	−0.221%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	94.066	+0.273%	$116.3M	$316.6M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.049	+0.255%	$400K	$180K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.101	+0.310%	$19.1M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.085	+0.293%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.072	+0.279%	$65K	$1.2M	50x	as long as short
Bluefin HYPE-PERP	+0.0096%	1h	94.042	+0.247%	$76K	$171K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.112	+0.322%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.080	+0.288%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.993	+0.196%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.112	+0.322%	$2.05B	$676.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.103	+0.312%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.300%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.071	+0.278%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.061	+0.268%	$227.9M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.061	+0.268%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.064	+0.271%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	+0.001%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	−0.209%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.656	−0.164%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.843	+0.035%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.020	+0.224%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.076	+0.284%	$476K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.142	+0.354%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.076	+0.284%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.036	+0.241%	$18.4M	$45.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.060	+0.267%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.072	+0.279%	$17.1M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.725%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.110	+0.320%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	94.094	+0.303%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.045	+0.251%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	94.060	+0.266%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0379%	4h	94.200	+0.416%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0622%	1h	94.165	+0.378%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.160	+0.373%	$21.0M	$29.8M	50x	as long as short