Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0561%/8h= −61.4% APRpaid last 24h −0.003%

Price spread now: Aster against Kraken Futures−0.086%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$270.269% of the position

Long on Kraken Futures Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.089%−$9 on $10k

Price spread, last 3 days (all we have)+0.205%+$20 · spread now −0.086%, 7d avg −0.042%

Together, before fees+0.116%+ Points / potential airdropAster: Stage 5 · farm board+$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Aster is 0.043% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.089% in total (about -4.6% 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	Kraken Futures PF_HYPEUSD	93.599	0.0573	pay 0.0072% / 1h	34m 48s	$19.2M	$25.9M	50x
Short	Aster HYPEUSDT	93.519	0.0012	get 0.0006% / 4h	2h 34m	$9.0M	$35.9M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Kraken Futures. 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 Kraken FuturesbpFee AsterbpOrdersPrice spread, now −0.086%Rate

Funding earned: −$117.77
Price spread: −0.086% → −0.042%: −$4.34
Slippage, 4 orders: −$8.87
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$148.98
Costs to cover: 0.269%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 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 Kraken Futures live order book, 4 min ago	1.98 bp	11.0 bp −$11	17.1 bp −$171	26.7 bp −$2,669	271.3 bp −$135.7K
Sell Aster live order book, 4 min ago	0.38 bp	4.4 bp −$4	5.4 bp −$54	13.8 bp −$1,379	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	−0.1104%	1h	93.433	−0.178%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0256%	1h	93.449	−0.160%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0249%	1h	93.370	−0.245%	$701K	$941K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.512	−0.093%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.414	−0.198%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0025%	1h	93.459	−0.149%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0003%	1h	93.437	−0.173%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.485	−0.122%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.463	−0.146%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.518	−0.087%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDTshort	+0.0012%	4h	93.519	−0.086%	$9.0M	$35.9M	300x
Gate HYPE_USDT	+0.0028%	4h	93.513	−0.092%	$44.1M	$56.5M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.510	−0.095%	$325.8M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.464	−0.144%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0070%	4h	93.491	−0.116%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.485	−0.122%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.542	−0.062%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.517	−0.088%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.462	−0.146%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	−0.117%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.484	−0.123%	$6.0M	$44.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.564	−0.038%	$2.04B	$668.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.491	−0.115%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.524	−0.081%	$385.7M	$888.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.507	−0.099%	$114.9M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.458	−0.151%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.210%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.532	−0.072%	$92.8M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.531	−0.073%	$46.4M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.532	−0.072%	$227.2M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.512	−0.093%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.575	−0.026%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.211%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.494	−0.112%	$7.5M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.482	−0.125%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.470	−0.138%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.497	−0.109%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.512	−0.093%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.508	−0.097%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.531	−0.073%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.490	−0.117%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.504	−0.102%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.506	−0.100%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.509	−0.096%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.336	−0.281%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0116%	8h	93.598	−0.001%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	−0.213%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.484	−0.123%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0274%	1h	93.585	−0.015%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.350	−0.266%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0338%	4h	93.662	+0.067%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.519	−0.086%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.449	−0.161%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.557	−0.045%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0573%	1h	93.599	long leg	$19.2M	$25.9M	50x