Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.014%

Price spread now: Aster against Pacifica+0.064%48s7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as 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−$190.194% of the position

Long on Pacifica Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.057%+$6 on $10k

Price spread, last 7 days−0.070%−$7 · spread now +0.064%, 7d avg −0.007%

Together, before fees−0.014%+ Points / potential airdropPacifica: Active · Aster: Stage 5 · farm board−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.071% dearer against Pacifica than usual: you sell high and buy low (spread +0.064% now, against its 7-day average of −0.007%): +$7 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.4 days. Mind the row above: over the last 7 days funding on this pair paid +0.057%, so the current rate has only just turned against you. The two prices were read 48 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	Pacifica HYPE	93.814	0.0100	pay 0.0013% / 1h	29m 57s	$10.1M	$14.3M	20x
Short	Aster HYPEUSDT	93.874	0.0030	get 0.0015% / 4h	3h 29m	$9.0M	$36.7M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Pacifica. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PacificabpFee AsterbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$14.7
Price spread: +0.064% → −0.007%: $7.12
Slippage, 4 orders: −$3.37
Fee Pacifica: 4 bp × 2 orders: −$8
Fee Aster: 4 bp × 2 orders: −$8
Net: −$26.94
Costs to cover: 0.194%
Break-even: never at this rate

Slippage from Pacifica: 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 Pacifica live order book, 5 min ago	0.05 bp	4.2 bp −$4	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	0.96 bp	5.0 bp −$5	5.8 bp −$58	18.1 bp −$1,813	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	−0.1328%	1h	93.515	−0.318%	$197K	$237K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.766	−0.051%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0051%	1h	93.531	−0.301%	$22K	$22K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.809	−0.005%	$128K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.929	+0.122%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.859	+0.047%	$23K	$352K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0005%	1h	93.877	+0.067%	$44K	—	150x	as long as short
Gate HYPE_USDT	+0.0008%	4h	93.882	+0.072%	$44.3M	$56.1M	75x	as long as short
01 Exchange HYPEUSD	+0.0024%	1h	93.821	+0.007%	$89K	$327K	20x	as long as short
Aster HYPEUSDTshort	+0.0030%	4h	93.874	+0.064%	$9.0M	$36.7M	300x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0056%	8h	93.910	+0.102%	$327.5M	$285.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0066%	1h	93.972	+0.168%	$18.7M	$24.1M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0091%	4h	93.836	+0.023%	$183K	$505K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.709	−0.112%	$211K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.919	+0.112%	$18.8M	$58.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.884	+0.075%	$3.1M	$12.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.827	+0.014%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.850	+0.038%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.806	−0.008%	$5.9M	$44.3M	10x	as long as short
Pacifica HYPElong	+0.0100%	1h	93.814	long leg	$10.1M	$14.3M	20x
Binance HYPEUSDT	+0.0100%	4h	93.926	+0.119%	$391.3M	$881.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.894	+0.085%	$115.0M	$317.7M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.630	−0.196%	$703K	$951K	10x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.784	−0.032%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.684	−0.138%	$205K	$9K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.926	+0.119%	$90.7M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.920	+0.113%	$46.6M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.907	+0.099%	$227.7M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.938	+0.132%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.917	+0.110%	$8.0M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.684	−0.139%	$28.8M	$49.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.544	−0.288%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.512	−0.322%	$457K	$935K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.785	−0.031%	$678K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.859	+0.048%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.885	+0.076%	$492K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.860	+0.049%	$113K	$574K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.874	+0.064%	$76K	$169K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.826	+0.013%	$16.5M	$6.9M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.873	+0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.855	+0.044%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.840	+0.028%	$12.8M	$2.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.833	+0.020%	$342K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.889	+0.080%	$18.2M	$40.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.857	+0.045%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.491	−0.344%	$5.1M	$28.9M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.970	+0.166%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0243%	1h	93.873	+0.063%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0254%	1h	93.590	−0.239%	$30K	$182K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0336%	1h	93.952	+0.147%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.833	+0.020%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.795	−0.020%	$17.2M	$12.3M	75x	as long as short
Hyperliquid HYPE	+0.0343%	1h	93.970	+0.166%	$2.05B	$664.3M	10x	as long as short
RISEx HYPE/USDC	+0.0422%	1h	93.926	+0.119%	$2.8M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0496%	4h	94.033	+0.233%	$1.5M	$7.5M	75x	as long as short