Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.051%

Price spread now: Aster against RISEx−0.032%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on RISEx Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.133%−$13 on $10k

Price spread, last 7 days+0.011%+$1 · spread now −0.032%, 7d avg −0.007%

Together, before fees−0.122%+ Points / potential airdropAster: Stage 5 · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Aster is 0.025% cheaper against RISEx than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	93.864	0.0210	pay 0.0026% / 1h	29m 31s	$3.2M	$7.0M	20x
Short	Aster HYPEUSDT	93.833	−0.0011	pay 0.0005% / 4h	2h 29m	$8.9M	$36.0M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against RISEx. 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 RISExbpFee AsterbpOrdersPrice spread, now −0.032%Rate

Funding earned: −$46.29
Price spread: −0.032% → −0.007%: −$2.54
Slippage, 4 orders: −$4.17
Fee RISEx: 3 bp × 2 orders: −$6
Fee Aster: 4 bp × 2 orders: −$8
Net: −$67
Costs to cover: 0.182%
Break-even: never at this rate

Slippage from RISEx: 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 RISEx live order book, 5 min ago	1.71 bp	4.7 bp −$5	6.6 bp −$66	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	0.38 bp	4.4 bp −$4	5.0 bp −$50	13.8 bp −$1,378	doesn't fit

HYPE on 54 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	−0.0888%	1h	93.597	−0.284%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.697	−0.178%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	93.512	−0.375%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0114%	8h	93.767	−0.103%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0092%	1h	93.600	−0.281%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.716	−0.157%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.781	−0.088%	$156K	$650K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.834	−0.032%	$86K	$350K	20x	as long as short
Gate HYPE_USDT	−0.0050%	4h	93.809	−0.058%	$44.5M	$54.8M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0048%	1h	93.796	−0.072%	$7.8M	$10.3M	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDTshort	−0.0011%	4h	93.833	−0.032%	$8.9M	$36.0M	300x
Bybit HYPEUSDT	−0.0001%	8h	93.810	−0.057%	$322.2M	$282.4M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.868	+0.005%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.716	−0.158%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.800	−0.068%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.791	−0.077%	—	$53.9M	—	as long as short
Bullet HYPE-USD	+0.0054%	1h	93.763	−0.107%	$112K	$578K	20x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.810	−0.057%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	−0.223%	$5.1M	$30.1M	30x	as long as short
Binance HYPEUSDT	+0.0060%	4h	93.825	−0.041%	$381.7M	$897.5M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.169%	$211K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.813	−0.054%	$115.4M	$309.8M	50x	as long as short
Derive HYPE-PERP	+0.0079%	1h	93.765	−0.105%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.856	−0.008%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.827	−0.039%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.827	−0.039%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.818	−0.049%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.820	−0.046%	$399K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.800	−0.068%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.725	−0.148%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.935	+0.076%	$2.05B	$670.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.837	−0.028%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.815	−0.052%	$46.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.802	−0.066%	$226.9M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.270%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.422%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	−0.219%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.655	−0.222%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.775	−0.095%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.788	−0.081%	$469K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.807	−0.060%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.858	−0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.824	−0.042%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.550%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.775	−0.095%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.820	−0.047%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.610	−0.270%	$30K	$339K	12x	as long as short
RISEx HYPE/USDClong	+0.0210%	1h	93.864	long leg	$3.2M	$7.0M	20x
HTX HYPE-USDT	+0.0218%	4h	93.950	+0.092%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.749	−0.122%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0268%	8h	93.789	−0.080%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.780	−0.089%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0539%	1h	93.922	+0.062%	$7.5M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.913	+0.053%	$21.0M	$30.0M	50x	as long as short