Funding arb · Price arb /

HYPE

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0632%/8h= −69.2% APRpaid last 24h −0.036%

Price spread now: Arcus against Aster−0.140%46s7-day average −0.008% · 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—prices read too far apart to compare

costs, in and out, $10k−$170.167% of the position

Long on Aster Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.062%−$6 on $10k

Price spread, last 7 days+0.162%+$16 · spread now −0.140%, 7d avg −0.008%

Together, before fees+0.101%+ Points / potential airdropAster: Stage 5 · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Arcus is 0.131% cheaper against Aster than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.008%). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.062% in total (about -6.5% 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	Aster HYPEUSDT	93.816	0.0007	pay 0.0003% / 4h	3h 05m	$8.9M	$36.0M	300x
Short	Arcus HYPE-USD	93.685	−0.0625	pay 0.0078% / 1h	5m 47s	$1.2M	$3.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Aster. 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 AsterbpFee ArcusbpOrdersPrice spread, now −0.140%Rate

Funding earned: −$132.74
Price spread: −0.140% → −0.008%: −$13.15
Slippage, 4 orders: −$4.15
Fee Aster: 4 bp × 2 orders: −$8
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$162.54
Costs to cover: 0.167%
Break-even: never at this rate

Slippage from Aster: live order book, 3 min ago; Arcus: live order book, 3 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 Aster live order book, 3 min ago	0.90 bp	4.9 bp −$5	5.1 bp −$51	10.6 bp −$1,058	doesn't fit
Sell Arcus live order book, 3 min ago	0.80 bp	3.3 bp −$3	4.1 bp −$41	86.3 bp −$8,629	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	−0.1128%	1h	93.815	−0.001%	$199K	$228K	7x	as long as short
Arcus HYPE-USDshort	−0.0625%	1h	93.685	−0.140%	$1.2M	$3.9M	10x
Aftermath Perps HYPEUSD	−0.0193%	1h	93.943	+0.135%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0098%	1h	93.810	−0.006%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0084%	1h	93.911	+0.102%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.787	−0.031%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.856	+0.043%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0050%	1h	93.799	−0.018%	$113K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0038%	8h	93.823	+0.007%	$12.8M	$2.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0034%	4h	93.769	−0.050%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0014%	4h	93.827	+0.012%	$44.4M	$60.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.836	+0.021%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.818	+0.002%	$27K	—	150x	as long as short
Aster HYPEUSDTlong	+0.0007%	4h	93.816	long leg	$8.9M	$36.0M	300x
Derive HYPE-PERP	+0.0010%	1h	93.747	−0.073%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.820	+0.004%	$322.8M	$278.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.244%	$214K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.841	+0.027%	$88.3M	$83.4M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.837	+0.022%	$383.2M	$893.4M	75x	as long as short
edgeX HYPEUSDC	+0.0055%	4h	94.001	+0.197%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.835	+0.020%	$116.0M	$314.5M	50x	as long as short
Bluefin HYPE-PERP	+0.0082%	1h	93.751	−0.069%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.868	+0.056%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.840	+0.026%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.802	−0.015%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.777	−0.041%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.847	+0.033%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.780	−0.038%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.841	+0.027%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.898	+0.087%	$2.05B	$668.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.847	+0.033%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.859	+0.046%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.859	+0.046%	$227.2M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.845	+0.031%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.792	−0.026%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	−0.052%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.195%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.217%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.866	+0.053%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.850	+0.036%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.820	+0.004%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.839	+0.025%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.833	+0.018%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.083%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.819	+0.004%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.870	+0.058%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	−0.006%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0218%	4h	93.919	+0.110%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.820	+0.005%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	93.896	+0.085%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.781	−0.037%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0159%	1h	93.815	−0.001%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	94.004	+0.200%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0400%	1h	93.907	+0.097%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.901	+0.090%	$20.9M	$29.7M	50x	as long as short