Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.032%

Price spread now: Bluefin against Aster−0.014%7-day average +0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$420.418% of the position

Long on Aster Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.073%−$7 on $10k

Price spread, last 4 days (all we have)−0.084%−$8 · spread now −0.014%, 7d avg +0.002%

Together, before fees−0.157%+ Points / potential airdropAster: Stage 5 · farm board−$16 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	92.750	0.0100	pay 0.0050% / 4h	3h 24m	$8.7M	$36.1M	300x
Short	Bluefin HYPE-PERP	92.737	0.0100	get 0.0013% / 1h	24m 18s	$79K	$166K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.014%Rate

Funding earned: $0
Price spread: −0.014% → +0.002%: −$1.61
Slippage, 4 orders: −$26.84
Fee Aster: 4 bp × 2 orders: −$8
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$43.45
Costs to cover: 0.418%
Break-even: never at this rate

Slippage from Aster: live order book, 5 min ago; Bluefin: live order book, 30 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, 5 min ago	0.54 bp	4.5 bp −$5	4.8 bp −$48	9.8 bp −$985	doesn't fit
Sell Bluefin live order book, 30 min ago	5.54 bp	16.1 bp −$16	doesn't fit	doesn't fit	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	−0.1656%	1h	92.636	−0.123%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0313%	1h	92.829	+0.085%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.715	−0.038%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.789	+0.042%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.729	−0.023%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	92.745	−0.006%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.827	+0.083%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.772	+0.024%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.770	+0.021%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0008%	1h	92.740	−0.011%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.921	+0.184%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.740	−0.011%	$315.3M	$282.8M	75x	as long as short
01 Exchange HYPEUSD	+0.0032%	1h	92.752	+0.002%	$86K	$364K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.745	−0.005%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	92.741	−0.010%	$224.6M	$99.1M	75x	as long as short
Phemex HYPEUSDT	+0.0050%	8h	92.804	+0.058%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0064%	4h	92.737	−0.014%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.094%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.763	+0.015%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.755	+0.005%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.772	+0.023%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.740	−0.011%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.735	−0.016%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.794	+0.047%	$2.02B	$665.2M	10x	as long as short
Aster HYPEUSDTlong	+0.0100%	4h	92.750	long leg	$8.7M	$36.1M	300x
Pacifica HYPE	+0.0100%	1h	92.778	+0.030%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.735	−0.017%	$372.9M	$905.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.736	−0.015%	$113.7M	$303.3M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.744	−0.006%	$91.4M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.749	−0.001%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.743	−0.008%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.814	+0.069%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.019%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.147%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.104%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.813	+0.068%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.801	+0.055%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.780	+0.032%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	92.737	−0.014%	$79K	$166K	20x
Derive HYPE-PERP	+0.0100%	1h	92.734	−0.018%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.786	+0.039%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.728	−0.024%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.941	+0.206%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	+0.022%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.710	−0.044%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.724	−0.028%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.780	+0.032%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	92.870	+0.129%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.802	+0.056%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.750	0.000%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.737	−0.014%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0310%	1h	92.829	+0.085%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.770	+0.022%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.759	+0.010%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.811	+0.066%	$3.1M	$6.4M	20x	as long as short