Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1116%/8h= −122.2% APRpaid last 24h −0.199%

Price spread now: Hibachi against Aster−0.003%7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$228as in the Funding arb table

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$690.687% of the position

Long on Aster Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.594%−$159 on $10k

Price spread, last 3 days (all we have)+0.061%+$6 · spread now −0.003%, 7d avg −0.058%

Together, before fees−1.532%+ Points / potential airdropAster: Stage 5 · Hibachi: Active · farm board−$153 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.055% dearer against Aster than usual: you sell high and buy low (spread −0.003% now, against its 7-day average of −0.058%): +$5 on $10k if it goes back. Holding the pair costs −$33 a day in funding at the current rate, which eats that in about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	93.817	0.0004	pay 0.0002% / 4h	3h 04m	$8.9M	$36.0M	300x
Short	Hibachi HYPE/USDT-P	93.814	−0.1112	pay 0.0139% / 1h	4m 57s	$199K	$228K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.003%Rate

Funding earned: −$234.33
Price spread: −0.003% → −0.058%: $5.5
Slippage, 4 orders: −$51.66
Fee Aster: 4 bp × 2 orders: −$8
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$297.49
Costs to cover: 0.687%
Break-even: never at this rate

Slippage from Aster: live order book, 4 min ago; Hibachi: 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 Aster live order book, 4 min ago	0.90 bp	4.9 bp −$5	5.1 bp −$51	10.6 bp −$1,058	doesn't fit
Sell Hibachi live order book, 4 min ago	20.74 bp	33.6 bp −$34	53.3 bp −$533	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-Pshort	−0.1112%	1h	93.814	−0.003%	$199K	$228K	7x
Arcus HYPE-USD	−0.0625%	1h	93.716	−0.108%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0198%	1h	93.898	+0.086%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0097%	1h	93.810	−0.007%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0082%	1h	93.836	+0.020%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.830	+0.014%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.842	+0.027%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0048%	1h	93.816	−0.001%	$113K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0047%	8h	93.811	−0.006%	$12.8M	$2.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0034%	4h	93.790	−0.029%	$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	−0.0022%	4h	93.804	−0.014%	$44.4M	$60.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.839	+0.023%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.852	+0.037%	$27K	—	150x	as long as short
Aster HYPEUSDTlong	+0.0004%	4h	93.817	long leg	$8.9M	$36.0M	300x
Derive HYPE-PERP	+0.0016%	1h	93.775	−0.045%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.843	+0.028%	$322.9M	$278.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.243%	$214K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.950	+0.142%	$88.4M	$83.4M	100x	as long as short
Binance HYPEUSDT	+0.0054%	4h	93.834	+0.018%	$383.2M	$893.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.857	+0.043%	$116.0M	$314.6M	50x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.044%	$5.1M	$29.7M	30x	as long as short
Bluefin HYPE-PERP	+0.0077%	1h	93.786	−0.033%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.829	+0.013%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.821	+0.004%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.830	+0.014%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.805	−0.013%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.880	+0.067%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.830	+0.014%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.843	+0.027%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.880	+0.067%	$2.05B	$668.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.850	+0.035%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.898	+0.086%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.866	+0.052%	$227.3M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.809	−0.009%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.767	−0.053%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	−0.053%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.194%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.216%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.866	+0.052%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.869	+0.056%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.861	+0.047%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.881	+0.068%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.802	−0.016%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.082%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.883	+0.071%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.870	+0.056%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.760	−0.061%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0216%	4h	93.818	+0.001%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.868	+0.055%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0245%	8h	93.899	+0.087%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.820	+0.003%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.843	+0.027%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	94.000	+0.195%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0400%	1h	93.903	+0.092%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0673%	1h	93.890	+0.078%	$20.9M	$29.7M	50x	as long as short