Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h −0.029%

Price spread now: Ondo Perps against Aster−0.019%57s7-day average +0.017% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aster Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.116%−$12 on $10k

Price spread, last 7 days−0.347%−$35 · spread now −0.019%, 7d avg +0.017%

Together, before fees−0.463%+ Points / potential airdropAster: Stage 5 · Ondo Perps: Active · farm board−$46 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Ondo Perps is 0.036% cheaper against Aster than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.017%). Swap the legs. The two prices were read 57 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	Aster HYPEUSDT	95.168	−0.0060	get 0.0030% / 4h	1h 27m	$9.0M	$32.7M	300x
Short	Ondo Perps HYPE-USD.P	95.150	−0.0139	pay 0.0017% / 1h	27m 49s	$687K	$1.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Aster. 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 AsterbpFee Ondo PerpsbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$16.74
Price spread: −0.019% → +0.017%: −$3.6
Slippage, 4 orders: no order book: not counted
Fee Aster: 4 bp × 2 orders: −$8
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$33.34
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Aster: live order book, 4 min ago; Ondo Perps: no order-book sample. Net counts fees only.

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	0.63 bp	4.6 bp −$5	5.5 bp −$55	14.8 bp −$1,475	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 54 exchanges

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
Phemex HYPEUSDT	−0.0271%	8h	95.157	−0.012%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.224	+0.058%	$18.5M	$35.0M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0192%	1h	95.189	+0.022%	$22K	$17K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0144%	1h	95.345	+0.186%	$218K	$275K	7x	as long as short
Ondo Perps HYPE-USD.Pshort	−0.0139%	1h	95.150	−0.019%	$687K	$1.3M	10x
Arcus HYPE-USD	−0.0130%	1h	95.205	+0.039%	$1.0M	$2.4M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.199	+0.032%	$102K	$344K	20x	as long as short
Bullet HYPE-USD	−0.0086%	1h	95.182	+0.014%	$113K	$580K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.197	+0.030%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0078%	4h	95.164	−0.005%	$55.3M	$53.6M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0060%	1h	95.195	+0.028%	$79K	$134K	20x	as long as short
Aster HYPEUSDTlong	−0.0060%	4h	95.168	long leg	$9.0M	$32.7M	300x
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.220	+0.054%	$4.7M	$5.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	95.176	+0.008%	$148K	$642K	20x	as long as short
Lighter HYPE	−0.0040%	1h	95.145	−0.025%	$16.5M	$58.1M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0023%	8h	95.120	−0.051%	$119.0M	$303.2M	50x	as long as short
ApeX Omni HYPEUSDT	−0.0017%	1h	95.150	−0.019%	$342K	$901K	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.062	−0.112%	$202K	$1.1M	10x	as long as short
Bitget HYPEUSDT	−0.0004%	4h	95.142	−0.028%	$228.7M	$85.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	95.245	+0.080%	$24K	$250K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.275	+0.112%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.220	+0.054%	$114K	—	150x	as long as short
Popdex HYPEUSDT	+0.0016%	1h	95.206	+0.040%	$275K	$1.0M	50x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	95.140	−0.030%	$321.6M	$263.7M	75x	as long as short
dYdX HYPE-USD	+0.0036%	1h	95.223	+0.058%	$128K	$94K	5x	as long as short
edgeX HYPEUSDC	+0.0048%	4h	95.101	−0.071%	$5.1M	$28.8M	30x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	95.142	−0.028%	$90.0M	$84.0M	100x	as long as short
BingX HYPE-USDT	+0.0058%	4h	95.167	−0.001%	—	$48.9M	—	as long as short
Binance HYPEUSDT	+0.0058%	4h	95.160	−0.009%	$382.7M	$849.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0084%	8h	95.161	−0.007%	$340K	$30K	20x	as long as short
StandX HYPE-USD	+0.0090%	1h	95.176	+0.008%	$692K	$2.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.175	+0.007%	$3.4M	$10.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.204	+0.038%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.220	+0.054%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.175	+0.007%	$7.3M	$50.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.181	+0.014%	$10.3M	$13.1M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.174	+0.006%	$230K	$17K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.154	−0.015%	$47.6M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.149	−0.020%	$7.0M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.093	−0.080%	$29.6M	$52.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.129	−0.041%	$7.7M	$40.5M	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.254	+0.090%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.219	+0.053%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.246	+0.082%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.207	+0.041%	$2.1M	$334K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.298	+0.136%	$1.4M	$5.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.137	−0.033%	$18.3M	$39.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0128%	8h	95.279	+0.116%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.254	+0.090%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0197%	1h	95.283	+0.120%	$2.11B	$646.1M	10x	as long as short
BloFin HYPE-USDT	+0.0230%	4h	95.206	+0.040%	$17.4M	$11.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	95.141	−0.028%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.255	+0.091%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.349%	$31K	$334K	12x	as long as short