Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0003%/8h= +0.3% APRpaid last 24h +0.010%

Price spread now: Phemex against Aster−0.022%7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs−$45as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$490.486% of the position

Long on Aster Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 3 days (all we have)−0.025%−$3 · spread now −0.022%, 7d avg +0.018%

Together, before fees+0.014%+ Points / potential airdropAster: Stage 5 · farm board+$1 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.040% cheaper against Aster than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	93.351	−0.0034	get 0.0017% / 4h	2h 43m	$8.9M	$36.3M	300x
Short	Phemex HYPEUSDT	93.331	−0.0031	pay 0.0031% / 8h	6h 43m	$12.7M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.022%Rate

Funding earned: $0.55
Price spread: −0.022% → +0.018%: −$3.97
Slippage, 4 orders: −$28.64
Fee Aster: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$52.06
Costs to cover: 0.486%
Break-even: 666.8 days

Slippage from Aster: live order book, 6 min ago; Phemex: 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 Aster live order book, 6 min ago	0.91 bp	4.9 bp −$5	5.1 bp −$51	10.8 bp −$1,080	doesn't fit
Sell Phemex live order book, 5 min ago	4.61 bp	15.5 bp −$15	30.5 bp −$305	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	−0.1008%	1h	93.199	−0.163%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.199	−0.163%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0163%	1h	93.341	−0.011%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	93.340	−0.012%	$698K	$979K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0106%	1h	93.338	−0.014%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.366	+0.016%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.343	−0.009%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0078%	4h	93.317	−0.037%	$44.2M	$54.0M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	93.305	−0.050%	$156K	$652K	20x	as long as short
Aster HYPEUSDTlong	−0.0034%	4h	93.351	long leg	$8.9M	$36.3M	300x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDTshort	−0.0031%	8h	93.331	−0.022%	$12.7M	$2.7M	50x
Bluefin HYPE-PERP	−0.0009%	1h	93.343	−0.009%	$79K	$173K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.413	+0.066%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.352	+0.001%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.341	−0.012%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.330	−0.023%	$319.2M	$283.4M	75x	as long as short
BingX HYPE-USDT	+0.0018%	4h	93.331	−0.022%	—	$54.2M	—	as long as short
MEXC HYPE_USDT	+0.0040%	4h	93.350	−0.001%	$88.1M	$82.4M	100x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.343	−0.009%	$111K	$579K	20x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.362	+0.011%	$379.9M	$905.2M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.354	+0.003%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.266	−0.091%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	93.344	−0.008%	$115.0M	$315.2M	50x	as long as short
Derive HYPE-PERP	+0.0065%	1h	93.316	−0.038%	$16.2M	$7.6M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.370	+0.020%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.370	+0.020%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.383	+0.034%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.357	+0.006%	$65K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.426	+0.080%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.380	+0.031%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.356	+0.006%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.427	+0.081%	$2.04B	$675.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.375	+0.026%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.056%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.353	+0.002%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.362	+0.011%	$225.9M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.241	−0.119%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	−0.146%	$7.5M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.381	+0.032%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.321	−0.033%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.370	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.360	+0.009%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.280	−0.076%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.356	+0.005%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.302	−0.053%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.260	−0.098%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.130	−0.237%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.060%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.380	+0.031%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0249%	4h	93.500	+0.159%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.334	−0.019%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	93.383	+0.034%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.329	−0.024%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0585%	1h	93.470	+0.127%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.444	+0.099%	$20.8M	$30.0M	50x	as long as short