Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0025%/8h= +2.7% APRpaid last 24h +0.034%

Price spread now: Phoenix against Aster+0.180%7-day average +0.112% · you sell dearer than you buy

Net, funding: paid 7d − costs+$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$14as in the Price arb table

costs, in and out, $10k−$210.212% of the position

Long on Aster Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.305%+$30 on $10k

Price spread, last 7 days−0.063%−$6 · spread now +0.180%, 7d avg +0.112%

Together, before fees+0.241%+ Points / potential airdropAster: Stage 5 · farm board+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.068% dearer against Aster than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.112%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	93.876	0.0009	pay 0.0004% / 4h	3h 07m	$8.9M	$36.0M	300x
Short	Phoenix HYPE	94.045	0.0034	get 0.0004% / 1h	7m 06s	$214K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.180%Rate

Funding earned: $5.26
Price spread: +0.180% → +0.112%: $6.8
Slippage, 4 orders: −$6.17
Fee Aster: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$9.1
Costs to cover: 0.212%
Break-even: 19.1 days

Slippage from Aster: live order book, 2 min ago; Phoenix: live order book, 6 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, 2 min ago	0.90 bp	4.9 bp −$5	5.1 bp −$51	10.6 bp −$1,058	doesn't fit
Sell Phoenix live order book, 6 min ago	1.17 bp	5.7 bp −$6	9.3 bp −$93	113.6 bp −$11.4K	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	−0.1152%	1h	93.929	+0.056%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.779	−0.103%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0207%	1h	93.950	+0.079%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0097%	1h	93.860	−0.017%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0085%	1h	93.911	+0.038%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.865	−0.012%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.895	+0.020%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0054%	8h	93.917	+0.044%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0049%	1h	93.849	−0.029%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0032%	4h	93.846	−0.032%	$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	−0.0016%	4h	93.862	−0.015%	$44.4M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.909	+0.035%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.886	+0.011%	$27K	—	150x	as long as short
Aster HYPEUSDTlong	+0.0009%	4h	93.876	long leg	$8.9M	$36.0M	300x
Derive HYPE-PERP	+0.0010%	1h	93.817	−0.063%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.850	−0.028%	$323.0M	$279.0M	75x	as long as short
Phoenix HYPEshort	+0.0034%	1h	94.045	+0.180%	$214K	$1.2M	10x
Binance HYPEUSDT	+0.0054%	4h	93.865	−0.011%	$383.3M	$893.7M	75x	as long as short
edgeX HYPEUSDC	+0.0055%	4h	94.001	+0.133%	$5.1M	$29.7M	30x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.867	−0.010%	$88.4M	$83.3M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0072%	8h	93.835	−0.044%	$116.0M	$314.8M	50x	as long as short
Bluefin HYPE-PERP	+0.0088%	1h	93.848	−0.030%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.900	+0.026%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.886	+0.011%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.864	−0.013%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.840	−0.038%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.921	+0.048%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	+0.015%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.874	−0.003%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.928	+0.055%	$2.05B	$668.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.923	+0.050%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.885	+0.010%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.870	−0.006%	$227.3M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.861	−0.016%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.818	−0.062%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	+0.046%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.131%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.153%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.897	+0.022%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.913	+0.040%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.898	+0.023%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.917	+0.044%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.871	−0.005%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.019%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.849	−0.029%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.900	+0.026%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.810	−0.070%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0218%	4h	93.919	+0.046%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.915	+0.042%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	93.947	+0.076%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.857	−0.020%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.886	+0.010%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	94.069	+0.206%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0410%	1h	93.963	+0.093%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.955	+0.084%	$20.9M	$29.8M	50x	as long as short