Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0083%/8h= −9.1% APRpaid last 24h −0.017%

Price spread now: Aster against Backpack−0.033%7-day average −0.253% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs+$3as in the Price arb table

costs, in and out, $10k−$190.189% of the position

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.090%−$9 on $10k

Price spread, last 7 days+0.488%+$49 · spread now −0.033%, 7d avg −0.253%

Together, before fees+0.398%+ Points / potential airdropAster: Stage 5 · farm board+$40 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.220% dearer against Backpack than usual: you sell high and buy low (spread −0.033% now, against its 7-day average of −0.253%): +$22 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 8.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.593	0.0100	pay 0.0013% / 1h	32m 52s	$7.9M	$11.7M	20x
Short	Aster HYPEUSDT	93.562	0.0017	get 0.0008% / 4h	2h 32m	$9.0M	$35.8M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$17.53
Price spread: −0.033% → −0.253%: $21.99
Slippage, 4 orders: −$0.86
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$14.39
Costs to cover: 0.189%
Break-even: from the start

Slippage from Backpack: live order book, 1 min ago; Aster: 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 Backpack live order book, 1 min ago	0.05 bp	5.1 bp −$5	6.5 bp −$65	79.8 bp −$7,982	doesn't fit
Sell Aster live order book, 6 min ago	0.38 bp	4.4 bp −$4	5.4 bp −$54	13.8 bp −$1,379	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	−0.1088%	1h	93.453	−0.149%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0268%	1h	93.482	−0.119%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0238%	1h	93.450	−0.153%	$701K	$940K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.587	−0.006%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.527	−0.071%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0033%	1h	93.551	−0.045%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	−0.032%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.565	−0.030%	$23K	$337K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	93.507	−0.092%	$16.4M	$7.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.590	−0.003%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDTshort	+0.0017%	4h	93.562	−0.033%	$9.0M	$35.8M	300x
Gate HYPE_USDT	+0.0032%	4h	93.554	−0.042%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.560	−0.035%	$326.0M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	−0.047%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0070%	4h	93.561	−0.034%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.550	−0.046%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.614	+0.023%	$18.6M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.581	−0.013%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.578	−0.016%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.560	−0.035%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.550	−0.045%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.643	+0.053%	$2.04B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.574	−0.021%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.565	−0.030%	$385.9M	$888.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.561	−0.034%	$114.9M	$315.8M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.533	−0.064%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.203%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.560	−0.035%	$92.9M	$82.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.581	−0.013%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.578	−0.016%	$227.3M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.551	−0.045%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.593	long leg	$7.9M	$11.7M	20x
Variational Omni HYPE	+0.0100%	8h	93.402	−0.204%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.500	−0.099%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.482	−0.119%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.503	−0.096%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.577	−0.017%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.588	−0.005%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.589	−0.004%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.611	+0.019%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.560	−0.035%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.549	−0.047%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.551	−0.045%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.577	−0.017%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.456	−0.146%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.588	−0.005%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0188%	1h	93.655	+0.066%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.620	+0.029%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.562	−0.033%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.710	+0.125%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0334%	4h	93.736	+0.153%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.588	−0.005%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.559	−0.036%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.617	+0.025%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.667	+0.079%	$19.2M	$25.9M	50x	as long as short