Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0085%/8h= −9.3% APRpaid last 24h −0.014%

Price spread now: Aster against Bulk+0.010%7-day average −0.042% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$190.195% of the position

Long on Bulk Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now +0.010%, 7d avg −0.042%

Together, before fees0.000%+ Points / potential airdropAster: Stage 5 · farm board$0 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.052% dearer against Bulk than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.042%): +$5 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.0 days. At the pace of the last 3 days (−0.018% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.944	0.0100	pay 0.0013% / 1h	57m 50s	$205K	$6K	10x
Short	Aster HYPEUSDT	93.953	0.0015	get 0.0008% / 4h	3h 57m	$8.9M	$36.2M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bulk. 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 BulkbpFee AsterbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$17.84
Price spread: +0.010% → −0.042%: $5.21
Slippage, 4 orders: −$4.46
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$32.1
Costs to cover: 0.195%
Break-even: never at this rate

Slippage from Bulk: live order book, 16 min ago; Aster: live order book, 1 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 Bulk live order book, 16 min ago	0.53 bp	4.0 bp −$4	5.9 bp −$59	12.3 bp −$1,232	35.8 bp −$17.9K
Sell Aster live order book, 1 min ago	0.48 bp	5.0 bp −$5	5.5 bp −$55	11.1 bp −$1,114	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	−0.1416%	1h	93.956	+0.014%	$199K	$229K	7x	as long as short
dYdX HYPE-USD	−0.0717%	1h	93.909	−0.037%	$128K	$30K	5x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.855	−0.094%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0330%	1h	93.987	+0.046%	$22K	$22K	10x	as long as short
Bybit HYPEUSDT	−0.0152%	8h	93.920	−0.025%	$323.2M	$283.7M	75x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	93.967	+0.025%	$86K	$367K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0087%	1h	93.810	−0.142%	$705K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.955	+0.012%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.918	−0.027%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	93.966	+0.024%	$169K	$594K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.955	+0.013%	$23K	$329K	10x	as long as short
Bullet HYPE-USD	+0.0001%	1h	93.982	+0.041%	$112K	$579K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.014	+0.075%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.114	+0.181%	$218K	$1.2M	10x	as long as short
Aster HYPEUSDTshort	+0.0015%	4h	93.953	+0.010%	$8.9M	$36.2M	300x
Popdex HYPEUSDT	+0.0016%	1h	93.967	+0.025%	$60K	$1.2M	50x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.960	+0.018%	$383.8M	$899.0M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.961	+0.018%	$88.1M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0053%	4h	93.991	+0.051%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.006	+0.066%	$12.8M	$2.6M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	93.929	−0.016%	$116.0M	$322.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.032	+0.094%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.004	+0.064%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.019	+0.080%	$400K	$206K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.001	+0.061%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.040	+0.103%	$42K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.969	+0.028%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.070	+0.135%	$2.05B	$680.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.975	+0.033%	$10.1M	$14.6M	20x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.954	+0.011%	$44.3M	$58.4M	75x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.982	+0.041%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.968	+0.026%	$227.7M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.963	+0.021%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.007	+0.067%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.972	+0.031%	$31.4M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.052	+0.115%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.033	+0.095%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.016	+0.077%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.997	+0.056%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.990	+0.049%	$472K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.981	+0.040%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.035	+0.097%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.968	+0.026%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.944	long leg	$205K	$6K	10x
Extended HYPE-USD	+0.0104%	1h	93.940	−0.004%	$18.4M	$42.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.960	+0.017%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0163%	8h	93.993	+0.053%	$1.9M	$5.0M	2.3x	as long as short
BloFin HYPE-USDT	+0.0188%	4h	93.972	+0.030%	$17.0M	$12.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.990	+0.049%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.006	+0.066%	$2.8M	$6.9M	20x	as long as short
HTX HYPE-USDT	+0.0228%	4h	94.085	+0.150%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.957	+0.014%	$77K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.011	+0.071%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0377%	1h	94.083	+0.148%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.070	+0.134%	$21.0M	$29.5M	50x	as long as short