Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0078%/8h= −8.6% APRpaid last 24h −0.008%

Price spread now: Aster against Bullet+0.028%7-day average −0.031% · 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−$17as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Bullet Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.005%$0 on $10k

Price spread, last 4 days (all we have)−1.205%−$121 · spread now +0.028%, 7d avg −0.031%

Together, before fees−1.210%+ Points / potential airdropAster: Stage 5 · farm board−$121 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.059% dearer against Bullet than usual: you sell high and buy low (spread +0.028% now, against its 7-day average of −0.031%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.5 days. At the pace of the last 3 days (−0.005% in total) that is about 43 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	93.425	0.0075	pay 0.0009% / 1h	4m 10s	$112K	$578K	20x
Short	Aster HYPEUSDT	93.451	−0.0003	pay 0.0002% / 4h	2h 04m	$8.8M	$35.7M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bullet. 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 BulletbpFee AsterbpOrdersPrice spread, now +0.028%Rate

Funding earned: −$16.47
Price spread: +0.028% → −0.031%: $5.87
Slippage, 4 orders: −$7.18
Fee Bullet: 4 bp × 2 orders: −$8
Fee Aster: 4 bp × 2 orders: −$8
Net: −$33.78
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Bullet: live order book, 65 min ago; Aster: 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 Bullet live order book, 65 min ago	0.64 bp	6.4 bp −$6	12.3 bp −$123	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	0.43 bp	4.5 bp −$4	4.8 bp −$48	13.2 bp −$1,322	doesn't fit

HYPE on 54 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	−0.1120%	1h	93.308	−0.125%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.352	−0.078%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.347	−0.083%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0075%	8h	93.388	−0.040%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0061%	1h	93.330	−0.102%	$699K	$905K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.381	−0.047%	$156K	$640K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.501	+0.081%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0034%	1h	93.481	+0.060%	$22K	$21K	10x	as long as short
Aster HYPEUSDTshort	−0.0003%	4h	93.451	+0.028%	$8.8M	$35.7M	300x
dYdX HYPE-USD	0.0000%	1h	93.389	−0.038%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.485	+0.064%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.438	+0.014%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.395	−0.032%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0013%	1h	93.393	−0.034%	$7.4M	$10.4M	20x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.380	−0.048%	$320.3M	$276.9M	75x	as long as short
Gate HYPE_USDT	+0.0018%	4h	93.403	−0.024%	$44.3M	$55.4M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	−0.001%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.407	−0.019%	$88.2M	$83.5M	100x	as long as short
Bullet HYPE-USDlong	+0.0075%	1h	93.425	long leg	$112K	$578K	20x
Binance HYPEUSDT	+0.0076%	4h	93.434	+0.010%	$380.1M	$880.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.410	−0.016%	$114.7M	$302.9M	50x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.295	−0.139%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.433	+0.009%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.423	−0.002%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.480	+0.059%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.412	−0.014%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.459	+0.036%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	+0.070%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.422	−0.003%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.506	+0.087%	$2.04B	$657.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.445	+0.021%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.096%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.416	−0.010%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.397	−0.030%	$226.0M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	−0.082%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	−0.036%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	−0.091%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.370	−0.059%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.484	+0.063%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.475	+0.054%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.370	−0.059%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.367	−0.062%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.524	+0.106%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.401	−0.026%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.369	−0.060%	$18.3M	$43.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	−0.016%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.808%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0194%	4h	93.600	+0.187%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.559	+0.143%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.426	+0.001%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.460	+0.037%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.429	+0.005%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0382%	1h	93.477	+0.056%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.474	+0.052%	$20.8M	$29.8M	50x	as long as short