Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0174%/8h= −19.1% APRpaid last 24h −0.060%

Price spread now: Aster against Deribit−0.076%7-day average −0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$230.226% of the position

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.023%−$2 on $10k

Price spread, last 4 days (all we have)+0.074%+$7 · spread now −0.076%, 7d avg −0.054%

Together, before fees+0.051%+ Points / potential airdropAster: Stage 5 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Aster is 0.021% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.054%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.582	0.0274	pay 0.0034% / 1h	30m 56s	$7.5M	$4.2M	50x
Short	Aster HYPEUSDT	93.511	0.0100	get 0.0050% / 4h	1h 30m	$8.8M	$37.1M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now −0.076%Rate

Funding earned: −$36.54
Price spread: −0.076% → −0.054%: −$2.15
Slippage, 4 orders: −$7.61
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$61.3
Costs to cover: 0.226%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Aster: live order book, 3 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 Deribit live order book, 3 min ago	0.37 bp	5.4 bp −$5	9.8 bp −$98	doesn't fit	doesn't fit
Sell Aster live order book, 3 min ago	0.05 bp	4.4 bp −$4	5.1 bp −$51	11.5 bp −$1,150	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	93.437	−0.155%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0191%	1h	93.489	−0.100%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0089%	1h	93.482	−0.107%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0082%	1h	93.380	−0.216%	$703K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.456	−0.135%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.532	−0.053%	$86K	$369K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.467	−0.123%	$145K	$685K	20x	as long as short
Bluefin HYPE-PERP	−0.0020%	1h	93.490	−0.098%	$79K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.437	−0.155%	$128K	$26K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.483	−0.106%	$20K	$290K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0002%	8h	93.490	−0.098%	$315.5M	$287.8M	75x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.520	−0.066%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.494	−0.094%	—	$53.5M	—	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.299%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.508	−0.079%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	93.501	−0.087%	$225.3M	$99.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0076%	8h	93.459	−0.131%	$334K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.477	−0.112%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	93.440	−0.151%	$5.0M	$30.6M	30x	as long as short
Phemex HYPEUSDT	+0.0091%	8h	93.495	−0.093%	$12.8M	$2.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.489	−0.099%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.493	−0.095%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.499	−0.089%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	−0.109%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.495	−0.093%	$7.5M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.579	−0.003%	$2.05B	$682.4M	10x	as long as short
Aster HYPEUSDTshort	+0.0100%	4h	93.511	−0.076%	$8.8M	$37.1M	300x
Pacifica HYPE	+0.0100%	1h	93.486	−0.103%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.518	−0.068%	$374.2M	$929.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.485	−0.104%	$115.4M	$314.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.507	−0.080%	$48.6M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.514	−0.073%	$90.4M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.501	−0.087%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.521	−0.065%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.339	−0.260%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.469	−0.121%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.494	−0.094%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.466	−0.124%	$677K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.528	−0.057%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.510	−0.077%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.564	−0.019%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.489	−0.099%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.546	−0.038%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.154%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.477	−0.112%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.485	−0.103%	$395K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	93.475	−0.114%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.490	−0.098%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.515	−0.071%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.460	−0.130%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.476	−0.113%	$77K	$129K	15x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0274%	1h	93.582	long leg	$7.5M	$4.2M	50x
BloFin HYPE-USDT	+0.0340%	4h	93.489	−0.099%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0416%	1h	93.566	−0.017%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.547	−0.037%	$3.2M	$6.4M	20x	as long as short