Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1772%/8h= +194.0% APRpaid last 24h +0.251%

Price spread now: Aster against Hibachi−0.004%7-day average +0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs+$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$680.682% of the position

Long on Hibachi Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+1.685%+$169 on $10k

Price spread, last 4 days (all we have)−1.135%−$113 · spread now −0.004%, 7d avg +0.055%

Together, before fees+0.551%+ Points / potential airdropHibachi: Active · Aster: Stage 5 · farm board+$55 on $10k · with fees, hour by hour

Funding pays, the price is against you. Aster is 0.060% cheaper against Hibachi than usual: you would sell low and buy high (spread −0.004% now, against its 7-day average of +0.055%). If the spread goes back, that is −$6 on $10k: about 3 hours of funding at the current rate (+$53 a day). At the pace of the last 7 days (+1.685% in total) that is about 6 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	94.413	−0.1672	get 0.0209% / 1h	11m 44s	$204K	$266K	7x
Short	Aster HYPEUSDT	94.409	0.0100	get 0.0050% / 4h	11m 44s	$8.8M	$37.1M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hibachi. 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 HibachibpFee AsterbpOrdersPrice spread, now −0.004%Rate

Funding earned: $372.12
Price spread: −0.004% → +0.055%: −$5.96
Slippage, 4 orders: −$51.17
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: $297.99
Costs to cover: 0.682%
Break-even: 1.4 days

Slippage from Hibachi: live order book, 27 min ago; Aster: live order book, 2 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 Hibachi live order book, 27 min ago	17.49 bp	34.1 bp −$34	54.2 bp −$542	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	1.06 bp	5.1 bp −$5	6.0 bp −$60	14.6 bp −$1,461	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-Plong	−0.1672%	1h	94.413	long leg	$204K	$266K	7x
Bluefin HYPE-PERP	−0.0393%	1h	94.351	−0.066%	$80K	$151K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.025%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0186%	1h	94.400	−0.014%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0166%	1h	94.421	+0.008%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.428	+0.016%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.442	+0.031%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.413	0.000%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0036%	1h	94.320	−0.099%	$16.4M	$7.4M	10x	as long as short
Bybit HYPEUSDT	−0.0021%	8h	94.402	−0.012%	$317.3M	$288.8M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0020%	4h	94.380	−0.035%	—	$52.8M	—	as long as short
Lighter HYPE	−0.0016%	1h	94.424	+0.012%	$16.4M	$64.6M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.355	−0.062%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.388	−0.027%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.507	+0.099%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	+0.121%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.422	+0.009%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.410	−0.003%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0014%	1h	94.443	+0.032%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	94.419	+0.006%	$226.6M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	94.376	−0.039%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0038%	8h	94.449	+0.038%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0048%	1h	94.495	+0.086%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0054%	1h	94.375	−0.040%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.420	+0.007%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.394	−0.020%	$117.7M	$325.2M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.403	−0.010%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0090%	4h	94.370	−0.046%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.418	+0.005%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.416	+0.003%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.400	−0.014%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.412	−0.002%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.492	+0.083%	$2.08B	$688.7M	10x	as long as short
Aster HYPEUSDTshort	+0.0100%	4h	94.409	−0.004%	$8.8M	$37.1M	300x
Pacifica HYPE	+0.0100%	1h	94.444	+0.032%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.410	−0.003%	$378.6M	$932.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.113%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.388	−0.027%	$89.6M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.370	−0.046%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.344	−0.073%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.024%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.449	+0.038%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.394	−0.020%	$353K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.454	+0.043%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.493	+0.085%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.512	+0.105%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.365	−0.051%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.364	−0.052%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.434	+0.022%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.346%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.408	−0.005%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0237%	1h	94.467	+0.057%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.446	+0.035%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.398	−0.016%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.436	+0.024%	$17.1M	$12.4M	75x	as long as short