Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0713%/8h= −78.0% APRpaid last 24h −0.028%

Price spread now: Aster against Kraken Futures−0.116%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$250.255% of the position

Long on Kraken Futures Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.123%−$12 on $10k

Price spread, last 3 days (all we have)+0.136%+$14 · spread now −0.116%, 7d avg −0.046%

Together, before fees+0.012%+ Points / potential airdropAster: Stage 5 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Aster is 0.070% cheaper against Kraken Futures than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.046%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.123% in total (about -6.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_HYPEUSD	93.248	0.0684	pay 0.0085% / 1h	42m 07s	$20.8M	$30.0M	50x
Short	Aster HYPEUSDT	93.140	−0.0029	pay 0.0014% / 4h	2h 42m	$8.8M	$36.2M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Kraken Futures. 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 Kraken FuturesbpFee AsterbpOrdersPrice spread, now −0.116%Rate

Funding earned: −$149.66
Price spread: −0.116% → −0.046%: −$6.97
Slippage, 4 orders: −$7.49
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$182.12
Costs to cover: 0.255%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 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 Kraken Futures live order book, 2 min ago	0.86 bp	8.9 bp −$9	12.6 bp −$126	18.8 bp −$1,881	68.7 bp −$34.4K
Sell Aster live order book, 2 min ago	0.27 bp	4.3 bp −$4	4.8 bp −$48	11.6 bp −$1,161	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	−0.0976%	1h	93.346	+0.105%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.001	−0.265%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0163%	1h	93.316	+0.074%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0133%	1h	93.340	+0.099%	$698K	$979K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0100%	1h	93.147	−0.108%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.140	−0.116%	$84K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.127	−0.130%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0078%	4h	93.116	−0.141%	$44.1M	$54.1M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.107	−0.151%	$155K	$652K	20x	as long as short
Aster HYPEUSDTshort	−0.0029%	4h	93.140	−0.116%	$8.8M	$36.2M	300x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0023%	1h	93.083	−0.177%	$79K	$173K	20x	as long as short
Phemex HYPEUSDT	−0.0023%	8h	93.218	−0.032%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.166	−0.088%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.145	−0.111%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.129	−0.128%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0007%	8h	93.160	−0.094%	$318.5M	$283.5M	75x	as long as short
BingX HYPE-USDT	+0.0011%	4h	93.190	−0.062%	—	$54.2M	—	as long as short
Bullet HYPE-USD	+0.0038%	1h	93.099	−0.160%	$111K	$579K	20x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.171	−0.082%	$87.8M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.163	−0.091%	$379.1M	$905.3M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.354	+0.114%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.266	+0.020%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	93.189	−0.063%	$114.7M	$314.9M	50x	as long as short
Derive HYPE-PERP	+0.0065%	1h	93.091	−0.168%	$16.2M	$7.6M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.094	−0.164%	$396K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.201	−0.050%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.181	−0.072%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.178	−0.075%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.133	−0.123%	$65K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.160	−0.094%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.138	−0.117%	$6.5M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.229	−0.020%	$2.03B	$675.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.153	−0.102%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.167%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.178	−0.075%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.193	−0.059%	$225.5M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.241	−0.008%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	−0.035%	$7.5M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.381	+0.143%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.389	+0.151%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.206	−0.045%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.162	−0.092%	$466K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.178	−0.075%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.155	−0.100%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.103	−0.156%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.240	−0.008%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.330	+0.088%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.171%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.177	−0.076%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0241%	4h	93.300	+0.056%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.133	−0.123%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0260%	8h	93.223	−0.027%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.137	−0.119%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0437%	1h	93.225	−0.024%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0684%	1h	93.248	long leg	$20.8M	$30.0M	50x