Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0059%/8h= −6.4% APRpaid last 24h −0.014%

Price spread now: Aster against Phemex−0.033%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$490.490% of the position

Long on Phemex Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.044%−$4 on $10k

Price spread, last 3 days (all we have)+0.049%+$5 · spread now −0.033%, 7d avg −0.019%

Together, before fees+0.006%+ Points / potential airdropAster: Stage 5 · farm board+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.019%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.537	0.0070	pay 0.0070% / 8h	25m 48s	$12.7M	$2.6M	50x
Short	Aster HYPEUSDT	93.506	0.0011	get 0.0006% / 4h	25m 48s	$8.9M	$36.0M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phemex. 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 PhemexbpFee AsterbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$12.29
Price spread: −0.033% → −0.019%: −$1.46
Slippage, 4 orders: −$28.95
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$62.7
Costs to cover: 0.490%
Break-even: never at this rate

Slippage from Phemex: 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 Phemex live order book, 3 min ago	5.45 bp	19.3 bp −$19	34.5 bp −$345	doesn't fit	doesn't fit
Sell Aster live order book, 3 min ago	0.05 bp	5.2 bp −$5	5.9 bp −$59	13.9 bp −$1,388	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	−0.0904%	1h	93.545	+0.008%	$198K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0376%	1h	93.683	+0.156%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.480	−0.061%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.592	+0.059%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0070%	1h	93.550	+0.014%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.525	−0.013%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.462	−0.080%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.492	−0.048%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.577	+0.043%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.540	+0.003%	$166K	$583K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.554	+0.018%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	+0.160%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDTshort	+0.0011%	4h	93.506	−0.033%	$8.9M	$36.0M	300x
Bybit HYPEUSDT	+0.0018%	8h	93.437	−0.107%	$321.1M	$283.3M	75x	as long as short
Binance HYPEUSDT	+0.0052%	4h	93.439	−0.105%	$381.8M	$896.0M	75x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.482	−0.059%	$87.5M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	+0.105%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDTlong	+0.0070%	8h	93.537	long leg	$12.7M	$2.6M	50x
Gate HYPE_USDT	+0.0084%	4h	93.489	−0.051%	$43.9M	$59.5M	75x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.531	−0.007%	$113K	$577K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.501	−0.039%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.458	−0.084%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.545	+0.009%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.527	−0.011%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.597	+0.064%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.540	+0.003%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.605	+0.073%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.485	−0.056%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.428	−0.117%	$115.1M	$319.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	+0.094%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.492	−0.048%	$46.3M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.447	−0.096%	$226.4M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.500	−0.040%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.521	−0.017%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	+0.040%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.101%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.646	+0.117%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.611	+0.079%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.603	+0.071%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.560	+0.025%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.510	−0.029%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.567	+0.032%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.511	−0.028%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.933%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.473	−0.068%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.660	+0.131%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.550	+0.014%	$4.9M	$5.7M	50x	as long as short
Hyperliquid HYPE	+0.0199%	1h	93.502	−0.037%	$2.03B	$676.9M	10x	as long as short
HTX HYPE-USDT	+0.0211%	4h	93.712	+0.187%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0229%	4h	93.600	+0.067%	$17.1M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.529	−0.008%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.601	+0.069%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.549	+0.013%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0381%	1h	93.619	+0.088%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0580%	1h	93.608	+0.076%	$20.9M	$29.5M	50x	as long as short