Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0171%/8h= −18.7% APRpaid last 24h −0.058%

Price spread now: Aster against Reya+0.022%7-day average +0.003% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.031%−$3 on $10k

Price spread, last 4 days (all we have)−0.484%−$48 · spread now +0.022%, 7d avg +0.003%

Together, before fees−0.515%+ Points / potential airdropReya: Active · Aster: Stage 5 · farm board−$51 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.003%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	94.166	0.0271	pay 0.0034% / 1h	30m 15s	$82K	$105K	15x
Short	Aster HYPEUSDT	94.186	0.0100	get 0.0050% / 4h	3h 30m	$9.5M	$38.1M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Reya. 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 ReyabpFee AsterbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$35.95
Price spread: +0.022% → +0.003%: $1.85
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Aster: 4 bp × 2 orders: −$8
Net: −$48.1
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Aster: live order book, 4 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Aster live order book, 4 min ago	0.21 bp	8.1 bp −$8	8.3 bp −$83	17.6 bp −$1,764	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0816%	1h	94.297	+0.139%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0613%	1h	94.161	−0.005%	$79K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0294%	1h	94.498	+0.353%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0263%	1h	94.207	+0.043%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0188%	1h	94.230	+0.068%	$701K	$1.3M	10x	as long as short
Gate HYPE_USDT	−0.0114%	4h	94.199	+0.035%	$51.4M	$55.3M	75x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.223	+0.061%	$89K	$366K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.235	+0.073%	$1.0M	$3.4M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.253	+0.092%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.202	+0.038%	$18.8M	$35.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0040%	8h	94.210	+0.047%	$317.3M	$294.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.183	+0.018%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.298	+0.140%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.352	+0.198%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.232	+0.070%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.247	+0.086%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.289	+0.131%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.234	+0.073%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.230	+0.068%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.187	+0.022%	$226.6M	$98.5M	75x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.294	+0.136%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0043%	8h	94.295	+0.137%	$337K	$39K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0046%	8h	94.210	+0.047%	$117.5M	$327.0M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0057%	1h	94.263	+0.103%	$7.5M	$10.4M	20x	as long as short
SoDEX HYPE-USD	+0.0059%	1h	94.305	+0.148%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.360	+0.206%	$5.0M	$30.9M	30x	as long as short
Phemex HYPEUSDT	+0.0082%	8h	94.264	+0.104%	$12.9M	$2.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.201	+0.038%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.200	+0.036%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.232	+0.070%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	+0.089%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.238	+0.077%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.302	+0.144%	$2.07B	$689.1M	10x	as long as short
Aster HYPEUSDTshort	+0.0100%	4h	94.186	+0.022%	$9.5M	$38.1M	300x
Pacifica HYPE	+0.0100%	1h	94.289	+0.131%	$10.1M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.210	+0.047%	$379.4M	$933.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.423%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.219	+0.056%	$92.9M	$86.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.223	+0.061%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.206	+0.043%	—	$53.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	+0.174%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.507%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.293	+0.135%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.294	+0.136%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.316	+0.159%	$497K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.334	+0.178%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.400	+0.249%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.169	+0.003%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.279	+0.120%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.294	+0.135%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+1.066%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0164%	1h	94.286	+0.127%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERPlong	+0.0271%	1h	94.166	long leg	$82K	$105K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.269	+0.109%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.295	+0.137%	$17.2M	$12.5M	75x	as long as short