Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0139%/8h= +15.2% APRpaid last 24h +0.057%

Price spread now: Deribit against Aster+0.069%7-day average +0.054% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$210.208% of the position

Long on Aster Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 4 days (all we have)−0.050%−$5 · spread now +0.069%, 7d avg +0.054%

Together, before fees−0.029%+ Points / potential airdropAster: Stage 5 · farm board−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.054%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	94.117	0.0100	pay 0.0050% / 4h	2h 15m	$8.8M	$36.5M	300x
Short	Deribit HYPE_USDC-PERPETUAL	94.182	0.0239	get 0.0030% / 1h	15m 05s	$7.5M	$4.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Aster. 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 AsterbpFee DeribitbpOrdersPrice spread, now +0.069%Rate

Funding earned: $29.19
Price spread: +0.069% → +0.054%: $1.52
Slippage, 4 orders: −$5.82
Fee Aster: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $9.89
Costs to cover: 0.208%
Break-even: 4.6 days

Slippage from Aster: live order book, 4 min ago; Deribit: live order book, 4 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 Aster live order book, 4 min ago	0.05 bp	4.1 bp −$4	4.2 bp −$42	8.5 bp −$854	doesn't fit
Sell Deribit live order book, 4 min ago	0.53 bp	5.9 bp −$6	13.8 bp −$138	doesn't fit	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	−0.1328%	1h	94.084	−0.035%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0396%	1h	93.861	−0.272%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.117	0.000%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0021%	1h	94.103	−0.016%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.069	−0.051%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.106	−0.012%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.126	+0.009%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.112	−0.006%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.110	−0.008%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.055	−0.066%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0018%	4h	94.106	−0.012%	$227.0M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.087	−0.032%	$319.2M	$284.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	+0.060%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	94.117	0.000%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0068%	1h	94.080	−0.040%	$709K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.117	0.000%	$5.0M	$30.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.142	+0.027%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.115	−0.002%	$16.3M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.114	−0.003%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.108	−0.010%	$71K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	−0.071%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.059	−0.061%	$7.3M	$48.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.182	+0.069%	$2.06B	$675.3M	10x	as long as short
Aster HYPEUSDTlong	+0.0100%	4h	94.117	long leg	$8.8M	$36.5M	300x
Pacifica HYPE	+0.0100%	1h	94.141	+0.025%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.112	−0.005%	$377.8M	$919.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.108	−0.010%	$116.2M	$315.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.807%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.090	−0.029%	$48.0M	$55.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.110	−0.008%	$90.4M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.110	−0.008%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.096	−0.023%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.130	+0.014%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.099	−0.019%	$28.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.147%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.161	+0.047%	$345K	$994K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.161	+0.047%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.171	+0.058%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.103	−0.015%	$494K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.107	−0.011%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.085	−0.034%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.167	+0.053%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.111	−0.007%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.246	+0.137%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.086	−0.034%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.092	−0.027%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	94.154	+0.039%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.180	+0.067%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.140	+0.024%	$4.7M	$6.0M	50x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0239%	1h	94.182	+0.069%	$7.5M	$4.1M	50x
Reya HYPERUSDPERP	+0.0270%	1h	94.103	−0.015%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.106	−0.011%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.195	+0.083%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.105	−0.013%	$16.8M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.149	+0.033%	$3.2M	$6.3M	20x	as long as short