Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0090%/8h= +9.8% APRpaid last 24h +0.014%

Price spread now: Phemex against Aster+0.068%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$480.485% of the position

Long on Aster Short on Phemex

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)−0.206%−$21 · spread now +0.068%, 7d avg +0.020%

Together, before fees−0.163%+ Points / potential airdropAster: Stage 5 · farm board−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Phemex is 0.048% dearer against Aster than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.020%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	93.272	0.0010	pay 0.0005% / 4h	2h 09m	$8.9M	$35.8M	300x
Short	Phemex HYPEUSDT	93.335	0.0100	get 0.0100% / 8h	2h 09m	$12.7M	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.068%Rate

Funding earned: $18.89
Price spread: +0.068% → +0.020%: $4.8
Slippage, 4 orders: −$28.48
Fee Aster: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$24.79
Costs to cover: 0.485%
Break-even: 16.2 days

Slippage from Aster: live order book, 4 min ago; Phemex: 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	0.91 bp	4.9 bp −$5	5.3 bp −$53	11.0 bp −$1,097	doesn't fit
Sell Phemex live order book, 4 min ago	3.48 bp	18.0 bp −$18	34.8 bp −$348	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	−0.0920%	1h	93.381	+0.117%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0256%	1h	93.477	+0.220%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0236%	1h	93.410	+0.148%	$700K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.337	+0.070%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.322	+0.054%	$90K	$353K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.309	+0.040%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0015%	1h	93.304	+0.034%	$110K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.383	+0.119%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.327	+0.059%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.350	+0.084%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDTlong	+0.0010%	4h	93.272	long leg	$8.9M	$35.8M	300x
Gate HYPE_USDT	+0.0024%	4h	93.270	−0.002%	$43.9M	$57.7M	75x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.280	+0.009%	$324.9M	$287.2M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.305	+0.035%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0055%	4h	93.321	+0.053%	$163K	$539K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.605	+0.357%	$216K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0096%	1h	93.288	+0.017%	$2.0M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.319	+0.051%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.316	+0.047%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.330	+0.062%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.350	+0.084%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.305	+0.035%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.367	+0.102%	$2.03B	$670.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.322	+0.054%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.276	+0.005%	$385.1M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.250	−0.024%	$114.6M	$314.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.285	+0.014%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	+0.014%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.269	−0.003%	$93.1M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.291	+0.020%	$46.2M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.282	+0.011%	$226.7M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.266	−0.006%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.311	+0.042%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	−0.010%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.439	+0.179%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.307%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.346	+0.079%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.337	+0.070%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.295	+0.025%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.395	+0.132%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDTshort	+0.0100%	8h	93.335	+0.068%	$12.7M	$2.6M	50x
Vest HYPE-PERP	+0.0100%	1h	93.343	+0.076%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.265	−0.008%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.322	+0.054%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.397	+0.134%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.281%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.390	+0.127%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.304	+0.035%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.684%	$31K	$291K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0286%	1h	93.410	+0.148%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.487	+0.231%	$1.5M	$7.7M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.289	+0.018%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.343	+0.076%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.365	+0.100%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.397	+0.133%	$19.1M	$26.1M	50x	as long as short