Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0144%/8h= +15.8% APRpaid last 24h −0.032%

Price spread now: Aster against Bluefin+0.005%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$390.391% of the position

Long on Bluefin Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.073%+$7 on $10k

Price spread, last 4 days (all we have)+0.047%+$5 · spread now +0.005%, 7d avg −0.002%

Together, before fees+0.120%+ Points / potential airdropAster: Stage 5 · farm board+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, 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	Bluefin HYPE-PERP	94.207	−0.0044	get 0.0006% / 1h	5m 44s	$80K	$155K	20x
Short	Aster HYPEUSDT	94.211	0.0100	get 0.0050% / 4h	1h 05m	$8.8M	$37.2M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Bluefin. 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 BluefinbpFee AsterbpOrdersPrice spread, now +0.005%Rate

Funding earned: $30.32
Price spread: +0.005% → −0.002%: $0.67
Slippage, 4 orders: −$24.12
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$8.13
Costs to cover: 0.391%
Break-even: 8.9 days

Slippage from Bluefin: live order book, 38 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 Bluefin live order book, 38 min ago	3.63 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Aster live order book, 3 min ago	0.90 bp	4.9 bp −$5	5.3 bp −$53	12.0 bp −$1,204	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	−0.1128%	1h	94.272	+0.069%	$200K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0158%	1h	94.319	+0.119%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0097%	1h	94.310	+0.109%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.373	+0.176%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0066%	1h	94.278	+0.075%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	94.351	+0.153%	$87K	$366K	20x	as long as short
Bluefin HYPE-PERPlong	−0.0044%	1h	94.207	long leg	$80K	$155K	20x
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.246	+0.041%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0006%	8h	94.160	−0.050%	$317.2M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0004%	4h	94.173	−0.036%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.178	−0.030%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.399	+0.204%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.421	+0.227%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.303	+0.102%	$117K	—	150x	as long as short
Derive HYPE-PERP	+0.0003%	1h	94.317	+0.117%	$16.4M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	+0.017%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.173	−0.036%	$226.7M	$99.9M	75x	as long as short
Phemex HYPEUSDT	+0.0053%	8h	94.294	+0.092%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0071%	8h	94.380	+0.184%	$337K	$156K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.328	+0.128%	$1.0M	$3.5M	10x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	94.169	−0.040%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	94.165	−0.045%	$117.0M	$321.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.199	−0.009%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.211	+0.004%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.317	+0.117%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.360	+0.162%	$15K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.315	+0.115%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.294	+0.092%	$2.07B	$688.2M	10x	as long as short
Aster HYPEUSDTshort	+0.0100%	4h	94.211	+0.005%	$8.8M	$37.2M	300x
Pacifica HYPE	+0.0100%	1h	94.365	+0.168%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.173	−0.036%	$376.9M	$932.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	−0.026%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.166	−0.044%	$49.3M	$57.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.168	−0.041%	$89.8M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.234	+0.029%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.234	+0.029%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	+0.033%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.264	+0.061%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.207	0.000%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.384	+0.188%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.403	+0.208%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.353	+0.155%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.380	+0.184%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.251	+0.047%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.437	+0.244%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.184	−0.025%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.379	+0.182%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.300	+0.099%	$4.7M	$6.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0142%	1h	94.331	+0.132%	$7.5M	$4.3M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.468	+0.277%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.310	+0.109%	$30K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.269	+0.066%	$83K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.367	+0.170%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.323	+0.123%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.355	+0.157%	$3.2M	$6.4M	20x	as long as short