Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0265%/8h= −29.0% APRpaid last 24h −0.026%

Price spread now: Aster against Deribit−0.072%7-day average −0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$220.218% of the position

Long on Deribit Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%$0 on $10k

Price spread, last 3 days (all we have)+0.053%+$5 · spread now −0.072%, 7d avg −0.052%

Together, before fees+0.058%+ Points / potential airdropAster: Stage 5 · farm board+$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Aster is 0.021% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.052%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.005% in total (about 0.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	94.244	0.0302	pay 0.0038% / 1h	49m 03s	$7.4M	$4.5M	50x
Short	Aster HYPEUSDT	94.176	0.0037	get 0.0018% / 4h	49m 03s	$8.9M	$35.8M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Deribit. 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 DeribitbpFee AsterbpOrdersPrice spread, now −0.072%Rate

Funding earned: −$55.68
Price spread: −0.072% → −0.052%: −$2.06
Slippage, 4 orders: −$6.78
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Aster: 4 bp × 2 orders: −$8
Net: −$79.53
Costs to cover: 0.218%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Aster: live order book, 5 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 Deribit live order book, 5 min ago	1.75 bp	5.7 bp −$6	9.9 bp −$99	doesn't fit	doesn't fit
Sell Aster live order book, 5 min ago	0.21 bp	4.2 bp −$4	4.8 bp −$48	11.3 bp −$1,135	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	−0.0608%	1h	94.035	−0.222%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0460%	1h	93.968	−0.293%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.042	−0.214%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.129	−0.122%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	−0.161%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.114	−0.138%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.180	−0.068%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.176	−0.072%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0013%	4h	94.134	−0.117%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.210	−0.036%	$325.0M	$281.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDTshort	+0.0037%	4h	94.176	−0.072%	$8.9M	$35.8M	300x
Ondo Perps HYPE-USD.P	+0.0059%	1h	94.020	−0.238%	$704K	$907K	10x	as long as short
Phemex HYPEUSDT	+0.0062%	8h	94.101	−0.152%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.165	−0.084%	$44.3M	$58.1M	75x	as long as short
Binance HYPEUSDT	+0.0076%	4h	94.184	−0.064%	$385.9M	$888.5M	75x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	94.169	−0.080%	$88.0M	$80.9M	100x	as long as short
01 Exchange HYPEUSD	+0.0080%	1h	94.124	−0.127%	$86K	$364K	20x	as long as short
Derive HYPE-PERP	+0.0095%	1h	94.085	−0.168%	$16.5M	$6.9M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.085	−0.169%	$5.1M	$29.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.209	−0.037%	$19.1M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.183	−0.065%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.135	−0.116%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.144	−0.107%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.120	−0.132%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.109	−0.143%	$5.8M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.152	−0.098%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.215	−0.031%	$116.1M	$318.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.158%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.173	−0.075%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.181	−0.067%	$228.1M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.156	−0.093%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.193	−0.054%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.073	−0.181%	$32.2M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.128	−0.123%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.127	−0.124%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.082	−0.172%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.169	−0.080%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.190	−0.057%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.160	−0.089%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.128	−0.123%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.193	−0.054%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.160	−0.089%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.090	−0.163%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.143	−0.108%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.166	−0.083%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.192	−0.055%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.190	−0.057%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0231%	4h	94.317	+0.077%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.160	−0.090%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.166	−0.083%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0302%	1h	94.244	long leg	$7.4M	$4.5M	50x
BloFin HYPE-USDT	+0.0303%	4h	94.117	−0.135%	$17.0M	$12.3M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0341% / S −0.0165%	1h	94.145	−0.105%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.256	+0.013%	$21.1M	$29.1M	50x	as long as short
Hyperliquid HYPE	+0.0717%	1h	94.231	−0.014%	$2.05B	$667.1M	10x	as long as short