Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.1308%/8h= +143.2% APRpaid last 24h +0.192%

Price spread now: Aster against Hibachi+0.207%55s7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs+$88as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$680.679% of the position

Long on Hibachi Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+1.555%+$156 on $10k

Price spread, last 3 days (all we have)−0.723%−$72 · spread now +0.207%, 7d avg +0.057%

Together, before fees+0.833%+ Points / potential airdropHibachi: Active · Aster: Stage 5 · farm board+$83 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$39 a day on $10k at the current rate, and Aster is 0.150% dearer against Hibachi than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.057%. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.024	−0.1304	get 0.0163% / 1h	38m 34s	$196K	$236K	7x
Short	Aster HYPEUSDT	93.216	0.0004	get 0.0002% / 4h	3h 38m	$8.9M	$36.2M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hibachi. 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 HibachibpFee AsterbpOrdersPrice spread, now +0.207%Rate

Funding earned: $274.64
Price spread: +0.207% → +0.057%: $14.99
Slippage, 4 orders: −$50.94
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: $221.7
Costs to cover: 0.679%
Break-even: 1.3 days

Slippage from Hibachi: live order book, 11 min ago; Aster: live order book, 6 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 Hibachi live order book, 11 min ago	16.93 bp	32.7 bp −$33	52.5 bp −$525	doesn't fit	doesn't fit
Sell Aster live order book, 6 min ago	0.70 bp	4.7 bp −$5	5.2 bp −$52	14.5 bp −$1,452	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-Plong	−0.1304%	1h	93.024	long leg	$196K	$236K	7x
Gate HYPE_USDT	−0.0124%	4h	93.209	+0.199%	$44.1M	$55.7M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.200	+0.189%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.298	+0.294%	$127K	$33K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.223	+0.214%	$90K	$324K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.359	+0.360%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.185	+0.173%	$23K	$352K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0005%	1h	93.283	+0.279%	$44K	—	150x	as long as short
Aster HYPEUSDTshort	+0.0004%	4h	93.216	+0.207%	$8.9M	$36.2M	300x
Aftermath Perps HYPEUSD	+0.0027%	1h	93.179	+0.167%	$22K	$22K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0055%	8h	93.210	+0.200%	$325.2M	$284.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0066%	1h	93.387	+0.390%	$17.7M	$22.9M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0078%	1h	93.200	+0.189%	$699K	$938K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0093%	4h	93.280	+0.275%	$182K	$504K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.222	+0.213%	$207K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.272	+0.266%	$18.8M	$57.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.244	+0.237%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.204	+0.194%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.240	+0.232%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.202	+0.192%	$6.5M	$43.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.239	+0.231%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.211	+0.201%	$389.8M	$871.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.200	+0.189%	$114.3M	$313.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.187	+0.175%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.080	+0.060%	$203K	$15K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.211	+0.201%	$90.7M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.213	+0.203%	$46.3M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.198	+0.187%	$225.6M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.204	+0.194%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.259	+0.253%	$7.9M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.115	+0.098%	$28.6M	$48.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.107	+0.089%	$7.5M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.140	+0.125%	$455K	$930K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.207	+0.197%	$674K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.212	+0.202%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.222	+0.213%	$462K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.234	+0.225%	$112K	$572K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.256	+0.249%	$76K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.177	+0.165%	$16.3M	$7.0M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.287	+0.283%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.267	+0.261%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.246	+0.239%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.263	+0.257%	$341K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.206	+0.195%	$18.2M	$40.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.165	+0.151%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.099	+0.081%	$5.0M	$28.6M	30x	as long as short
Hyperliquid HYPE	+0.0177%	1h	93.279	+0.274%	$2.02B	$654.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.370	+0.372%	$4.9M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0243%	1h	93.199	+0.189%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0254%	1h	93.620	+0.641%	$30K	$182K	12x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.247	+0.240%	$17.4M	$12.2M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0341% / S −0.0168%	1h	93.176	+0.164%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0371%	1h	93.386	+0.389%	$7.4M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0422%	1h	93.267	+0.262%	$2.8M	$6.6M	20x	as long as short
HTX HYPE-USDT	+0.0425%	4h	93.478	+0.488%	$1.5M	$7.5M	75x	as long as short