Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0092%/8h= −10.0% APRpaid last 24h −0.066%

Price spread now: Aster against Hyperliquid−0.042%7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$190.186% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.102%−$10 on $10k

Price spread, last 7 days+0.046%+$5 · spread now −0.042%, 7d avg −0.017%

Together, before fees−0.056%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Aster is 0.025% cheaper against Hyperliquid than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.017%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.505	0.0100	pay 0.0013% / 1h	37m 23s	$2.03B	$667.8M	10x
Short	Aster HYPEUSDT	93.466	0.0008	get 0.0004% / 4h	2h 37m	$8.9M	$35.9M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$19.22
Price spread: −0.042% → −0.017%: −$2.49
Slippage, 4 orders: −$1.61
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$40.33
Costs to cover: 0.186%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Aster: live order book, 2 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 Hyperliquid live order book, 7 min ago	0.05 bp	5.3 bp −$5	6.5 bp −$65	doesn't fit	doesn't fit
Sell Aster live order book, 2 min ago	0.38 bp	4.4 bp −$4	5.4 bp −$54	13.8 bp −$1,379	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	−0.1136%	1h	93.340	−0.177%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0256%	1h	93.250	−0.273%	$700K	$941K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0247%	1h	93.423	−0.088%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.507	+0.002%	$89K	$348K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.300	−0.219%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0013%	1h	93.455	−0.053%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0003%	1h	93.431	−0.079%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.485	−0.022%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.466	−0.042%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.506	+0.001%	$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 HYPEUSDTshort	+0.0008%	4h	93.466	−0.042%	$8.9M	$35.9M	300x
Gate HYPE_USDT	+0.0018%	4h	93.465	−0.043%	$44.1M	$56.5M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.490	−0.016%	$325.7M	$287.4M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.527	+0.024%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0071%	4h	93.480	−0.027%	$180K	$529K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.481	−0.026%	$56K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.495	−0.010%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.456	−0.052%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.479	−0.028%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.470	−0.037%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.465	−0.043%	$6.0M	$44.2M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	93.505	long leg	$2.03B	$667.8M	10x
Pacifica HYPE	+0.0100%	1h	93.468	−0.040%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.494	−0.011%	$385.6M	$888.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.474	−0.033%	$114.8M	$315.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.428	−0.082%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.403	−0.110%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.473	−0.034%	$92.8M	$82.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.492	−0.014%	$46.4M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.498	−0.007%	$227.1M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.470	−0.037%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.434	−0.076%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.139%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.408	−0.103%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.381	−0.133%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.372	−0.142%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.465	−0.042%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.489	−0.017%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.505	0.000%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.510	+0.005%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.470	−0.037%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.466	−0.042%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.460	−0.048%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.486	−0.020%	$398K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.399	−0.113%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.336	−0.180%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.400	−0.112%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.467	−0.041%	$78K	$158K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0274%	1h	93.576	+0.076%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.187%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0164%	1h	93.501	−0.004%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.314	−0.204%	$17.0M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0345%	4h	93.650	+0.155%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.531	+0.028%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.595	+0.097%	$19.2M	$25.9M	50x	as long as short