Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC+0.0035%/8h= +3.8% APRpaid last 24h +0.006%

Price spread now: Aster against Perpl−0.008%7-day average −0.025% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Perpl Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days+0.109%+$11 on $10k

Price spread, last 3 days (all we have)−0.248%−$25 · spread now −0.008%, 7d avg −0.025%

Together, before fees−0.138%+ Points / potential airdropPerpl: Active · Aster: Stage 5 · farm board−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	94.109	0	get 0.0000% / 43m	3m 48s	$23K	$329K	10x
Short	Aster HYPEUSDT	94.101	0.0035	get 0.0017% / 4h	50m 48s	$8.9M	$35.8M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Perpl. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 PerplbpFee AsterbpOrdersPrice spread, now −0.008%Rate

Funding earned: $7.31
Price spread: −0.008% → −0.025%: $1.67
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee Aster: 4 bp × 2 orders: −$8
Net: −$12.82
Costs to cover: 0.218%
Break-even: 19.3 days

Slippage unknown: Perpl: no order-book sample; Aster: live order book, 3 min ago. Net counts fees only.

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 Perpl no order-book sample	—	—	—	—	—
Sell Aster live order book, 3 min ago	0.21 bp	4.2 bp −$4	4.8 bp −$48	11.3 bp −$1,135	doesn't fit

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0600%	1h	93.939	−0.181%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0466%	1h	93.904	−0.218%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.998	−0.118%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.094	−0.016%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	−0.018%	$128K	$30K	5x	as long as short
Perpl HYPElong	0.0000%	43m	94.109	long leg	$23K	$329K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.127	+0.019%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	−0.079%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.110	+0.001%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.085	−0.025%	$324.7M	$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	+0.0035%	4h	94.101	−0.008%	$8.9M	$35.8M	300x
Ondo Perps HYPE-USD.P	+0.0036%	1h	94.020	−0.094%	$704K	$908K	10x	as long as short
Phemex HYPEUSDT	+0.0067%	8h	94.047	−0.066%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	94.103	−0.006%	$44.5M	$58.0M	75x	as long as short
edgeX HYPEUSDC	+0.0073%	4h	93.924	−0.196%	$5.1M	$29.7M	30x	as long as short
MEXC HYPE_USDT	+0.0074%	4h	94.104	−0.005%	$89.3M	$80.9M	100x	as long as short
Binance HYPEUSDT	+0.0076%	4h	94.105	−0.004%	$386.6M	$888.6M	75x	as long as short
Derive HYPE-PERP	+0.0082%	1h	94.052	−0.060%	$16.5M	$6.9M	10x	as long as short
01 Exchange HYPEUSD	+0.0088%	1h	94.123	+0.015%	$86K	$364K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.148	+0.042%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.127	+0.019%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.111	+0.002%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.113	+0.004%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.106	−0.003%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.009%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.088	−0.022%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.111	+0.002%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.094	−0.016%	$116.0M	$317.7M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.109	0.000%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.101	−0.008%	$227.9M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.091	−0.019%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.105	−0.004%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.241%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	−0.182%	$7.6M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.072	−0.039%	$335K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.068	−0.043%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.141	+0.034%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.139	+0.032%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.103	−0.006%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.093	−0.017%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.094	−0.016%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.104	−0.005%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.456%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.050	−0.063%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.085	−0.025%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.141	+0.034%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.110	+0.001%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0228%	4h	94.275	+0.176%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.103	−0.007%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0260%	1h	94.196	+0.093%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.143	+0.036%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0303%	4h	94.097	−0.013%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.092	−0.018%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.205	+0.102%	$21.1M	$29.1M	50x	as long as short
Hyperliquid HYPE	+0.0748%	1h	94.176	+0.071%	$2.05B	$666.3M	10x	as long as short