Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0073%/8h= −8.0% APRpaid last 24h −0.011%

Price spread now: Aster against Phemex+0.030%7-day average −0.018% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

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

costs, in and out, $10k−$430.427% of the position

Long on Phemex Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.040%−$4 on $10k

Price spread, last 4 days (all we have)+0.109%+$11 · spread now +0.030%, 7d avg −0.018%

Together, before fees+0.069%+ Points / potential airdropAster: Stage 5 · farm board+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.048% dearer against Phemex than usual: you sell high and buy low (spread +0.030% now, against its 7-day average of −0.018%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.2 days. At the pace of the last 7 days (−0.040% in total) that is about 8.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	92.321	0.0066	pay 0.0066% / 8h	4h 40m	$12.5M	$2.7M	50x
Short	Aster HYPEUSDT	92.349	−0.0007	pay 0.0004% / 4h	40m 53s	$8.7M	$36.4M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Phemex. 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 PhemexbpFee AsterbpOrdersPrice spread, now +0.030%Rate

Funding earned: −$15.41
Price spread: +0.030% → −0.018%: $4.78
Slippage, 4 orders: −$22.65
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$53.29
Costs to cover: 0.427%
Break-even: never at this rate

Slippage from Phemex: live order book, 3 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 Phemex live order book, 3 min ago	3.68 bp	12.7 bp −$13	32.9 bp −$329	doesn't fit	doesn't fit
Sell Aster live order book, 3 min ago	0.43 bp	4.4 bp −$4	4.8 bp −$48	12.3 bp −$1,230	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
Arcus HYPE-USD	−0.0948%	1h	92.226	−0.103%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0520%	1h	92.314	−0.007%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0170%	1h	92.291	−0.032%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	92.308	−0.014%	$85K	$355K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.305	−0.017%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0069%	4h	92.270	−0.055%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0062%	1h	92.271	−0.054%	$110K	$579K	20x	as long as short
Aster HYPEUSDTshort	−0.0007%	4h	92.349	+0.030%	$8.7M	$36.4M	300x
dYdX HYPE-USD	0.0000%	1h	92.312	−0.009%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.261	−0.065%	$22K	$310K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.296	−0.027%	$61K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0020%	1h	92.240	−0.088%	$695K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.400	+0.086%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.246	−0.081%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0052%	8h	92.390	+0.075%	$316.0M	$281.2M	75x	as long as short
Gate HYPE_USDT	+0.0058%	4h	92.417	+0.104%	$44.3M	$54.9M	75x	as long as short
Phemex HYPEUSDTlong	+0.0066%	8h	92.321	long leg	$12.5M	$2.7M	50x
Derive HYPE-PERP	+0.0070%	1h	92.270	−0.056%	$16.0M	$7.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	92.403	+0.089%	$113.0M	$302.4M	50x	as long as short
MEXC HYPE_USDT	+0.0080%	4h	92.411	+0.097%	$87.2M	$80.5M	100x	as long as short
Binance HYPEUSDT	+0.0081%	4h	92.411	+0.098%	$370.5M	$900.1M	75x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.287	−0.037%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.331	+0.011%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.320	−0.001%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.310	−0.012%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.298	−0.025%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.260	−0.066%	$29K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.291	−0.032%	$6.1M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.449	+0.139%	$2.01B	$665.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.320	−0.001%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.082%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.375	+0.058%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.398	+0.083%	$224.2M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.320	−0.001%	$7.4M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.258	−0.068%	$28.3M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.209	−0.122%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.186	−0.146%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.325	+0.004%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.324	+0.003%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.292	−0.031%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.271	−0.054%	$78K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.330	+0.010%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.306	−0.016%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.404	+0.090%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.387	+0.071%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.275	−0.050%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.735%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.380	+0.064%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0255%	8h	92.333	+0.013%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.266	−0.060%	$79K	$138K	15x	as long as short
BloFin HYPE-USDT	+0.0321%	4h	92.305	−0.017%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.301	−0.021%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.355	+0.037%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0487%	1h	92.391	+0.076%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.374	+0.058%	$3.1M	$6.4M	20x	as long as short