Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h +0.012%

Price spread now: Popdex against Aster−0.033%7-day average +0.015% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$160.157% of the position

Long on Aster Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.009%+$1 on $10k

Price spread, last 7 days+0.023%+$2 · spread now −0.033%, 7d avg +0.015%

Together, before fees+0.032%+ Points / potential airdropAster: Stage 5 · farm board+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.048% cheaper against Aster than usual: you would sell low and buy high (spread −0.033% now, against its 7-day average of +0.015%). If the spread goes back, that is −$5 on $10k: about 2.6 days of funding at the current rate (+$2 a day). At the pace of the last 3 days (+0.009% in total) that is about 18 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	94.067	0.0018	pay 0.0009% / 4h	3h 41m	$8.9M	$36.1M	300x
Short	Popdex HYPEUSDT	94.036	0.0080	get 0.0010% / 1h	41m 23s	$63K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Aster. 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 AsterbpFee PopdexbpOrdersPrice spread, now −0.033%Rate

Funding earned: $13.02
Price spread: −0.033% → +0.015%: −$4.82
Slippage, 4 orders: −$1.32
Fee Aster: 4 bp × 2 orders: −$8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$7.52
Costs to cover: 0.157%
Break-even: 11.0 days

Slippage from Aster: live order book, 3 min ago; Popdex: 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 Aster live order book, 3 min ago	0.27 bp	4.3 bp −$4	4.9 bp −$49	11.8 bp −$1,183	doesn't fit
Sell Popdex live order book, 3 min ago	0.32 bp	3.6 bp −$4	4.1 bp −$41	20.6 bp −$2,059	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	−0.1480%	1h	93.977	−0.096%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.931	−0.145%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0289%	1h	93.988	−0.085%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0254%	8h	94.095	+0.030%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0196%	1h	93.990	−0.082%	$705K	$935K	10x	as long as short
dYdX HYPE-USD	−0.0115%	1h	94.085	+0.019%	$128K	$29K	5x	as long as short
Gate HYPE_USDT	−0.0112%	4h	94.029	−0.041%	$44.4M	$59.3M	75x	as long as short
Bullet HYPE-USD	−0.0099%	1h	94.044	−0.025%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.059	−0.009%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.048	−0.020%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0049%	8h	94.030	−0.040%	$323.2M	$281.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.055	−0.013%	$170K	$593K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.063	−0.005%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.063	−0.004%	$27K	—	150x	as long as short
Aster HYPEUSDTlong	+0.0018%	4h	94.067	long leg	$8.9M	$36.1M	300x
Derive HYPE-PERP	+0.0021%	1h	94.057	−0.011%	$16.4M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	94.122	+0.058%	$219K	$1.2M	10x	as long as short
Bluefin HYPE-PERP	+0.0040%	1h	94.056	−0.012%	$76K	$171K	20x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	94.035	−0.034%	$88.8M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.043	−0.026%	$383.9M	$894.1M	75x	as long as short
edgeX HYPEUSDC	+0.0051%	4h	93.973	−0.100%	$5.1M	$29.8M	30x	as long as short
Popdex HYPEUSDTshort	+0.0080%	1h	94.036	−0.033%	$63K	$1.2M	50x
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.049	−0.019%	$115.9M	$319.3M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.115	+0.051%	$400K	$193K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.073	+0.006%	$18.9M	$58.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.076	+0.009%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.062	−0.005%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	−0.018%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.035	−0.034%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.141	+0.078%	$2.05B	$678.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.060	−0.008%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.267%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.046	−0.023%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.043	−0.026%	$228.1M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.033	−0.036%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.092	+0.026%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.820	−0.262%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.030	−0.040%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.865	−0.215%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.099	+0.034%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.076	+0.010%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.058	−0.010%	$480K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.185	+0.125%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.107	+0.042%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.007	−0.064%	$18.9M	$43.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.140	+0.077%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0164%	4h	94.031	−0.038%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0184%	8h	94.159	+0.098%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.205%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.076	+0.009%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.030	−0.040%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.074	+0.007%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0403%	4h	94.274	+0.220%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0472%	1h	94.201	+0.142%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.212	+0.154%	$21.0M	$29.7M	50x	as long as short