Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.011%

Price spread now: Popdex against Bitget−0.055%7-day average +0.018% · 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−$32as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on Bitget Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.030%+$3 on $10k

Price spread, last 7 days+0.058%+$6 · spread now −0.055%, 7d avg +0.018%

Together, before fees+0.088%+$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Popdex is 0.073% cheaper against Bitget than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget HYPEUSDT	93.326	0.0100	pay 0.0050% / 4h	2h 52m	$226.7M	$102.0M	75x
Short	Popdex HYPEUSDT	93.275	0.0096	get 0.0012% / 1h	52m 52s	$56K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Bitget. 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 BitgetbpFee PopdexbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$0.84
Price spread: −0.055% → +0.018%: −$7.26
Slippage, 4 orders: −$6.08
Fee Bitget: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$32.59
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from Bitget: live order book, 1 min ago; Popdex: live order book, 1 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 Bitget live order book, 1 min ago	0.05 bp	6.9 bp −$7	11.6 bp −$116	doesn't fit	doesn't fit
Sell Popdex live order book, 1 min ago	0.16 bp	3.4 bp −$3	4.2 bp −$42	21.5 bp −$2,149	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	−0.1312%	1h	93.181	−0.155%	$197K	$235K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0186%	1h	93.210	−0.124%	$699K	$948K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0107%	1h	93.294	−0.034%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.290	−0.039%	$89K	$340K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.231	−0.102%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.247	−0.085%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.297	−0.031%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.292	−0.036%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.343	+0.018%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0004%	4h	93.305	−0.023%	$8.9M	$36.3M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0004%	4h	93.293	−0.035%	$44.1M	$56.2M	75x	as long as short
Bullet HYPE-USD	+0.0023%	1h	93.290	−0.039%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.249	−0.083%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.280	−0.049%	$325.3M	$288.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.336	+0.011%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0077%	4h	93.308	−0.019%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.352	+0.027%	$18.5M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.319	−0.008%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	93.275	−0.055%	$56K	$1.2M	50x
Katana Perps HYPE-USD	+0.0100%	8h	93.300	−0.028%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.275	−0.055%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.351	+0.027%	$2.03B	$668.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.273	−0.057%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.304	−0.023%	$385.8M	$890.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.315	−0.012%	$114.7M	$316.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.246	−0.086%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.386	+0.064%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.286	−0.043%	$92.1M	$81.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.350	+0.026%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDTlong	+0.0100%	4h	93.326	long leg	$226.7M	$102.0M	75x
BingX HYPE-USDT	+0.0100%	4h	93.290	−0.039%	—	$54.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.355	+0.031%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.285	−0.044%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.061%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.338	+0.013%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.266	−0.064%	$674K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.331	+0.006%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.325	−0.001%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.295	−0.033%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.327	+0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.283	−0.046%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.292	−0.036%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.292	−0.036%	$339K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0101%	4h	93.326	0.000%	$5.1M	$29.4M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.312	−0.015%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.294	−0.034%	$397K	$318K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.370	+0.047%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.320	−0.006%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.130	−0.210%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.342	+0.017%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.281	−0.048%	$17.1M	$12.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0393%	1h	93.399	+0.078%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0412%	4h	93.451	+0.134%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.372	+0.049%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.430	+0.111%	$19.2M	$25.8M	50x	as long as short