Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0058%/8h= +6.3% APRpaid last 24h +0.001%

Price spread now: Popdex against edgeX+0.357%59s7-day average +0.041% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$170.170% of the position

Long on edgeX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.013%−$1 on $10k

Price spread, last 7 days−0.350%−$35 · spread now +0.357%, 7d avg +0.041%

Together, before fees−0.363%+ Points / potential airdropedgeX: Active · farm board−$36 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Popdex is 0.316% dearer against edgeX than usual: you sell high and buy low: +$32 more if the spread goes back to its 7-day average of +0.041%. The two prices were read 59 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	93.103	0.0038	pay 0.0019% / 4h	2h 49m	$5.0M	$29.8M	30x
Short	Popdex HYPEUSDT	93.436	0.0096	get 0.0012% / 1h	49m 43s	$64K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against edgeX. 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 edgeXbpFee PopdexbpOrdersPrice spread, now +0.357%Rate

Funding earned: $12.13
Price spread: +0.357% → +0.041%: $31.62
Slippage, 4 orders: −$1.55
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $26.8
Costs to cover: 0.170%
Break-even: from the start

Slippage from edgeX: live order book, 4 min ago; Popdex: live order book, 4 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 edgeX live order book, 4 min ago	0.32 bp	4.8 bp −$5	5.0 bp −$50	91.3 bp −$9,126	doesn't fit
Sell Popdex live order book, 4 min ago	0.38 bp	3.6 bp −$4	5.3 bp −$53	33.0 bp −$3,296	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	−0.1072%	1h	93.160	+0.061%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.319	+0.232%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0206%	1h	93.313	+0.225%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0149%	1h	93.452	+0.375%	$7.8M	$10.6M	20x	as long as short
ApeX Omni HYPEUSDT	−0.0108%	1h	93.152	+0.052%	$337K	$1.1M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0099%	1h	93.340	+0.254%	$699K	$974K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.282	+0.192%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	93.531	+0.459%	$44.3M	$53.7M	75x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.437	+0.358%	$85K	$360K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.406	+0.325%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0024%	4h	93.519	+0.447%	$8.9M	$36.2M	300x	as long as short
Phemex HYPEUSDT	−0.0022%	8h	93.438	+0.359%	$12.7M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.462	+0.386%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.437	+0.358%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.451	+0.373%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.527	+0.455%	—	$54.2M	—	as long as short
Bybit HYPEUSDT	+0.0028%	8h	93.530	+0.458%	$320.0M	$282.8M	75x	as long as short
MEXC HYPE_USDT	+0.0038%	4h	93.551	+0.481%	$88.1M	$81.9M	100x	as long as short
edgeX HYPEUSDClong	+0.0038%	4h	93.103	long leg	$5.0M	$29.8M	30x
Binance HYPEUSDT	+0.0044%	4h	93.538	+0.467%	$381.3M	$904.4M	75x	as long as short
Bluefin HYPE-PERP	+0.0047%	1h	93.445	+0.367%	$79K	$173K	20x	as long as short
Derive HYPE-PERP	+0.0053%	1h	93.422	+0.342%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	+0.093%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	93.554	+0.484%	$115.3M	$316.4M	50x	as long as short
Bullet HYPE-USD	+0.0066%	1h	93.420	+0.340%	$111K	$578K	20x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.435	+0.356%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.492	+0.417%	$16.5M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.542	+0.471%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	93.436	+0.357%	$64K	$1.2M	50x
Paradex HYPE-USD-PERP	+0.0097%	8h	93.480	+0.405%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.410	+0.329%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.430	+0.351%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.628	+0.564%	$2.04B	$672.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.461	+0.384%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.534	+0.463%	$46.1M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.559	+0.489%	$226.5M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	+0.190%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	+0.073%	$7.5M	$46.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.323	+0.236%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.444	+0.365%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.464	+0.387%	$468K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.514	+0.441%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.455	+0.378%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	+0.158%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.528	+0.456%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.460	+0.383%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.170	+0.072%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0158%	4h	93.376	+0.293%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.488	+0.413%	$2.7M	$6.8M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.419	+0.339%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0256%	8h	93.475	+0.399%	$1.9M	$5.2M	2.3x	as long as short
HTX HYPE-USDT	+0.0273%	4h	93.600	+0.533%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.443	+0.365%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0584%	1h	93.570	+0.501%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.548	+0.478%	$20.9M	$29.9M	50x	as long as short