Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.027%

Price spread now: Popdex against Gate−0.005%7-day average +0.020% · 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−$30as in the Price arb table

costs, in and out, $10k−$270.275% of the position

Long on Gate Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.034%+$3 on $10k

Price spread, last 7 days−0.007%−$1 · spread now −0.005%, 7d avg +0.020%

Together, before fees+0.027%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.025% cheaper against Gate than usual: you would sell low and buy high (spread −0.005% now, against its 7-day average of +0.020%). If the spread goes back, that is −$3 on $10k: about 14 hours of funding at the current rate (+$4 a day). At the pace of the last 3 days (+0.034% in total) that is about 2.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate HYPE_USDT	93.680	−0.0052	get 0.0026% / 4h	2h 30m	$44.5M	$54.7M	75x
Short	Popdex HYPEUSDT	93.675	0.0096	get 0.0012% / 1h	30m 42s	$66K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Gate. 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 GatebpFee PopdexbpOrdersPrice spread, now −0.005%Rate

Funding earned: $31.08
Price spread: −0.005% → +0.020%: −$2.55
Slippage, 4 orders: −$6.06
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $1.08
Costs to cover: 0.275%
Break-even: 6.8 days

Slippage from Gate: 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 Gate live order book, 3 min ago	0.21 bp	11.1 bp −$11	15.8 bp −$158	33.0 bp −$3,301	59.9 bp −$29.9K
Sell Popdex live order book, 3 min ago	0.21 bp	3.5 bp −$4	4.6 bp −$46	61.7 bp −$6,165	doesn't fit

HYPE on 54 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	−0.0888%	1h	93.597	−0.088%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.607	−0.078%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	93.464	−0.231%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0112%	8h	93.655	−0.027%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0086%	1h	93.600	−0.085%	$701K	$987K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.675	−0.005%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.697	+0.018%	$86K	$351K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.638	−0.045%	$156K	$651K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0052%	1h	93.636	−0.047%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDTlong	−0.0052%	4h	93.680	long leg	$44.5M	$54.7M	75x

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0014%	4h	93.703	+0.025%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.699	+0.020%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.668	−0.013%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.691	+0.011%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.701	+0.022%	$321.9M	$282.6M	75x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.716	+0.038%	—	$53.9M	—	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.734	+0.058%	$88.2M	$82.7M	100x	as long as short
Bullet HYPE-USD	+0.0055%	1h	93.673	−0.007%	$112K	$578K	20x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.458	−0.237%	$5.1M	$30.0M	30x	as long as short
Binance HYPEUSDT	+0.0060%	4h	93.732	+0.055%	$381.3M	$902.3M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	+0.027%	$211K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	93.719	+0.042%	$115.3M	$310.1M	50x	as long as short
Derive HYPE-PERP	+0.0079%	1h	93.634	−0.050%	$16.2M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.804	+0.132%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.714	+0.036%	$16.4M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.712	+0.034%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	93.675	−0.005%	$66K	$1.2M	50x
Aevo HYPE-PERP	+0.0096%	1h	93.677	−0.003%	$398K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.660	−0.021%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.644	−0.039%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.792	+0.120%	$2.05B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.745	+0.069%	$10.1M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.728	+0.051%	$46.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.727	+0.050%	$226.8M	$99.4M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.074%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.226%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.468	−0.226%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.655	−0.027%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.706	+0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.708	+0.030%	$469K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.645	−0.037%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.749	+0.074%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.652	−0.030%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.355%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.666	−0.015%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.720	+0.043%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.610	−0.075%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.701	+0.023%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.807	+0.136%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.678	−0.002%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0267%	8h	93.719	+0.042%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.689	+0.009%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0486%	1h	93.767	+0.093%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.751	+0.076%	$20.9M	$30.1M	50x	as long as short