HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0123%/8h= −13.4% APRnext payment −$0.15 per $10,000 · paid last 24h −0.056%

Price spread now: Popdex against Hyperliquid−0.081%7-day average −0.002% · 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−$24as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on Hyperliquid Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.067%−$7 on $10k

Price spread, last 7 days+0.078%+$8 · spread now −0.081%, 7d avg −0.002%

Together, before fees+0.011%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Popdex is 0.079% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.825	0.0219	pay 0.0027% / 1h	59m 21s	$2.04B	$666.2M	10x
Short	Popdex HYPEUSDT	93.749	0.0096	get 0.0012% / 1h	59m 21s	$63K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Hyperliquid. 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 HyperliquidbpFee PopdexbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$25.77
Price spread: −0.081% → −0.002%: −$7.94
Slippage, 4 orders: −$0.65
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$49.76
Costs to cover: 0.161%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Popdex: live order book, 5 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 Hyperliquid live order book, 5 min ago	0.05 bp	4.6 bp −$5	6.9 bp −$69	doesn't fit	doesn't fit
Sell Popdex live order book, 5 min ago	0.27 bp	3.5 bp −$3	4.2 bp −$42	21.4 bp −$2,142	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
Aftermath Perps HYPEUSD	−0.0489%	1h	93.552	−0.291%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0464%	1h	93.565	−0.277%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.659	−0.177%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.776	−0.052%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.819	−0.007%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.745	−0.086%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.780	−0.048%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.761	−0.068%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.750	−0.080%	$324.2M	$280.4M	75x	as long as short
Aster HYPEUSDT	+0.0020%	4h	93.758	−0.071%	$8.9M	$35.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0034%	1h	93.753	−0.077%	$215K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	93.790	−0.037%	$91K	$355K	20x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.713	−0.119%	$16.3M	$6.9M	10x	as long as short
MEXC HYPE_USDT	+0.0062%	4h	93.757	−0.072%	$90.7M	$80.2M	100x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.749	−0.081%	$44.2M	$57.6M	75x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.765	−0.064%	$384.9M	$885.0M	75x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.562	−0.280%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0083%	8h	93.708	−0.125%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0084%	1h	93.690	−0.144%	$701K	$901K	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.841	+0.017%	$18.7M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.787	−0.041%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	93.749	−0.081%	$63K	$1.2M	50x
Aevo HYPE-PERP	+0.0096%	1h	93.750	−0.080%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.769	−0.060%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.730	−0.101%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.769	−0.059%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.790	−0.037%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.757	−0.072%	$114.7M	$313.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.770	−0.059%	$47.2M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.749	−0.081%	$227.3M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.744	−0.086%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.805	−0.021%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.552	−0.291%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.616	−0.223%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.565	−0.277%	$416K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.677	−0.158%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.756	−0.074%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.772	−0.056%	$496K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.753	−0.076%	$112K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.764	−0.065%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.794	−0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.765	−0.064%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.155%	$205K	$7K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.716	−0.116%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.809	−0.017%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.830	+0.005%	$4.9M	$5.7M	50x	as long as short
Hyperliquid HYPElong	+0.0219%	1h	93.825	long leg	$2.04B	$666.2M	10x
HTX HYPE-USDT	+0.0219%	4h	93.947	+0.130%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.770	−0.059%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.740	−0.090%	$77K	$155K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0251%	1h	93.859	+0.036%	$7.4M	$4.5M	50x	as long as short
BloFin HYPE-USDT	+0.0259%	4h	93.600	−0.240%	$16.9M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.796	−0.031%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.752	−0.078%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0463%	1h	93.889	+0.068%	$21.0M	$28.9M	50x	as long as short