Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0145%/8h= +15.9% APRpaid last 24h +0.041%

Price spread now: Popdex against Orderly+0.069%7-day average +0.010% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Orderly Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.051%+$5 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now +0.069%, 7d avg +0.010%

Together, before fees+0.003%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Popdex is 0.059% dearer against Orderly than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.360	−0.0049	get 0.0025% / 4h	2h 49m	$158K	$646K	20x
Short	Popdex HYPEUSDT	93.424	0.0096	get 0.0012% / 1h	49m 29s	$64K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Orderly. 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 OrderlybpFee PopdexbpOrdersPrice spread, now +0.069%Rate

Funding earned: $30.55
Price spread: +0.069% → +0.010%: $5.87
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $24.02
Costs to cover: 0.124%
Break-even: 1.5 days

Slippage unknown: Orderly: no order-book sample; Popdex: live order book, 5 min ago. Net counts fees only.

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 Orderly no order-book sample	—	—	—	—	—
Sell Popdex live order book, 5 min ago	0.38 bp	3.6 bp −$4	5.3 bp −$53	33.0 bp −$3,296	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1064%	1h	93.439	+0.085%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.349	−0.012%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0199%	1h	93.348	−0.013%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0149%	1h	93.452	+0.099%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0084%	1h	93.450	+0.096%	$699K	$979K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.282	−0.084%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.438	+0.084%	$85K	$361K	20x	as long as short
Gate HYPE_USDT	−0.0072%	4h	93.423	+0.067%	$44.3M	$53.8M	75x	as long as short
Orderly PERP_HYPE_USDClong	−0.0049%	4h	93.360	long leg	$158K	$646K	20x
Aster HYPEUSDT	−0.0024%	4h	93.511	+0.162%	$8.9M	$36.2M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	−0.0022%	8h	93.438	+0.084%	$12.7M	$2.7M	50x	as long as short
ApeX Omni HYPEUSDT	−0.0006%	1h	93.312	−0.051%	$337K	$1.1M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.543	+0.196%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.482	+0.130%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.429	+0.074%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0012%	4h	93.404	+0.047%	—	$54.2M	—	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.380	+0.021%	$319.5M	$282.8M	75x	as long as short
edgeX HYPEUSDC	+0.0038%	4h	93.103	−0.275%	$5.0M	$29.8M	30x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	93.430	+0.075%	$87.7M	$82.1M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.423	+0.068%	$380.8M	$904.4M	75x	as long as short
Derive HYPE-PERP	+0.0053%	1h	93.422	+0.066%	$16.2M	$7.6M	10x	as long as short
Bluefin HYPE-PERP	+0.0056%	1h	93.390	+0.032%	$79K	$173K	20x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.182%	$212K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0061%	1h	93.389	+0.031%	$111K	$578K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.387	+0.029%	$115.2M	$315.5M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.435	+0.080%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.492	+0.141%	$16.5M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.542	+0.195%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	93.424	+0.069%	$64K	$1.2M	50x
Paradex HYPE-USD-PERP	+0.0097%	8h	93.553	+0.206%	$340K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.430	+0.075%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.425	+0.070%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.559	+0.213%	$2.04B	$672.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.512	+0.163%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.428	+0.073%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.470	+0.118%	$226.2M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.085%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	−0.202%	$7.5M	$46.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.459	+0.106%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.500	+0.150%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.491	+0.140%	$468K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.514	+0.165%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.455	+0.102%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.250	−0.118%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.442	+0.088%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.460	+0.107%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.170	−0.204%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0158%	4h	93.376	+0.017%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.504	+0.154%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.435	+0.080%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0256%	8h	93.475	+0.123%	$1.9M	$5.2M	2.3x	as long as short
HTX HYPE-USDT	+0.0273%	4h	93.600	+0.257%	$1.5M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.427	+0.071%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0584%	1h	93.570	+0.225%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.548	+0.202%	$20.9M	$29.9M	50x	as long as short