HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0063%/8h= +6.9% APRnext payment +$0.08 per $10,000 · paid last 24h −0.002%

Price spread now: Popdex against Polymarket Perps−0.102%7-day average +0.052% · 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−$31as in the Price arb table

costs, in and out, $10k−$150.154% of the position

Long on Polymarket Perps Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.011%+$1 on $10k

Price spread, last 7 days+0.140%+$14 · spread now −0.102%, 7d avg +0.052%

Together, before fees+0.151%+$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.154% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.102% now, against its 7-day average of +0.052%). If the spread goes back, that is −$15 on $10k: about 8.2 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.011% in total) that is about 53 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	94.646	0.0033	pay 0.0004% / 1h	0m 33s	$499K	$2.8M	20x
Short	Popdex HYPEUSDT	94.549	0.0096	get 0.0012% / 1h	0m 33s	$85K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Polymarket Perps. 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 Polymarket PerpsbpFee PopdexbpOrdersPrice spread, now −0.102%Rate

Funding earned: $13.2
Price spread: −0.102% → +0.052%: −$15.42
Slippage, 4 orders: −$0.97
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$17.58
Costs to cover: 0.154%
Break-even: 16.3 days

Slippage from Polymarket Perps: live order book, 3 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 Polymarket Perps live order book, 3 min ago	0.21 bp	4.2 bp −$4	5.0 bp −$50	10.3 bp −$1,027	doesn't fit
Sell Popdex live order book, 4 min ago	0.26 bp	3.5 bp −$3	4.1 bp −$41	26.8 bp −$2,680	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	−0.1496%	1h	94.529	−0.124%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0382%	1h	94.523	−0.130%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0205%	1h	94.503	−0.151%	$22K	$20K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0204%	1h	94.510	−0.144%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0187%	1h	94.555	−0.097%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.579	−0.071%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.572	−0.078%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.539	−0.113%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.550	−0.101%	$318.0M	$288.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.528	−0.125%	$147K	$686K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	−0.0001%	1h	94.468	−0.188%	$16.3M	$7.3M	10x	as long as short
Lighter HYPE	0.0000%	1h	94.558	−0.092%	$16.4M	$64.9M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.542	−0.110%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.611	−0.037%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	−0.083%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.547	−0.104%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.588	−0.061%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.580	−0.070%	$227.1M	$100.4M	75x	as long as short
Polymarket Perps HYPE-USDlong	+0.0033%	1h	94.646	long leg	$499K	$2.8M	20x
Phemex HYPEUSDT	+0.0042%	8h	94.568	−0.082%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0046%	8h	94.585	−0.064%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0048%	1h	94.561	−0.090%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.570	−0.080%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.577	−0.073%	$118.0M	$326.0M	50x	as long as short
Vest HYPE-PERP	+0.0076%	1h	94.635	−0.012%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0078%	4h	94.551	−0.100%	$50.7M	$57.1M	75x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.197%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.565	−0.086%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	94.549	−0.102%	$85K	$1.2M	50x
Katana Perps HYPE-USD	+0.0100%	8h	94.530	−0.123%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.545	−0.107%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.642	−0.004%	$2.08B	$688.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.558	−0.092%	$8.9M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.587	−0.062%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.558	−0.093%	$379.2M	$932.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.231%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.554	−0.097%	$93.5M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.538	−0.114%	$47.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.558	−0.093%	—	$52.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.546	−0.106%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.532	−0.120%	$29.7M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.513	−0.141%	$7.6M	$44.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.195%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.532	−0.120%	$695K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.652	+0.006%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.650	+0.004%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.528	−0.125%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.540	−0.112%	$400K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.595	−0.054%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.099%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.597	−0.052%	$20.3M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0236%	1h	94.658	+0.013%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.576	−0.074%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.571	−0.080%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.490	−0.165%	$17.1M	$12.4M	75x	as long as short