Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.005%

Price spread now: Binance against Popdex−0.007%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−$19as in the Price arb table

costs, in and out, $10k−$180.179% of the position

Long on Popdex Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.002%$0 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.007%, 7d avg +0.002%

Together, before fees+0.035%+$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	92.903	0.0096	pay 0.0012% / 1h	1m 02s	$69K	$1.1M	50x
Short	Binance HYPEUSDT	92.897	0.0100	get 0.0050% / 4h	1m 02s	$373.2M	$901.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Popdex. 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 PopdexbpFee BinancebpOrdersPrice spread, now −0.007%Rate

Funding earned: $0.84
Price spread: −0.007% → +0.002%: −$0.88
Slippage, 4 orders: −$1.49
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Binance: 5 bp × 2 orders: −$10
Net: −$17.93
Costs to cover: 0.179%
Break-even: 156.4 days

Slippage from Popdex: live order book, 3 min ago; Binance: live order book, 13 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 Popdex live order book, 3 min ago	0.05 bp	3.3 bp −$3	3.8 bp −$38	16.3 bp −$1,628	doesn't fit
Sell Binance live order book, 13 min ago	0.05 bp	5.6 bp −$6	8.3 bp −$83	17.3 bp −$1,729	38.3 bp −$19.1K

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
Arcus HYPE-USD	−0.0948%	1h	92.859	−0.047%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0424%	1h	92.753	−0.162%	$194K	$225K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0277%	1h	92.822	−0.087%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.875	−0.030%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0063%	4h	92.856	−0.051%	$157K	$653K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	−0.041%	$127K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	92.919	+0.017%	$86K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.890	−0.014%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.898	−0.005%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	92.875	−0.030%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0031%	1h	92.850	−0.057%	$111K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.879	−0.026%	—	$53.5M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0042%	1h	92.810	−0.100%	$698K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.159%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0045%	8h	92.880	−0.025%	$316.8M	$281.2M	75x	as long as short
Aster HYPEUSDT	+0.0068%	4h	92.888	−0.016%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0088%	4h	92.890	−0.014%	$224.8M	$98.7M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.901	−0.002%	$339K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	92.845	−0.062%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.902	−0.001%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.902	−0.001%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	92.903	long leg	$69K	$1.1M	50x
OKX HYPE-USDT-SWAP	+0.0098%	8h	92.901	−0.002%	$113.9M	$303.7M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.880	−0.025%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.864	−0.041%	$7.4M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.914	+0.012%	$2.02B	$663.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.910	+0.008%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	92.897	−0.007%	$373.2M	$901.9M	75x
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.111%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.886	−0.018%	$44.5M	$55.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.905	+0.002%	$88.2M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.884	−0.020%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.893	−0.011%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.859	−0.048%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.903	0.000%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.856	−0.051%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.868	−0.038%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.919	+0.018%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.916	+0.014%	$469K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.871	−0.034%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.842	−0.066%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.882	−0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.893	−0.011%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.016	+0.122%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.854	−0.053%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.863	−0.043%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	+0.061%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.950	+0.051%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0225%	8h	92.939	+0.039%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.874	−0.032%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0310%	1h	92.965	+0.067%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.867	−0.039%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.937	+0.037%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.879	−0.026%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.962	+0.064%	$3.2M	$6.4M	20x	as long as short