Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.062%

Price spread now: BloFin against Popdex−0.254%100s7-day average +0.001% · 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—prices read too far apart to compare

costs, in and out, $10k−$230.233% of the position

Long on Popdex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.260%+$26 on $10k

Price spread, last 4 days (all we have)+0.176%+$18 · spread now −0.254%, 7d avg +0.001%

Together, before fees+0.436%+$44 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.255% cheaper against Popdex than usual: you would sell low and buy high (spread −0.254% now, against its 7-day average of +0.001%). If the spread goes back, that is −$25 on $10k: about 3.5 days of funding at the current rate (+$7 a day). The two prices were read 100 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	94.169	0.0096	pay 0.0012% / 1h	17m 20s	$72K	$1.2M	50x
Short	BloFin HYPE-USDT	93.930	0.0340	get 0.0170% / 4h	2h 17m	$16.9M	$12.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.254%Rate

Funding earned: $51.24
Price spread: −0.254% → +0.001%: −$25.48
Slippage, 4 orders: −$4.91
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BloFin: 6 bp × 2 orders: −$12
Net: $2.45
Costs to cover: 0.233%
Break-even: 6.7 days

Slippage from Popdex: live order book, 2 min ago; BloFin: live order book, 7 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, 2 min ago	1.06 bp	4.3 bp −$4	6.2 bp −$62	49.7 bp −$4,965	doesn't fit
Sell BloFin live order book, 7 min ago	0.05 bp	6.6 bp −$7	8.0 bp −$80	13.2 bp −$1,321	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	−0.1360%	1h	94.017	−0.162%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0415%	1h	93.714	−0.483%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.140	−0.031%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0031%	1h	94.130	−0.042%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0017%	4h	94.111	−0.062%	$147K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.094	−0.080%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.181	+0.013%	$87K	$371K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.170	+0.001%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.147	−0.023%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.142	−0.029%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	94.123	−0.049%	$227.1M	$99.3M	75x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.108	−0.065%	$319.3M	$283.7M	75x	as long as short
Phemex HYPEUSDT	+0.0025%	8h	94.054	−0.122%	$12.8M	$2.8M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	94.174	+0.005%	$209K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0052%	1h	94.070	−0.105%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	−0.577%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.184	+0.016%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.112	−0.061%	$16.3M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.117	−0.055%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	94.169	long leg	$72K	$1.2M	50x
Katana Perps HYPE-USD	+0.0100%	8h	94.130	−0.041%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.110	−0.062%	$7.6M	$48.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.235	+0.070%	$2.06B	$674.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.174	+0.005%	$8.8M	$36.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.150	−0.020%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.167	−0.002%	$378.1M	$918.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.114	−0.058%	$116.3M	$314.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.861%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.142	−0.029%	$47.5M	$54.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.142	−0.029%	$90.6M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.154	−0.016%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.123	−0.049%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.122	−0.050%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	−0.500%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.979	−0.202%	$7.7M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.939	−0.244%	$345K	$993K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.019	−0.159%	$673K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.198	+0.031%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.177	+0.008%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.127	−0.045%	$80K	$165K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.113	−0.060%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.208	+0.041%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.143	−0.028%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.250	+0.086%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.133	−0.038%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.131	−0.040%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.134	−0.037%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.310	+0.150%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.180	+0.012%	$4.7M	$5.9M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0260%	1h	94.201	+0.034%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.133	−0.038%	$81K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.148	−0.023%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.230	+0.065%	$21.1M	$29.5M	50x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	93.930	−0.254%	$16.9M	$12.0M	75x
RISEx HYPE/USDC	+0.0527%	1h	94.230	+0.064%	$3.2M	$6.3M	20x	as long as short