Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0078%/8h= −8.6% APRpaid last 24h −0.007%

Price spread now: Bybit against Popdex−0.089%52s7-day average −0.025% · 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−$200.202% of the position

Long on Popdex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.017%−$2 on $10k

Price spread, last 7 days+0.084%+$8 · spread now −0.089%, 7d avg −0.025%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.064% cheaper against Popdex than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.025%). Swap the legs. The two prices were read 52 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	93.652	0.0096	pay 0.0012% / 1h	27m 44s	$64K	$1.2M	50x
Short	Bybit HYPEUSDT	93.569	0.0018	get 0.0018% / 8h	27m 44s	$321.5M	$283.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$16.43
Price spread: −0.089% → −0.025%: −$6.38
Slippage, 4 orders: −$2.75
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$42.97
Costs to cover: 0.202%
Break-even: never at this rate

Slippage from Popdex: live order book, 1 min ago; Bybit: live order book, 1 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, 1 min ago	0.43 bp	3.7 bp −$4	5.3 bp −$53	35.5 bp −$3,546	doesn't fit
Sell Bybit live order book, 1 min ago	0.53 bp	6.7 bp −$7	9.1 bp −$91	19.2 bp −$1,919	41.4 bp −$20.7K

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	−0.0872%	1h	93.521	−0.140%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0364%	1h	93.739	+0.093%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.497	−0.166%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.624	−0.030%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0067%	1h	93.540	−0.120%	$703K	$909K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.635	−0.018%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.589	−0.067%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	+0.011%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.638	−0.015%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.676	+0.026%	$166K	$583K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.680	+0.030%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	+0.037%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.601	−0.054%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDTshort	+0.0018%	8h	93.569	−0.089%	$321.5M	$283.3M	75x
MEXC HYPE_USDT	+0.0056%	4h	93.575	−0.082%	$87.7M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0057%	4h	93.579	−0.078%	$382.8M	$895.6M	75x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.690	+0.041%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.817	+0.176%	$5.1M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0086%	4h	93.585	−0.072%	$44.4M	$59.1M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.632	−0.022%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.594	−0.062%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	93.652	long leg	$64K	$1.2M	50x
Aevo HYPE-PERP	+0.0096%	1h	93.638	−0.015%	$398K	$318K	20x	as long as short
Bullet HYPE-USD	+0.0096%	1h	93.625	−0.029%	$112K	$577K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.596	−0.059%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.610	−0.045%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.626	−0.027%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.613	−0.042%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.573	−0.084%	$115.2M	$320.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.029%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.632	−0.021%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.584	−0.073%	$226.7M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.575	−0.082%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.660	+0.009%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	−0.094%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	−0.022%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.819	+0.178%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.617	−0.037%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.674	+0.023%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.654	+0.002%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.651	−0.001%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.678	+0.028%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.645	−0.007%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.809%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.593	−0.063%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.722	+0.075%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.680	+0.030%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0215%	4h	93.801	+0.159%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0226%	4h	93.652	0.000%	$17.0M	$12.6M	75x	as long as short
Hyperliquid HYPE	+0.0238%	1h	93.620	−0.034%	$2.03B	$676.3M	10x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.633	−0.020%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.702	+0.053%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.668	+0.017%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0486%	1h	93.760	+0.115%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.740	+0.094%	$20.9M	$29.4M	50x	as long as short