Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0088%/8h= −9.6% APRpaid last 24h −0.028%

Price spread now: Gate against Popdex−0.035%7-day average −0.020% · 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−$32as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on Popdex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.033%−$3 on $10k

Price spread, last 7 days+0.034%+$3 · spread now −0.035%, 7d avg −0.020%

Together, before fees0.000%$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.020%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	93.388	0.0096	pay 0.0012% / 1h	50m 03s	$56K	$1.2M	50x
Short	Gate HYPE_USDT	93.355	0.0008	get 0.0004% / 4h	2h 50m	$44.2M	$56.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.035%Rate

Funding earned: −$18.48
Price spread: −0.035% → −0.020%: −$1.55
Slippage, 4 orders: −$9.16
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$50.6
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from Popdex: live order book, 4 min ago; Gate: 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 Popdex live order book, 4 min ago	0.16 bp	3.5 bp −$3	4.2 bp −$42	26.1 bp −$2,612	doesn't fit
Sell Gate live order book, 4 min ago	0.05 bp	13.6 bp −$14	18.3 bp −$183	30.1 bp −$3,014	53.4 bp −$26.7K

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	−0.1280%	1h	93.248	−0.150%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0188%	1h	93.210	−0.191%	$700K	$949K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0136%	1h	93.337	−0.054%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.395	+0.007%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.301	−0.093%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0034%	1h	93.332	−0.060%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.407	+0.021%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.446	+0.062%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.373	−0.016%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.398	+0.011%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0006%	4h	93.344	−0.047%	$8.9M	$36.3M	300x	as long as short
Gate HYPE_USDTshort	+0.0008%	4h	93.355	−0.035%	$44.2M	$56.2M	75x
Derive HYPE-PERP	+0.0017%	1h	93.309	−0.085%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.386	−0.002%	$325.6M	$288.3M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.368	−0.021%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.370	−0.019%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.405	+0.018%	$18.5M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.375	−0.014%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	93.388	long leg	$56K	$1.2M	50x
Katana Perps HYPE-USD	+0.0100%	8h	93.370	−0.019%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.394	+0.006%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.415	+0.029%	$2.03B	$668.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.379	−0.010%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.406	+0.019%	$386.3M	$890.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.414	+0.028%	$114.7M	$316.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.329	−0.063%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.056%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.356	−0.034%	$92.4M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.358	−0.032%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.446	+0.062%	$227.0M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.355	−0.035%	—	$54.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.384	−0.004%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.295	−0.099%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	−0.005%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.287	−0.108%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.344	−0.047%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.401	+0.014%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.392	+0.004%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.366	−0.024%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.389	+0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.342	−0.049%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.346	−0.045%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.377	−0.011%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.343	−0.048%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.361	−0.028%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	−0.120%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.420	+0.034%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.358	−0.032%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.230	−0.169%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.449	+0.065%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.390	+0.002%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.295	−0.100%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0403%	4h	93.550	+0.173%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.424	+0.039%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.446	+0.062%	$19.2M	$25.8M	50x	as long as short