Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0028%/8h= +3.1% APRpaid last 24h −0.004%

Price spread now: KuCoin against Popdex−0.031%55s7-day average −0.004% · 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−$300.296% of the position

Long on Popdex Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.004%$0 on $10k

Price spread, last 7 days+0.066%+$7 · spread now −0.031%, 7d avg −0.004%

Together, before fees+0.070%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.027% cheaper against Popdex than usual: you would sell low and buy high (spread −0.031% now, against its 7-day average of −0.004%). If the spread goes back, that is −$3 on $10k: about 3.2 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.004% in total) that is about 27 days. The two prices were read 55 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	92.917	0.0072	pay 0.0009% / 1h	29m 42s	$70K	$1.1M	50x
Short	KuCoin HYPEUSDTM	92.888	0.0100	get 0.0050% / 4h	3h 29m	$46.1M	$18.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.031%Rate

Funding earned: $5.88
Price spread: −0.031% → −0.004%: −$2.68
Slippage, 4 orders: −$11.18
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$26.39
Costs to cover: 0.296%
Break-even: 38.4 days

Slippage from Popdex: live order book, 4 min ago; KuCoin: 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	0.75 bp	4.0 bp −$4	5.0 bp −$50	20.2 bp −$2,023	doesn't fit
Sell KuCoin live order book, 4 min ago	0.75 bp	9.5 bp −$9	14.5 bp −$145	doesn't fit	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	−0.1472%	1h	92.689	−0.246%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0300%	1h	92.877	−0.043%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.877	−0.043%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.988	+0.076%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.912	−0.005%	$145K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.906	−0.012%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.935	+0.020%	$22K	$298K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.943	+0.028%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.857	−0.065%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	92.877	−0.043%	$315.8M	$282.7M	75x	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	+0.0036%	1h	92.907	−0.011%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0036%	1h	92.840	−0.083%	$699K	$1.1M	10x	as long as short
Phemex HYPEUSDT	+0.0047%	8h	92.954	+0.040%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.940	+0.025%	$86K	$362K	20x	as long as short
Bitget HYPEUSDT	+0.0056%	4h	92.880	−0.040%	$225.0M	$99.2M	75x	as long as short
Popdex HYPEUSDTlong	+0.0072%	1h	92.917	long leg	$70K	$1.1M	50x
edgeX HYPEUSDC	+0.0094%	4h	92.814	−0.111%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.915	−0.002%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.904	−0.014%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.922	+0.005%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.890	−0.029%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.883	−0.036%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.923	+0.006%	$2.02B	$666.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.912	−0.005%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.902	−0.016%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.875	−0.045%	$373.5M	$905.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.872	−0.048%	$113.9M	$304.2M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.880	−0.040%	$45.0M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.890	−0.029%	$91.5M	$81.0M	100x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	92.888	−0.031%	$46.1M	$18.4M	75x
BingX HYPE-USDT	+0.0100%	4h	92.878	−0.042%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.933	+0.017%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.959	+0.045%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.875	−0.046%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.853	−0.069%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.896	−0.023%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.970	+0.057%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.958	+0.044%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.914	−0.003%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.910	−0.007%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.998	+0.087%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.914	−0.003%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.072	+0.167%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.158%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.828	−0.096%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.915	−0.002%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.040	+0.132%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0175%	8h	92.992	+0.081%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.974	+0.061%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.810	−0.115%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.913	−0.005%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.934	+0.018%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.983	+0.071%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0514%	1h	93.021	+0.112%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.976	+0.064%	$3.2M	$6.4M	20x	as long as short