Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.003%

Price spread now: Phemex against Popdex+0.023%7-day average +0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$430.426% of the position

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%$0 on $10k

Price spread, last 4 days (all we have)−0.143%−$14 · spread now +0.023%, 7d avg +0.006%

Together, before fees−0.138%−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: −$2 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	92.672	0.0096	pay 0.0012% / 1h	25m 16s	$69K	$1.1M	50x
Short	Phemex HYPEUSDT	92.693	0.0024	get 0.0024% / 8h	4h 25m	$12.5M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.023%Rate

Funding earned: −$15.15
Price spread: +0.023% → +0.006%: $1.67
Slippage, 4 orders: −$24.24
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$56.12
Costs to cover: 0.426%
Break-even: never at this rate

Slippage from Popdex: live order book, 4 min ago; Phemex: 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	0.27 bp	3.5 bp −$4	4.1 bp −$41	27.3 bp −$2,727	doesn't fit
Sell Phemex live order book, 4 min ago	5.29 bp	21.5 bp −$21	39.9 bp −$399	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
Arcus HYPE-USD	−0.0948%	1h	92.574	−0.106%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0264%	1h	92.630	−0.046%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0213%	1h	92.594	−0.085%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.610	−0.067%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.670	−0.002%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	92.699	+0.029%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.674	+0.003%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.692	+0.021%	$22K	$307K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.718	+0.049%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	92.640	−0.035%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDTshort	+0.0024%	8h	92.693	+0.023%	$12.5M	$2.7M	50x
Bullet HYPE-USD	+0.0028%	1h	92.680	+0.009%	$110K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0033%	4h	92.648	−0.026%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.697	+0.027%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.022%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0051%	8h	92.687	+0.016%	$316.5M	$281.9M	75x	as long as short
Gate HYPE_USDT	+0.0080%	4h	92.686	+0.015%	$44.5M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0085%	8h	92.692	+0.022%	$113.5M	$304.4M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.674	+0.002%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.680	+0.009%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.682	+0.011%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	92.672	long leg	$69K	$1.1M	50x
Katana Perps HYPE-USD	+0.0099%	8h	92.600	−0.078%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.629	−0.046%	$6.4M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.706	+0.036%	$2.02B	$666.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.684	+0.013%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.691	+0.021%	$372.0M	$904.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.403%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.703	+0.033%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.673	+0.001%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.677	+0.005%	$224.7M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.643	−0.031%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.048%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.667	−0.005%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.687	+0.016%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.632	−0.043%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.718	+0.049%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.685	+0.014%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.667	−0.005%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.670	−0.002%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.639	−0.036%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.681	+0.010%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.837	+0.178%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.656	−0.017%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.695	+0.025%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	92.611	−0.066%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.590	−0.088%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.710	+0.041%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	92.727	+0.059%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.693	+0.022%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.702	+0.032%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.748	+0.082%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.668	−0.004%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0408%	1h	92.775	+0.111%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.704	+0.035%	$3.1M	$6.4M	20x	as long as short