Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h +0.004%

Price spread now: Variational Omni against Popdex−0.035%7-day average −0.034% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Popdex Short on Variational Omni

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+0.045%+$4 · spread now −0.035%, 7d avg −0.034%

Together, before fees+0.049%+ Points / potential airdropVariational Omni: Active · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.034%, 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	93.031	0.0048	pay 0.0006% / 1h	12m 26s	$76K	$1.1M	50x
Short	Variational Omni HYPE	92.999	0.0100	get 0.0100% / 8h	3h 12m	$28.6M	$56.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.035%Rate

Funding earned: $10.92
Price spread: −0.035% → −0.034%: −$0.08
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $4.44
Costs to cover: 0.064%
Break-even: 4.2 days

Slippage unknown: Popdex: live order book, 2 min ago; Variational Omni: RFQ quote, 2 min ago. Net counts fees only.

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	0.11 bp	4.1 bp −$4	5.5 bp −$55	38.0 bp −$3,795	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	0.42 bp	doesn't fit	5.2 bp −$52	19.8 bp −$1,980	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	−0.1800%	1h	93.146	+0.123%	$194K	$231K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0310%	1h	93.023	−0.009%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.014	−0.018%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.086	+0.059%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.023	−0.009%	$146K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.075	+0.048%	$128K	$29K	5x	as long as short
Ondo Perps HYPE-USD.P	0.0000%	1h	92.980	−0.055%	$701K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	93.065	+0.037%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.055	+0.026%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0012%	1h	93.017	−0.015%	$111K	$578K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0024%	8h	93.103	+0.077%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0024%	1h	93.058	+0.029%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	93.056	+0.027%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.030	−0.001%	$317.4M	$284.5M	75x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	93.037	+0.006%	$225.1M	$98.8M	75x	as long as short
Popdex HYPEUSDTlong	+0.0048%	1h	93.031	long leg	$76K	$1.1M	50x
Gate HYPE_USDT	+0.0054%	4h	93.023	−0.009%	$45.4M	$54.7M	75x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.059	+0.030%	$4.9M	$29.8M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.063	+0.035%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.029	−0.002%	$16.0M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.071	+0.043%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.020	−0.012%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.065	+0.037%	$6.8M	$46.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.086	+0.059%	$2.03B	$669.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.027	−0.004%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.052	+0.023%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.036	+0.005%	$373.4M	$910.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.044	+0.014%	$113.9M	$305.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.125	+0.101%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.031	0.000%	$91.4M	$81.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.037	+0.006%	$46.1M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.036	+0.005%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.157	+0.135%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	92.999	−0.035%	$28.6M	$56.8M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.078	+0.051%	$7.5M	$46.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.266	+0.253%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.057	+0.028%	$665K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.103	+0.077%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.058	+0.029%	$488K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.121	+0.097%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.109	+0.084%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.182	+0.162%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.115	+0.090%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.300	+0.289%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.018	−0.013%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.139	+0.116%	$394K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	93.196	+0.177%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.220	+0.203%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.194	+0.175%	$20.7M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.410	+0.407%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	93.019	−0.013%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.053	+0.024%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.113	+0.088%	$16.8M	$11.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0405%	1h	93.214	+0.197%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.100	+0.074%	$3.2M	$6.3M	20x	as long as short