Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.005%

Price spread now: Popdex against SunX−0.082%7-day average −0.058% · 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−$67as in the Price arb table

costs, in and out, $10k−$650.649% of the position

Long on SunX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)+0.244%+$24 · spread now −0.082%, 7d avg −0.058%

Together, before fees+0.235%+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Popdex is 0.024% cheaper against SunX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.058%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	92.628	0.0100	pay 0.0050% / 4h	51m 41s	$32K	$1.6M	20x
Short	Popdex HYPEUSDT	92.552	0.0080	get 0.0010% / 1h	51m 41s	$67K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against SunX. 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 SunXbpFee PopdexbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$4.2
Price spread: −0.082% → −0.058%: −$2.41
Slippage, 4 orders: −$50.54
Fee SunX: 4 bp × 2 orders: −$8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$71.55
Costs to cover: 0.649%
Break-even: never at this rate

Slippage from SunX: live order book, 3 min ago; Popdex: live order book, 2 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 SunX live order book, 3 min ago	19.34 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 2 min ago	0.11 bp	3.9 bp −$4	6.6 bp −$66	59.0 bp −$5,900	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	92.414	−0.231%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0760%	1h	92.788	+0.173%	$195K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0110%	1h	92.736	+0.117%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.530	−0.106%	$86K	$351K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.573	−0.059%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.552	−0.082%	$158K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0059%	1h	92.720	+0.099%	$699K	$1.1M	10x	as long as short
Bullet HYPE-USD	−0.0048%	1h	92.565	−0.068%	$111K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0003%	4h	92.526	−0.110%	$8.7M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.516	−0.121%	$127K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.571	−0.061%	$23K	$309K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.608	−0.022%	$62K	—	150x	as long as short
Derive HYPE-PERP	+0.0018%	1h	92.535	−0.100%	$16.0M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	92.568	−0.065%	$12.5M	$2.7M	50x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.516	−0.121%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.520	−0.117%	$317.6M	$279.2M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	+0.245%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.524	−0.112%	$44.4M	$54.5M	75x	as long as short
ApeX Omni HYPEUSDT	+0.0068%	1h	92.356	−0.294%	$337K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	92.521	−0.116%	$113.1M	$300.8M	50x	as long as short
Binance HYPEUSDT	+0.0079%	4h	92.539	−0.096%	$372.2M	$892.3M	75x	as long as short
Popdex HYPEUSDTshort	+0.0080%	1h	92.552	−0.082%	$67K	$1.2M	50x
MEXC HYPE_USDT	+0.0084%	4h	92.509	−0.128%	$87.6M	$80.2M	100x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	92.792	+0.177%	$5.1M	$29.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.546	−0.089%	$338K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.520	−0.116%	$16.0M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.515	−0.122%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.530	−0.106%	$14K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.579	−0.052%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.548	−0.086%	$2.02B	$657.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.552	−0.082%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.186%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.509	−0.128%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.509	−0.128%	$223.8M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.550	−0.084%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.820	+0.207%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.034%	$7.5M	$45.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.793	+0.178%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.646	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.612	−0.017%	$468K	$2.6M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	92.628	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	92.578	−0.054%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.721	+0.100%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.495	−0.144%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.580	−0.052%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.402%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.630	+0.002%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.568	−0.064%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.699	+0.077%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.787	+0.172%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.602	−0.029%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.618	−0.011%	$20.6M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0473%	1h	92.680	+0.056%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.603	−0.027%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.1674%	1h	92.565	−0.068%	$78K	$169K	20x	as long as short