Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.007%

Price spread now: Popdex against BingX−0.044%7-day average +0.015% · 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−$24as in the Price arb table

costs, in and out, $10k−$180.177% of the position

Long on BingX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.055%+$5 on $10k

Price spread, last 7 days+0.044%+$4 · spread now −0.044%, 7d avg +0.015%

Together, before fees+0.098%+$10 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Popdex is 0.059% cheaper against BingX than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.015%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	94.000	0.0100	pay 0.0050% / 4h	3h 29m	—	$54.0M	—
Short	Popdex HYPEUSDT	93.959	0.0096	get 0.0012% / 1h	29m 56s	$66K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against BingX. 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 BingXbpFee PopdexbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$0.84
Price spread: −0.044% → +0.015%: −$5.86
Slippage, 4 orders: −$1.29
Fee BingX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$24.4
Costs to cover: 0.177%
Break-even: never at this rate

Slippage from BingX: live order book, 9 min ago; Popdex: 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 BingX live order book, 9 min ago	0.11 bp	5.4 bp −$5	5.9 bp −$59	6.7 bp −$666	12.4 bp −$6,216
Sell Popdex live order book, 4 min ago	0.37 bp	3.6 bp −$4	4.1 bp −$41	17.8 bp −$1,783	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	−0.1432%	1h	94.067	+0.071%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.928	−0.077%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0234%	1h	94.151	+0.161%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0160%	1h	93.990	−0.011%	$706K	$956K	10x	as long as short
dYdX HYPE-USD	−0.0153%	1h	94.048	+0.051%	$129K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0104%	8h	94.018	+0.019%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0098%	1h	93.961	−0.041%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.970	−0.032%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.037	+0.039%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0025%	8h	93.990	−0.011%	$322.8M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0017%	4h	93.950	−0.053%	$159K	$645K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.035	+0.037%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.001	+0.001%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0006%	4h	93.999	−0.001%	$44.5M	$59.7M	75x	as long as short
Aster HYPEUSDT	+0.0019%	4h	93.982	−0.019%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.342	+0.364%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	93.992	−0.009%	$89.1M	$82.6M	100x	as long as short
Binance HYPEUSDT	+0.0048%	4h	93.989	−0.012%	$383.4M	$893.4M	75x	as long as short
Derive HYPE-PERP	+0.0056%	1h	93.935	−0.069%	$16.4M	$7.3M	10x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	94.240	+0.255%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0080%	8h	93.998	−0.002%	$115.9M	$318.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.024	+0.026%	$19.2M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.003	+0.003%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	93.959	−0.044%	$66K	$1.2M	50x
Aevo HYPE-PERP	+0.0096%	1h	93.963	−0.039%	$400K	$188K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.061	+0.065%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.050	+0.053%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.951	−0.052%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.108	+0.115%	$2.05B	$677.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.061	+0.065%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.995	−0.005%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.012	+0.013%	$228.0M	$100.9M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	94.000	long leg	—	$54.0M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.012	+0.013%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.030	+0.032%	$31.5M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.271	+0.288%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.209	+0.222%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.018	+0.019%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.026	+0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.984	−0.017%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.963	−0.039%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.052	+0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.975	−0.027%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.128%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.979	−0.023%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	+0.032%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0193%	4h	94.099	+0.105%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	88.460	−5.894%	$29K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0222%	8h	94.102	+0.109%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.001	+0.002%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	93.952	−0.052%	$79K	$146K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0152%	1h	93.999	−0.001%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0409%	1h	94.076	+0.081%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0420%	4h	94.200	+0.213%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.076	+0.081%	$21.0M	$29.7M	50x	as long as short