Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h +0.027%

Price spread now: Popdex against Bybit−0.228%7-day average +0.025% · 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−$45as in the Price arb table

costs, in and out, $10k−$200.195% of the position

Long on Bybit Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.029%+$3 on $10k

Price spread, last 7 days+0.241%+$24 · spread now −0.228%, 7d avg +0.025%

Together, before fees+0.270%+$27 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.253% cheaper against Bybit than usual: you would sell low and buy high (spread −0.228% now, against its 7-day average of +0.025%). If the spread goes back, that is −$25 on $10k: about 39 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	95.248	0.0034	pay 0.0034% / 8h	5h 07m	$321.4M	$263.1M	75x
Short	Popdex HYPEUSDT	95.031	0.0056	get 0.0007% / 1h	7m 03s	$274K	$999K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Bybit. 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 BybitbpFee PopdexbpOrdersPrice spread, now −0.228%Rate

Funding earned: $4.59
Price spread: −0.228% → +0.025%: −$25.33
Slippage, 4 orders: −$2.12
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$40.26
Costs to cover: 0.195%
Break-even: 68.3 days

Slippage from Bybit: live order book, 5 min ago; Popdex: live order book, 5 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 Bybit live order book, 5 min ago	0.53 bp	6.0 bp −$6	7.0 bp −$70	15.0 bp −$1,501	47.5 bp −$23.7K
Sell Popdex live order book, 5 min ago	0.37 bp	3.6 bp −$4	4.1 bp −$41	14.0 bp −$1,399	doesn't fit

HYPE on 55 exchanges

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
Phemex HYPEUSDT	−0.0265%	8h	95.060	−0.197%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.030	−0.229%	$18.4M	$34.6M	50x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.053	−0.205%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0126%	1h	95.156	−0.097%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	95.010	−0.250%	$680K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.057	−0.201%	$100K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.055	−0.203%	$3K	$421	25x	as long as short
Aster HYPEUSDT	−0.0080%	4h	95.124	−0.131%	$9.7M	$34.3M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	95.012	−0.248%	$148K	$642K	20x	as long as short
Bluefin HYPE-PERP	−0.0062%	1h	95.012	−0.248%	$79K	$132K	20x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0062%	4h	95.080	−0.176%	$55.6M	$54.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.020	−0.239%	$4.7M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0053%	1h	95.049	−0.209%	$113K	$583K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0032%	8h	94.993	−0.268%	$119.1M	$303.1M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.094	−0.162%	$230.3M	$86.2M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	−0.070%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.077	−0.179%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	−0.155%	$99K	—	150x	as long as short
Derive HYPE-PERP	+0.0014%	1h	95.000	−0.261%	$16.4M	$7.0M	10x	as long as short
Lighter HYPE	+0.0016%	1h	95.008	−0.252%	$16.6M	$58.9M	20x	as long as short
Bybit HYPEUSDTlong	+0.0034%	8h	95.248	long leg	$321.4M	$263.1M	75x
edgeX HYPEUSDC	+0.0035%	4h	94.993	−0.268%	$5.0M	$28.0M	30x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	95.016	−0.244%	$90.3M	$84.9M	100x	as long as short
Binance HYPEUSDT	+0.0045%	4h	95.145	−0.109%	$382.9M	$849.7M	75x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.103	−0.152%	—	$49.1M	—	as long as short
Popdex HYPEUSDTshort	+0.0056%	1h	95.031	−0.228%	$274K	$999K	50x
dYdX HYPE-USD	+0.0066%	1h	95.118	−0.137%	$128K	$96K	5x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0076%	1h	95.119	−0.135%	$7.5M	$4.2M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	95.028	−0.231%	$323K	$926K	50x	as long as short
Paradex HYPE-USD-PERP	+0.0089%	8h	95.040	−0.218%	$339K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.029	−0.230%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.016	−0.244%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.000	−0.260%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.022	−0.237%	$7.3M	$50.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.069	−0.187%	$10.2M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	−0.016%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.041	−0.217%	$47.6M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.011	−0.249%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.971	−0.291%	$29.7M	$52.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.044	−0.214%	$7.7M	$40.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.115	−0.140%	$692K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.108	−0.147%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.048	−0.210%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.136	−0.118%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.024	−0.235%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.167	−0.085%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.005	−0.255%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.084	−0.172%	$1.8M	$5.0M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.058	−0.199%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0151%	1h	95.150	−0.103%	$2.11B	$643.8M	10x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	95.018	−0.241%	$17.4M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.028	−0.230%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.048	−0.210%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0704%	1h	95.101	−0.154%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.370%	$31K	$334K	12x	as long as short