Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0014%/8h= +1.6% APRpaid last 24h +0.003%

Price spread now: Popdex against edgeX+0.007%7-day average +0.039% · 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−$20as in the Price arb table

costs, in and out, $10k−$170.166% of the position

Long on edgeX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.010%−$1 on $10k

Price spread, last 7 days−0.011%−$1 · spread now +0.007%, 7d avg +0.039%

Together, before fees−0.021%+ Points / potential airdropedgeX: Active · farm board−$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.032% cheaper against edgeX than usual: you would sell low and buy high (spread +0.007% now, against its 7-day average of +0.039%). If the spread goes back, that is −$3 on $10k: about 7.6 days of funding at the current rate ($0 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	93.648	0.0082	pay 0.0041% / 4h	1h 46m	$5.0M	$30.6M	30x
Short	Popdex HYPEUSDT	93.654	0.0096	get 0.0012% / 1h	46m 46s	$78K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against edgeX. 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 edgeXbpFee PopdexbpOrdersPrice spread, now +0.007%Rate

Funding earned: $2.98
Price spread: +0.007% → +0.039%: −$3.23
Slippage, 4 orders: −$1.18
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$16.83
Costs to cover: 0.166%
Break-even: 46.6 days

Slippage from edgeX: live order book, 2 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 edgeX live order book, 2 min ago	0.32 bp	4.9 bp −$5	5.5 bp −$55	doesn't fit	doesn't fit
Sell Popdex live order book, 2 min ago	0.05 bp	3.6 bp −$4	4.5 bp −$45	18.9 bp −$1,893	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	−0.1104%	1h	93.558	−0.096%	$198K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0245%	1h	93.775	+0.135%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.570	−0.083%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.621	−0.029%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0068%	1h	93.624	−0.025%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.678	+0.032%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0028%	1h	93.625	−0.024%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0020%	4h	93.597	−0.054%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.698	+0.053%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.671	+0.025%	$21K	$287K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.654	+0.006%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.627	−0.022%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0009%	8h	93.613	−0.037%	$316.2M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.687	+0.042%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.628	−0.021%	$225.5M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.666	+0.019%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDClong	+0.0082%	4h	93.648	long leg	$5.0M	$30.6M	30x
Paradex HYPE-USD-PERP	+0.0082%	8h	93.656	+0.009%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.600	−0.051%	$1.0M	$4.0M	10x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.579	−0.074%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.620	−0.030%	$16.1M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.642	−0.006%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	93.654	+0.007%	$78K	$1.2M	50x
Katana Perps HYPE-USD	+0.0100%	8h	93.660	+0.013%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.606	−0.045%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.720	+0.077%	$2.05B	$682.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.632	−0.017%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.667	+0.020%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.635	−0.014%	$375.2M	$930.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.622	−0.028%	$115.7M	$316.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.623	−0.027%	$48.4M	$55.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.635	−0.014%	$90.0M	$83.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.628	−0.021%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.657	+0.010%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	+0.023%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	+0.083%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.674	+0.028%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.679	+0.033%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.710	+0.066%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.667	+0.020%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.741	+0.099%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.628	−0.021%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.791	+0.153%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.089%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0104%	8h	93.729	+0.087%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.597	−0.054%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.623	−0.027%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.680	+0.034%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.640	−0.008%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.621	−0.029%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0305%	1h	93.727	+0.085%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.662	+0.015%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.653	+0.006%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.717	+0.074%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.647	0.000%	$3.2M	$6.4M	20x	as long as short