Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.045%

Price spread now: Popdex against HTX−0.151%7-day average −0.044% · 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−$36as in the Price arb table

costs, in and out, $10k−$250.253% of the position

Long on HTX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.047%−$5 on $10k

Price spread, last 4 days (all we have)+0.337%+$34 · spread now −0.151%, 7d avg −0.044%

Together, before fees+0.290%+$29 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 0.107% cheaper against HTX than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.044%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	92.826	0.0100	pay 0.0050% / 4h	17m 40s	$1.4M	$6.2M	75x
Short	Popdex HYPEUSDT	92.686	0.0096	get 0.0012% / 1h	17m 40s	$69K	$1.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against HTX. 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 HTXbpFee PopdexbpOrdersPrice spread, now −0.151%Rate

Funding earned: −$0.84
Price spread: −0.151% → −0.044%: −$10.68
Slippage, 4 orders: −$6.95
Fee HTX: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$36.87
Costs to cover: 0.253%
Break-even: never at this rate

Slippage from HTX: live order book, 1 min ago; Popdex: live order book, 1 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 HTX live order book, 1 min ago	1.35 bp	9.2 bp −$9	17.3 bp −$173	51.5 bp −$5,148	doesn't fit
Sell Popdex live order book, 1 min ago	0.11 bp	3.4 bp −$3	4.5 bp −$45	19.3 bp −$1,932	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	92.676	−0.162%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.721	−0.114%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0242%	1h	92.680	−0.157%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.706	−0.129%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.654	−0.185%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.711	−0.124%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	−0.060%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.686	−0.151%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.707	−0.128%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0026%	8h	92.666	−0.172%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0035%	1h	92.660	−0.179%	$697K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.736	−0.097%	—	$53.4M	—	as long as short
Bullet HYPE-USD	+0.0039%	1h	92.688	−0.149%	$111K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0042%	4h	92.728	−0.106%	$8.7M	$36.2M	300x	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	−0.010%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0048%	8h	92.723	−0.111%	$316.6M	$281.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0088%	8h	92.750	−0.082%	$113.6M	$303.9M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.731	−0.102%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.757	−0.074%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.742	−0.091%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.741	−0.092%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	92.686	−0.151%	$69K	$1.1M	50x
Katana Perps HYPE-USD	+0.0099%	8h	92.690	−0.147%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.694	−0.143%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.763	−0.068%	$2.02B	$663.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.769	−0.061%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.742	−0.090%	$372.5M	$904.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.742	−0.090%	$87.4M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.744	−0.088%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.739	−0.094%	$224.5M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.721	−0.113%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	−0.149%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	−0.128%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.749	−0.083%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.784	−0.045%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.759	−0.072%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.708	−0.127%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.655	−0.184%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.666	−0.173%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.700	−0.136%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.677	−0.161%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	92.826	long leg	$1.4M	$6.2M	75x
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.134%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.716	−0.119%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.678	−0.159%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	−0.172%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.187%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.810	−0.017%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0239%	8h	92.750	−0.082%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.669	−0.169%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.696	−0.140%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.743	−0.089%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.775	−0.055%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0343%	1h	92.770	−0.060%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.754	−0.077%	$3.2M	$6.4M	20x	as long as short