HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0480%/8h= −52.6% APRnext payment −$0.60 per $10,000 · paid last 24h +0.015%

Price spread now: Bluefin against Popdex−0.050%7-day average −0.011% · 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−$38as in the Price arb table

costs, in and out, $10k−$340.343% of the position

Long on Popdex Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.046%−$5 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now −0.050%, 7d avg −0.011%

Together, before fees−0.052%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Bluefin is 0.039% cheaper against Popdex than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.011%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.046% in total (about -4.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.60 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	94.476	0.0096	pay 0.0012% / 1h	4m 28s	$79K	$1.2M	50x
Short	Bluefin HYPE-PERP	94.429	−0.0384	pay 0.0048% / 1h	4m 28s	$80K	$151K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Popdex. 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 PopdexbpFee BluefinbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$100.81
Price spread: −0.050% → −0.011%: −$3.92
Slippage, 4 orders: −$20.93
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$139.05
Costs to cover: 0.343%
Break-even: never at this rate

Slippage from Popdex: live order book, 5 min ago; Bluefin: live order book, 35 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 Popdex live order book, 5 min ago	0.11 bp	3.4 bp −$3	3.9 bp −$39	19.0 bp −$1,904	doesn't fit
Sell Bluefin live order book, 35 min ago	1.75 bp	13.6 bp −$14	doesn't fit	doesn't fit	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	−0.1536%	1h	94.468	−0.008%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERPshort	−0.0384%	1h	94.429	−0.050%	$80K	$151K	20x
Ondo Perps HYPE-USD.P	−0.0205%	1h	94.380	−0.102%	$712K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	94.457	−0.020%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0182%	1h	94.436	−0.042%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.507	+0.033%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.451	−0.026%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.438	−0.040%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0027%	1h	94.383	−0.099%	$16.4M	$7.3M	10x	as long as short
Bybit HYPEUSDT	−0.0019%	8h	94.459	−0.018%	$317.6M	$288.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter HYPE	−0.0008%	1h	94.421	−0.058%	$16.4M	$64.7M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.455	−0.022%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.466	−0.010%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.505	+0.031%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.443	−0.035%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.478	+0.002%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.490	+0.015%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	94.459	−0.018%	$226.9M	$100.3M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0021%	1h	94.480	+0.004%	$498K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0042%	8h	94.417	−0.062%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0044%	8h	94.457	−0.021%	$337K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0050%	1h	94.431	−0.048%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.440	−0.038%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	94.450	−0.028%	$117.9M	$325.2M	50x	as long as short
Vest HYPE-PERP	+0.0072%	1h	94.520	+0.046%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0082%	4h	94.457	−0.020%	$50.5M	$56.9M	75x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.396	−0.085%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.422	−0.057%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	94.476	long leg	$79K	$1.2M	50x
Katana Perps HYPE-USD	+0.0100%	8h	94.460	−0.017%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.462	−0.015%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.550	+0.078%	$2.08B	$687.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.470	−0.006%	$8.8M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.448	−0.029%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.459	−0.018%	$378.8M	$932.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.051%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.464	−0.013%	$89.7M	$84.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.455	−0.022%	$46.9M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.466	−0.011%	—	$52.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.415	−0.065%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.362	−0.120%	$29.6M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.422	−0.057%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.416	−0.064%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.445	−0.033%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.466	−0.011%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.515	+0.041%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.438	−0.040%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.459	−0.018%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.508	+0.034%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.279%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0216%	1h	94.538	+0.066%	$7.5M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.495	+0.020%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.497	+0.022%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.441	−0.037%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.462	−0.015%	$17.1M	$12.4M	75x	as long as short