Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0110%/8h= −12.0% APRpaid last 24h −0.011%

Price spread now: Gate against Popdex−0.024%7-day average −0.021% · 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−$29as in the Price arb table

costs, in and out, $10k−$290.291% of the position

Long on Popdex Short on Gate

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.034%−$3 on $10k

Price spread, last 7 days+0.023%+$2 · spread now −0.024%, 7d avg −0.021%

Together, before fees−0.011%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.021%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	95.292	0.0040	pay 0.0005% / 1h	57m 09s	$274K	$1.0M	50x
Short	Gate HYPE_USDT	95.269	−0.0070	pay 0.0035% / 4h	1h 57m	$54.7M	$53.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.024%Rate

Funding earned: −$23.1
Price spread: −0.024% → −0.021%: −$0.34
Slippage, 4 orders: −$7.69
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$52.52
Costs to cover: 0.291%
Break-even: never at this rate

Slippage from Popdex: live order book, just now; Gate: 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 Popdex live order book, just now	0.26 bp	3.5 bp −$3	4.0 bp −$40	15.6 bp −$1,556	63.5 bp −$31.7K
Sell Gate live order book, 5 min ago	0.37 bp	12.1 bp −$12	17.3 bp −$173	30.1 bp −$3,013	51.3 bp −$25.7K

HYPE on 54 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
Hibachi HYPE/USDT-P	−0.1304%	1h	95.234	−0.061%	$213K	$261K	7x	as long as short
Bullet HYPE-USD	−0.0328%	1h	95.271	−0.022%	$114K	$582K	20x	as long as short
Phemex HYPEUSDT	−0.0288%	8h	95.237	−0.058%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.302	+0.010%	$18.6M	$35.3M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0141%	1h	95.213	−0.083%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.271	−0.022%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0086%	1h	95.140	−0.160%	$690K	$1.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.106%	$3K	$331	25x	as long as short
Gate HYPE_USDTshort	−0.0070%	4h	95.269	−0.024%	$54.7M	$53.0M	75x
01 Exchange HYPEUSD	−0.0056%	1h	95.307	+0.016%	$92K	$346K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.250	−0.044%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	95.252	−0.042%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0025%	4h	95.276	−0.017%	$9.0M	$33.0M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.271	−0.022%	$16.3M	$57.4M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0009%	8h	95.279	−0.014%	$119.3M	$304.4M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	−0.035%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.283	−0.010%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.309	+0.018%	$100K	—	150x	as long as short
Bulk HYPE-USD	+0.0016%	1h	95.192	−0.105%	$232K	$12K	10x	as long as short
Phoenix HYPE	+0.0017%	1h	95.204	−0.092%	$201K	$945K	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.276	−0.017%	$229.0M	$87.1M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0033%	1h	95.363	+0.075%	$7.5M	$4.3M	50x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	95.290	−0.002%	$321.2M	$266.7M	75x	as long as short
Popdex HYPEUSDTlong	+0.0040%	1h	95.292	long leg	$274K	$1.0M	50x
Vest HYPE-PERP	+0.0065%	1h	95.329	+0.039%	—	$80K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0073%	8h	95.280	−0.012%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	95.110	−0.191%	$5.1M	$29.5M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.294	+0.002%	$3.3M	$9.9M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.250	−0.044%	$39K	$1.5M	10x	as long as short
Binance HYPEUSDT	+0.0099%	4h	95.282	−0.010%	$382.9M	$857.5M	75x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.269	−0.024%	$7.3M	$52.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.311	+0.020%	$10.3M	$13.3M	20x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.280	−0.013%	$90.8M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.290	−0.002%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.281	−0.012%	—	$48.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.326	+0.036%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.143	−0.157%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.256	−0.038%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	−0.106%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.243	−0.051%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.301	+0.009%	$504K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	95.280	−0.013%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.369	+0.081%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.280	−0.013%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.401	+0.114%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.246	−0.048%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.269	−0.025%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	95.361	+0.072%	$1.8M	$5.1M	2.3x	as long as short
Hyperliquid HYPE	+0.0129%	1h	95.378	+0.090%	$2.11B	$649.9M	10x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.282	−0.011%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.248	−0.047%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.307	+0.016%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	95.279	−0.014%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.113%	$31K	$334K	12x	as long as short