Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:46 UTC−0.0008%/8h= −0.9% APRpaid last 24h −0.016%

Price spread now: Perpl against Popdex+0.005%7-day average +0.012% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Popdex Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.072%−$7 on $10k

Price spread, last 3 days (all we have)+0.266%+$27 · spread now +0.005%, 7d avg +0.012%

Together, before fees+0.194%+ Points / potential airdropPerpl: Active · farm board+$19 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	93.241	0.0008	pay 0.0001% / 1h	7m 30s	$58K	$1.2M	50x
Short	Perpl HYPE	93.246	0	get 0.0000% / 43m	20m 30s	$23K	$330K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$1.68
Price spread: +0.005% → +0.012%: −$0.63
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$22.51
Costs to cover: 0.202%
Break-even: never at this rate

Slippage unknown: Popdex: live order book, 2 min ago; Perpl: no order-book sample. Net counts fees only.

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, 2 min ago	0.86 bp	4.1 bp −$4	4.8 bp −$48	20.0 bp −$1,995	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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
Aftermath Perps HYPEUSD	−0.0476%	1h	93.219	−0.023%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0408%	1h	93.255	+0.015%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.134	−0.115%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.160	−0.087%	$699K	$895K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.192	−0.053%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.269	+0.030%	$90K	$358K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.227	−0.015%	$127K	$32K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.246	+0.005%	$23K	$330K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.272	+0.033%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0003%	4h	93.225	−0.018%	$8.9M	$35.7M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex HYPEUSDTlong	+0.0008%	1h	93.241	long leg	$58K	$1.2M	50x
Orderly PERP_HYPE_USDC	+0.0016%	4h	93.253	+0.013%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.240	−0.001%	$323.1M	$282.2M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.306	+0.070%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0047%	1h	93.248	+0.008%	$111K	$577K	20x	as long as short
Derive HYPE-PERP	+0.0050%	1h	93.190	−0.054%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.244	+0.003%	$44.0M	$58.8M	75x	as long as short
MEXC HYPE_USDT	+0.0060%	4h	93.253	+0.013%	$90.1M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0061%	4h	93.236	−0.005%	$382.7M	$887.0M	75x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.250	+0.010%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.246	+0.005%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.235	−0.006%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.229	−0.013%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.192	−0.053%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.020%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.193	−0.051%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.279	+0.041%	$2.03B	$661.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.221	−0.021%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.234	−0.008%	$114.1M	$312.2M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.266	+0.027%	$47.0M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.267	+0.028%	$226.2M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.241	0.000%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.258	+0.018%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.212	−0.031%	$30.8M	$51.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.317	+0.082%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.303	+0.066%	$415K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.252	+0.012%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.276	+0.037%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.261	+0.021%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.255	+0.015%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.281	+0.043%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.230	−0.012%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.288	+0.050%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.280	+0.042%	$204K	$8K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.146	−0.101%	$18.2M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.365	+0.133%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.260	+0.020%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0220%	4h	93.396	+0.166%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.530	+0.310%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.245	+0.005%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0250%	4h	93.270	+0.031%	$16.9M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.288	+0.050%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.260	+0.021%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0361%	1h	93.326	+0.091%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.341	+0.108%	$20.9M	$28.9M	50x	as long as short