Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.005%

Price spread now: Variational Omni against Popdex−0.072%46s7-day average −0.034% · you buy dearer than you sell

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

Long on Popdex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.009%+$1 on $10k

Price spread, last 7 days+0.065%+$6 · spread now −0.072%, 7d avg −0.034%

Together, before fees+0.074%+ Points / potential airdropVariational Omni: Active · farm board+$7 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: Variational Omni is 0.038% cheaper against Popdex than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.034%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	94.098	0.0096	pay 0.0012% / 1h	30m 40s	$66K	$1.2M	50x
Short	Variational Omni HYPE	94.030	0.0100	get 0.0100% / 8h	7h 30m	$31.5M	$54.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.072%Rate

Funding earned: $0.84
Price spread: −0.072% → −0.034%: −$3.76
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$9.32
Costs to cover: 0.064%
Break-even: 84.7 days

Slippage unknown: Popdex: live order book, 3 min ago; Variational Omni: RFQ quote, 4 min ago. 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, 3 min ago	0.37 bp	3.6 bp −$4	4.1 bp −$41	26.7 bp −$2,673	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	0.41 bp	doesn't fit	5.2 bp −$52	22.5 bp −$2,255	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	−0.1448%	1h	93.991	−0.114%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.928	−0.181%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0241%	1h	94.169	+0.075%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0160%	1h	93.990	−0.115%	$706K	$956K	10x	as long as short
dYdX HYPE-USD	−0.0153%	1h	94.048	−0.053%	$129K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0131%	8h	94.114	+0.017%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0097%	1h	94.060	−0.040%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.108	+0.011%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.090	−0.009%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0030%	8h	94.020	−0.083%	$322.9M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.040	−0.062%	$159K	$648K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.097	−0.001%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.099	+0.001%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0004%	4h	94.056	−0.045%	$44.5M	$59.7M	75x	as long as short
Aster HYPEUSDT	+0.0019%	4h	94.054	−0.047%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.342	+0.259%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.042	−0.060%	$89.3M	$82.6M	100x	as long as short
Binance HYPEUSDT	+0.0048%	4h	94.034	−0.068%	$383.5M	$893.0M	75x	as long as short
Derive HYPE-PERP	+0.0056%	1h	94.025	−0.077%	$16.4M	$7.3M	10x	as long as short
edgeX HYPEUSDC	+0.0061%	4h	94.240	+0.151%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0080%	8h	94.021	−0.082%	$116.0M	$318.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.075	−0.025%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.094	−0.004%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	94.098	long leg	$66K	$1.2M	50x
Aevo HYPE-PERP	+0.0096%	1h	94.065	−0.035%	$400K	$188K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.061	−0.039%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.120	+0.023%	$26K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.102	+0.004%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.170	+0.077%	$2.05B	$677.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.061	−0.039%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.077	−0.022%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.043	−0.058%	$228.1M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.019	−0.084%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.079	−0.020%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	94.030	−0.072%	$31.5M	$54.1M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.271	+0.184%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.209	+0.118%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.018	−0.085%	$680K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.126	+0.030%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.111	+0.014%	$480K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.058	−0.043%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.176	+0.083%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.061	−0.039%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	+0.023%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.041	−0.061%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.210	+0.119%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0193%	4h	94.099	+0.001%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	88.460	−5.992%	$29K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0219%	8h	94.162	+0.068%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.145	+0.050%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.079	−0.021%	$79K	$146K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0152%	1h	94.105	+0.007%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0409%	1h	94.155	+0.061%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0428%	4h	94.230	+0.140%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.172	+0.078%	$21.0M	$29.7M	50x	as long as short