Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.005%

Price spread now: Popdex against Variational Omni−0.081%7-day average +0.034% · you buy dearer than you sell

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

Long on Variational Omni Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.001%$0 on $10k

Price spread, last 7 days+0.097%+$10 · spread now −0.081%, 7d avg +0.034%

Together, before fees+0.097%+ Points / potential airdropVariational Omni: Active · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Popdex is 0.116% cheaper against Variational Omni than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.574	0.0100	pay 0.0100% / 8h	23m 25s	$31.2M	$54.0M	—
Short	Popdex HYPEUSDT	93.498	0.0080	get 0.0010% / 1h	23m 25s	$59K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Variational Omni. 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 Variational OmnibpFee PopdexbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$4.2
Price spread: −0.081% → +0.034%: −$11.57
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$22.17
Costs to cover: 0.064%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Popdex: live order book, 1 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 Variational Omni RFQ quote, 1 min ago	0.43 bp	doesn't fit	2.5 bp −$25	11.1 bp −$1,108	doesn't fit
Sell Popdex live order book, 1 min ago	0.16 bp	3.5 bp −$3	4.2 bp −$42	21.4 bp −$2,135	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	−0.0960%	1h	93.526	−0.051%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0383%	1h	93.594	+0.021%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.404	−0.182%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0087%	1h	93.450	−0.133%	$703K	$910K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.507	−0.072%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.478	−0.103%	$86K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0001%	4h	93.533	−0.044%	$168K	$586K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.573	−0.001%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.500	−0.079%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.548	−0.028%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0003%	1h	93.446	−0.137%	$16.3M	$7.1M	10x	as long as short
Aster HYPEUSDT	+0.0005%	4h	93.512	−0.067%	$8.9M	$36.0M	300x	as long as short
Phoenix HYPE	+0.0009%	1h	93.618	+0.047%	$214K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.530	−0.047%	$321.5M	$283.7M	75x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	93.505	−0.074%	$87.6M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	93.520	−0.058%	$382.2M	$896.1M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.464	−0.118%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0068%	8h	93.523	−0.055%	$12.7M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0074%	4h	93.500	−0.079%	$43.9M	$59.7M	75x	as long as short
Popdex HYPEUSDTshort	+0.0080%	1h	93.498	−0.081%	$59K	$1.2M	50x
Bullet HYPE-USD	+0.0092%	1h	93.508	−0.071%	$113K	$576K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.527	−0.050%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.487	−0.093%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.509	−0.069%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.525	−0.053%	$340K	$171K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	93.485	−0.095%	$115.2M	$320.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.470	−0.111%	$22K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.489	−0.091%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.543	−0.034%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	+0.054%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.523	−0.055%	$46.3M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.516	−0.062%	$226.5M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.509	−0.070%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.516	−0.062%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.574	long leg	$31.2M	$54.0M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.619	+0.048%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.485	−0.095%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.557	−0.018%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.533	−0.044%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.530	−0.047%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.474	−0.107%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.545	−0.031%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.483	−0.098%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.893%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.481	−0.100%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.577	+0.003%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.560	−0.015%	$4.9M	$5.6M	50x	as long as short
Hyperliquid HYPE	+0.0161%	1h	93.537	−0.040%	$2.03B	$677.0M	10x	as long as short
BloFin HYPE-USDT	+0.0208%	4h	93.521	−0.057%	$17.1M	$12.6M	75x	as long as short
HTX HYPE-USDT	+0.0210%	4h	93.688	+0.122%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.503	−0.076%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.547	−0.029%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.537	−0.040%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0359%	1h	93.585	+0.012%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0580%	1h	93.584	+0.010%	$20.9M	$29.5M	50x	as long as short