Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.014%

Price spread now: Popdex against Aster+0.007%7-day average +0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$200.204% of the position

Long on Aster Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.010%+$1 on $10k

Price spread, last 7 days−0.003%$0 · spread now +0.007%, 7d avg +0.016%

Together, before fees+0.008%+ Points / potential airdropAster: Stage 5 · farm board+$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster HYPEUSDT	94.912	0.0100	pay 0.0050% / 4h	3h 45m	$9.7M	$37.4M	300x
Short	Popdex HYPEUSDT	94.919	0.0096	get 0.0012% / 1h	45m 51s	$148K	$1.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Aster. 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 AsterbpFee PopdexbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$0.84
Price spread: +0.007% → +0.016%: −$0.87
Slippage, 4 orders: −$5.99
Fee Aster: 4 bp × 2 orders: −$8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$22.09
Costs to cover: 0.204%
Break-even: never at this rate

Slippage from Aster: live order book, 3 min ago; Popdex: live order book, 3 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 Aster live order book, 3 min ago	0.05 bp	7.8 bp −$8	8.2 bp −$82	13.1 bp −$1,307	doesn't fit
Sell Popdex live order book, 3 min ago	0.58 bp	3.9 bp −$4	5.3 bp −$53	70.5 bp −$7,054	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	−0.1248%	1h	94.774	−0.146%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0365%	1h	94.914	+0.002%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0309%	1h	94.837	−0.079%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0269%	8h	94.900	−0.013%	$12.9M	$2.9M	50x	as long as short
Bullet HYPE-USD	−0.0159%	1h	94.953	+0.043%	$113K	$577K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.888	−0.025%	$1.0M	$3.5M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.908	−0.004%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.954	+0.044%	$89K	$365K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.912	0.000%	$19.2M	$35.0M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0044%	1h	94.900	−0.013%	$707K	$1.3M	10x	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	−0.0005%	4h	94.927	+0.016%	$148K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.913	+0.001%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.983	+0.075%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.773	−0.147%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.957	+0.048%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.846	−0.070%	$211K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0016%	4h	94.881	−0.033%	$227.8M	$99.9M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.940	+0.030%	$4.8M	$6.4M	50x	as long as short
Derive HYPE-PERP	+0.0051%	1h	94.682	−0.242%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0054%	8h	94.930	+0.019%	$339K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0057%	1h	94.986	+0.078%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0062%	8h	94.894	−0.019%	$118.5M	$329.6M	50x	as long as short
SoDEX HYPE-USD	+0.0077%	1h	94.960	+0.051%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.770	−0.150%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.950	+0.040%	$16.3M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.944	+0.034%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	94.919	+0.007%	$148K	$1.3M	50x
Katana Perps HYPE-USD	+0.0100%	8h	94.880	−0.034%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.888	−0.025%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.997	+0.090%	$2.09B	$692.5M	10x	as long as short
Aster HYPEUSDTlong	+0.0100%	4h	94.912	long leg	$9.7M	$37.4M	300x
Pacifica HYPE	+0.0100%	1h	94.925	+0.014%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.931	+0.021%	$381.9M	$938.1M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.901	−0.012%	$318.0M	$293.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	−0.234%	$221K	$14K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.896	−0.017%	$51.2M	$54.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.916	+0.004%	$94.5M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.925	+0.014%	$47.3M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.906	−0.006%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.911	−0.001%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.929	+0.018%	$30.1M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.757	−0.163%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.688	−0.236%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.881	−0.033%	$695K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.986	+0.078%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.056	+0.152%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.105	+0.203%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.891	−0.022%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.951	+0.041%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.973	+0.065%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.272%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0266%	1h	95.041	+0.136%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.916	+0.004%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.981	+0.073%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.895	−0.018%	$17.2M	$12.7M	75x	as long as short