Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0116%/8h= +12.7% APRpaid last 24h +0.012%

Price spread now: Popdex against BingX−0.062%7-day average +0.014% · 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−$210.210% of the position

Long on BingX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.061%+$6 on $10k

Price spread, last 7 days+0.039%+$4 · spread now −0.062%, 7d avg +0.014%

Together, before fees+0.100%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.076% cheaper against BingX than usual: you would sell low and buy high (spread −0.062% now, against its 7-day average of +0.014%). If the spread goes back, that is −$8 on $10k: about 2.2 days of funding at the current rate (+$3 a day). At the pace of the last 4 days (+0.061% in total) that is about 4.6 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	94.102	−0.0020	get 0.0010% / 4h	21m 20s	—	$52.9M	—
Short	Popdex HYPEUSDT	94.044	0.0096	get 0.0012% / 1h	21m 20s	$81K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against BingX. 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 BingXbpFee PopdexbpOrdersPrice spread, now −0.062%Rate

Funding earned: $24.36
Price spread: −0.062% → +0.014%: −$7.6
Slippage, 4 orders: −$4.6
Fee BingX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$4.23
Costs to cover: 0.210%
Break-even: 8.2 days

Slippage from BingX: live order book, 8 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 BingX live order book, 8 min ago	0.16 bp	5.8 bp −$6	8.3 bp −$83	11.9 bp −$1,194	15.4 bp −$7,695
Sell Popdex live order book, 3 min ago	1.81 bp	5.0 bp −$5	5.7 bp −$57	22.3 bp −$2,233	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	−0.1720%	1h	94.026	−0.081%	$201K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0415%	1h	94.057	−0.048%	$79K	$152K	20x	as long as short
Bullet HYPE-USD	−0.0237%	1h	94.031	−0.075%	$111K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0226%	1h	93.910	−0.204%	$710K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0140%	1h	94.146	+0.046%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.067	−0.037%	$87K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.016	−0.091%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0080%	1h	93.964	−0.147%	$16.4M	$7.5M	10x	as long as short
Lighter HYPE	−0.0048%	1h	94.071	−0.033%	$16.3M	$64.5M	20x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.032	−0.074%	$1.0M	$3.6M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDTlong	−0.0020%	4h	94.102	long leg	—	$52.9M	—
Bybit HYPEUSDT	−0.0019%	8h	94.068	−0.036%	$316.2M	$289.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.067	−0.037%	$146K	$684K	20x	as long as short
Polymarket Perps HYPE-USD	−0.0008%	1h	94.114	+0.013%	$496K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.061	−0.044%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.151	+0.052%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.232	+0.138%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.072	−0.032%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.128	+0.028%	$124K	—	150x	as long as short
Paradex HYPE-USD-PERP	+0.0028%	8h	94.060	−0.045%	$336K	$154K	20x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.083	−0.020%	$226.0M	$100.0M	75x	as long as short
SoDEX HYPE-USD	+0.0034%	1h	94.062	−0.043%	$2.0M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.131	+0.031%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0050%	8h	94.077	−0.027%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.010	−0.098%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.080	−0.023%	$117.2M	$323.5M	50x	as long as short
Gate HYPE_USDT	+0.0092%	4h	94.103	+0.001%	$49.9M	$56.7M	75x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.993	−0.116%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.086	−0.017%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	94.044	−0.062%	$81K	$1.2M	50x
Katana Perps HYPE-USD	+0.0100%	8h	94.030	−0.077%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.053	−0.052%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.186	+0.089%	$2.07B	$687.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.074	−0.030%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.087	−0.016%	$10.1M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.107	+0.005%	$376.9M	$933.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.240	+0.147%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.102	0.000%	$88.3M	$83.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.050	−0.055%	$46.7M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.988	−0.121%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.108	+0.006%	$29.5M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.122	+0.021%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.028	−0.079%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.060	−0.045%	$680K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.101	−0.001%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.238	+0.145%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.051	−0.055%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.085	−0.018%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.153	+0.054%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.678%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0196%	1h	94.179	+0.082%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.124	+0.024%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.086	−0.017%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.073	−0.030%	$84K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.094	−0.009%	$17.1M	$12.3M	75x	as long as short