Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0005%/8h= +0.6% APRpaid last 24h +0.001%

Price spread now: Popdex against edgeX+0.025%7-day average +0.039% · 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−$18as in the Price arb table

costs, in and out, $10k−$160.164% of the position

Long on edgeX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.012%−$1 on $10k

Price spread, last 7 days−0.020%−$2 · spread now +0.025%, 7d avg +0.039%

Together, before fees−0.032%+ Points / potential airdropedgeX: Active · farm board−$3 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	92.963	0.0091	pay 0.0045% / 4h	1h 55m	$5.0M	$29.7M	30x
Short	Popdex HYPEUSDT	92.986	0.0096	get 0.0012% / 1h	55m 18s	$67K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against edgeX. 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 edgeXbpFee PopdexbpOrdersPrice spread, now +0.025%Rate

Funding earned: $1.13
Price spread: +0.025% → +0.039%: −$1.4
Slippage, 4 orders: −$0.98
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$16.65
Costs to cover: 0.164%
Break-even: 110.6 days

Slippage from edgeX: live order book, 4 min ago; Popdex: live order book, 4 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 edgeX live order book, 4 min ago	0.32 bp	4.8 bp −$5	5.1 bp −$51	118.9 bp −$11.9K	doesn't fit
Sell Popdex live order book, 4 min ago	0.11 bp	3.3 bp −$3	4.2 bp −$42	16.7 bp −$1,668	doesn't fit

HYPE on 54 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	−0.1144%	1h	93.108	+0.156%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.891	−0.077%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0329%	1h	92.965	+0.003%	$79K	$170K	20x	as long as short
ApeX Omni HYPEUSDT	−0.0172%	1h	93.008	+0.049%	$336K	$1.0M	50x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.000	+0.040%	$84K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.041	+0.084%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0051%	4h	92.984	+0.023%	$155K	$639K	20x	as long as short
Bullet HYPE-USD	−0.0045%	1h	93.012	+0.053%	$111K	$578K	20x	as long as short
Aster HYPEUSDT	−0.0004%	4h	93.025	+0.067%	$8.8M	$35.4M	300x	as long as short
Phemex HYPEUSDT	−0.0002%	8h	93.040	+0.083%	$12.6M	$2.7M	50x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.063	+0.108%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.011	+0.052%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.020	+0.062%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0008%	4h	92.999	+0.039%	—	$53.2M	—	as long as short
Aftermath Perps HYPEUSD	+0.0017%	1h	93.219	+0.275%	$22K	$21K	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.023	+0.065%	$320.3M	$275.8M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.008	+0.049%	$44.3M	$54.2M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	93.000	+0.040%	$696K	$906K	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.056	+0.100%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	93.036	+0.079%	$87.6M	$79.8M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.056	+0.100%	$114.2M	$300.1M	50x	as long as short
Binance HYPEUSDT	+0.0077%	4h	93.042	+0.085%	$378.3M	$872.8M	75x	as long as short
edgeX HYPEUSDClong	+0.0091%	4h	92.963	long leg	$5.0M	$29.7M	30x
Lighter HYPE	+0.0096%	1h	93.064	+0.109%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.030	+0.072%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	92.986	+0.025%	$67K	$1.2M	50x
Paradex HYPE-USD-PERP	+0.0097%	8h	93.041	+0.084%	$338K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.990	+0.029%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.022	+0.063%	$5.7M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.090	+0.137%	$2.03B	$659.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.035	+0.078%	$10.0M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.013	+0.054%	$45.9M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.992	+0.032%	$225.0M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.096	+0.143%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.170	+0.223%	$31.0M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.978	+0.017%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.240	+0.298%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.069	+0.115%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.011	+0.052%	$473K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.962	−0.001%	$16.1M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.110	+0.158%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.000	+0.040%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.998	+0.038%	$202K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.978	+0.017%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.996	+0.036%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.070	+0.115%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0211%	4h	93.167	+0.220%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	92.984	+0.023%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	93.088	+0.135%	$1.9M	$4.8M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0287%	1h	93.079	+0.125%	$7.4M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.028	+0.071%	$1.4M	—	100x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.090	+0.136%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	92.930	−0.035%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.071	+0.117%	$20.7M	$30.0M	50x	as long as short