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 −0.044%

Price spread now: Popdex against HTX−0.251%7-day average −0.049% · 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−$46as in the Price arb table

costs, in and out, $10k−$260.260% of the position

Long on HTX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.052%−$5 on $10k

Price spread, last 4 days (all we have)+0.520%+$52 · spread now −0.251%, 7d avg −0.049%

Together, before fees+0.468%+$47 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: Popdex is 0.202% cheaper against HTX than usual: you would sell low and buy high, −$20 on $10k if it goes back to its 7-day average of −0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	94.800	0.0100	pay 0.0050% / 4h	3h 34m	$1.4M	$6.9M	75x
Short	Popdex HYPEUSDT	94.562	0.0096	get 0.0012% / 1h	34m 35s	$148K	$1.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against HTX. 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 HTXbpFee PopdexbpOrdersPrice spread, now −0.251%Rate

Funding earned: −$0.84
Price spread: −0.251% → −0.049%: −$20.2
Slippage, 4 orders: −$7.57
Fee HTX: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$47.01
Costs to cover: 0.260%
Break-even: never at this rate

Slippage from HTX: live order book, 4 min ago; Popdex: live order book, 5 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 HTX live order book, 4 min ago	1.42 bp	7.9 bp −$8	16.9 bp −$169	41.1 bp −$4,113	doesn't fit
Sell Popdex live order book, 5 min ago	0.21 bp	3.4 bp −$3	5.2 bp −$52	56.0 bp −$5,604	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	−0.0952%	1h	94.552	−0.261%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0604%	1h	94.601	−0.210%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0306%	1h	94.706	−0.099%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0208%	1h	94.641	−0.167%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0168%	1h	94.610	−0.200%	$704K	$1.3M	10x	as long as short
Phemex HYPEUSDT	−0.0114%	8h	94.603	−0.208%	$12.9M	$2.9M	50x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.568	−0.245%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.579	−0.233%	$90K	$364K	20x	as long as short
Gate HYPE_USDT	−0.0082%	4h	94.580	−0.232%	$51.5M	$55.0M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.588	−0.224%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.596	−0.215%	$19.0M	$35.4M	50x	as long as short
Bybit HYPEUSDT	−0.0010%	8h	94.553	−0.261%	$318.1M	$296.2M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.612	−0.198%	$147K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.650	−0.158%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.728	−0.076%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.654	−0.154%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.652	−0.156%	$123K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.654	−0.154%	$210K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.620	−0.190%	$4.7M	$6.3M	50x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	94.596	−0.215%	$227.3M	$99.4M	75x	as long as short
Derive HYPE-PERP	+0.0034%	1h	94.592	−0.219%	$16.3M	$7.5M	10x	as long as short
Vest HYPE-PERP	+0.0044%	1h	94.658	−0.149%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0050%	8h	94.555	−0.258%	$118.1M	$329.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	94.633	−0.176%	$338K	$154K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0094%	1h	94.577	−0.235%	$7.6M	$10.5M	20x	as long as short
SoDEX HYPE-USD	+0.0096%	1h	94.613	−0.197%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	94.547	−0.267%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.611	−0.199%	$16.2M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.577	−0.235%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	94.562	−0.251%	$148K	$1.3M	50x
Katana Perps HYPE-USD	+0.0100%	8h	94.530	−0.285%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.639	−0.169%	$7.3M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.734	−0.070%	$2.08B	$686.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.572	−0.241%	$9.6M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.609	−0.201%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.570	−0.242%	$380.8M	$938.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	−0.249%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.595	−0.216%	$93.8M	$85.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.582	−0.230%	$47.2M	$19.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.585	−0.227%	—	$53.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.619	−0.191%	$30.0M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.563	−0.250%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.587	−0.225%	$345K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.634	−0.175%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.667	−0.140%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.732	−0.072%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	94.800	long leg	$1.4M	$6.9M	75x
Extended HYPE-USD	+0.0104%	1h	94.546	−0.268%	$18.4M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.655	−0.153%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.605	−0.206%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.390%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0173%	1h	94.706	−0.099%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.588	−0.223%	$85K	$108K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.672	−0.135%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.619	−0.191%	$17.3M	$12.6M	75x	as long as short