HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0016%/8h= −1.8% APRnext payment −$0.02 per $10,000 · paid last 24h −0.005%

Price spread now: Popdex against Lighter−0.069%7-day average −0.020% · 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−$14as in the Price arb table

costs, in and out, $10k−$90.088% of the position

Long on Lighter Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.011%−$1 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.069%, 7d avg −0.020%

Together, before fees+0.023%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Popdex is 0.049% cheaper against Lighter than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.020%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter HYPE	93.974	0.0096	pay 0.0012% / 1h	19m 09s	$18.9M	$60.2M	20x
Short	Popdex HYPEUSDT	93.909	0.0080	get 0.0010% / 1h	19m 09s	$59K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Lighter. 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 LighterbpFee PopdexbpOrdersPrice spread, now −0.069%Rate

Funding earned: −$3.36
Price spread: −0.069% → −0.020%: −$4.94
Slippage, 4 orders: −$2.39
Fee Lighter: 0 bp × 2 orders: $0
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$17.08
Costs to cover: 0.088%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 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 Lighter live order book, 5 min ago	0.75 bp	1.2 bp −$1	3.5 bp −$35	15.2 bp −$1,523	44.7 bp −$22.4K
Sell Popdex live order book, 5 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	−0.1032%	1h	93.669	−0.325%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0403%	1h	93.712	−0.278%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.804	−0.181%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.863	−0.118%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0073%	1h	93.710	−0.281%	$704K	$913K	10x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.890	−0.089%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0001%	4h	93.930	−0.047%	$168K	$586K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.923	−0.054%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.869	−0.112%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.949	−0.027%	$26K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	93.610	−0.387%	$216K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0014%	4h	93.906	−0.073%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.920	−0.057%	$323.0M	$283.8M	75x	as long as short
Derive HYPE-PERP	+0.0030%	1h	93.878	−0.102%	$16.4M	$7.1M	10x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.927	−0.050%	$88.7M	$82.0M	100x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.913	−0.065%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0055%	4h	93.936	−0.040%	$383.5M	$896.8M	75x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	93.483	−0.522%	$5.1M	$29.7M	30x	as long as short
Popdex HYPEUSDTshort	+0.0080%	1h	93.909	−0.069%	$59K	$1.2M	50x
Gate HYPE_USDT	+0.0080%	4h	93.933	−0.044%	$44.1M	$59.7M	75x	as long as short
Lighter HYPElong	+0.0096%	1h	93.974	long leg	$18.9M	$60.2M	20x
Lighter RH HYPE	+0.0096%	1h	93.946	−0.030%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.936	−0.041%	$400K	$318K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0099%	8h	93.933	−0.044%	$115.8M	$322.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.919	−0.059%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.870	−0.111%	$15K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.895	−0.084%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.920	−0.057%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.820	−0.164%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.918	−0.060%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.937	−0.039%	$227.5M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.921	−0.056%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.963	−0.012%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.672	−0.321%	$31.1M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.549	−0.453%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.489	−0.516%	$358K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.696	−0.296%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.913	−0.065%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.924	−0.053%	$471K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.909	−0.069%	$112K	$576K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.929	−0.048%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.965	−0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.928	−0.049%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.464%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.910	−0.068%	$18.3M	$42.9M	50x	as long as short
Hyperliquid HYPE	+0.0119%	1h	93.980	+0.006%	$2.04B	$679.0M	10x	as long as short
Kalshi KXHYPEPERP	+0.0140%	8h	93.917	−0.061%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.980	+0.006%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0203%	4h	94.050	+0.081%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0222%	4h	93.922	−0.055%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.906	−0.072%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.946	−0.029%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.946	−0.030%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0346%	1h	94.019	+0.048%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.025	+0.055%	$21.0M	$29.5M	50x	as long as short