Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.020%

Price spread now: Popdex against OKX−0.001%7-day average +0.019% · 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−$20as in the Price arb table

costs, in and out, $10k−$180.184% of the position

Long on OKX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.017%+$2 on $10k

Price spread, last 7 days−0.034%−$3 · spread now −0.001%, 7d avg +0.019%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	93.599	0.0100	pay 0.0100% / 8h	1h 48m	$115.7M	$316.1M	50x
Short	Popdex HYPEUSDT	93.598	0.0096	get 0.0012% / 1h	48m 25s	$78K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against OKX. 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 OKXbpFee PopdexbpOrdersPrice spread, now −0.001%Rate

Funding earned: −$0.84
Price spread: −0.001% → +0.019%: −$1.99
Slippage, 4 orders: −$2.04
Fee OKX: 5 bp × 2 orders: −$10
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$21.27
Costs to cover: 0.184%
Break-even: never at this rate

Slippage from OKX: live order book, 6 min ago; Popdex: live order book, 1 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 OKX live order book, 6 min ago	0.05 bp	5.7 bp −$6	9.4 bp −$94	20.5 bp −$2,049	doesn't fit
Sell Popdex live order book, 1 min ago	0.05 bp	3.6 bp −$4	4.5 bp −$45	18.9 bp −$1,893	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	−0.1136%	1h	93.719	+0.128%	$199K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0243%	1h	93.808	+0.223%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0133%	1h	93.610	+0.012%	$706K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.589	−0.011%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0065%	1h	93.618	+0.020%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.618	+0.020%	$86K	$371K	20x	as long as short
Bluefin HYPE-PERP	−0.0029%	1h	93.599	0.000%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	93.600	+0.001%	$145K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.622	+0.024%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.624	+0.027%	$21K	$287K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.646	+0.050%	$63K	—	150x	as long as short
Bybit HYPEUSDT	+0.0010%	8h	93.582	−0.018%	$316.1M	$288.0M	75x	as long as short
BingX HYPE-USDT	+0.0010%	4h	93.619	+0.021%	—	$53.7M	—	as long as short
Phoenix HYPE	+0.0017%	1h	93.780	+0.193%	$210K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.602	+0.003%	$225.4M	$99.6M	75x	as long as short
Phemex HYPEUSDT	+0.0071%	8h	93.624	+0.027%	$12.8M	$2.8M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0074%	1h	93.801	+0.216%	$348K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0083%	8h	93.647	+0.051%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.590	−0.010%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	93.758	+0.170%	$5.0M	$30.5M	30x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.581	−0.019%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.613	+0.015%	$16.1M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.618	+0.020%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	93.598	−0.001%	$78K	$1.2M	50x
Katana Perps HYPE-USD	+0.0100%	8h	93.600	+0.001%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.698	+0.106%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.707	+0.115%	$2.05B	$682.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.624	+0.027%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.670	+0.076%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.606	+0.008%	$375.1M	$931.0M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0100%	8h	93.599	long leg	$115.7M	$316.1M	50x
Gate HYPE_USDT	+0.0100%	4h	93.644	+0.048%	$48.4M	$54.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.611	+0.013%	$88.8M	$83.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.660	+0.065%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.611	+0.013%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	+0.075%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	+0.136%	$7.6M	$48.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.679	+0.085%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.685	+0.092%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.633	+0.036%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.741	+0.152%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.598	−0.001%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.807	+0.222%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.141%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.595	−0.004%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.622	+0.024%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.653	+0.058%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.820	+0.236%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.670	+0.076%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.602	+0.003%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0273%	1h	93.703	+0.111%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.664	+0.069%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.600	+0.001%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.673	+0.079%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.644	+0.048%	$3.2M	$6.4M	20x	as long as short