Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.004%

Price spread now: Popdex against Phemex−0.063%7-day average −0.004% · 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−$52as in the Price arb table

costs, in and out, $10k−$460.463% of the position

Long on Phemex Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.002%$0 on $10k

Price spread, last 4 days (all we have)+0.104%+$10 · spread now −0.063%, 7d avg −0.004%

Together, before fees+0.102%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.059% cheaper against Phemex than usual: you would sell low and buy high (spread −0.063% now, against its 7-day average of −0.004%). If the spread goes back, that is −$6 on $10k: about 8.2 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.666	0.0072	pay 0.0072% / 8h	1h 46m	$12.8M	$2.8M	50x
Short	Popdex HYPEUSDT	93.607	0.0096	get 0.0012% / 1h	46m 27s	$78K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against Phemex. 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 PhemexbpFee PopdexbpOrdersPrice spread, now −0.063%Rate

Funding earned: $5
Price spread: −0.063% → −0.004%: −$5.9
Slippage, 4 orders: −$27.91
Fee Phemex: 6 bp × 2 orders: −$12
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$47.2
Costs to cover: 0.463%
Break-even: 73.0 days

Slippage from Phemex: live order book, 3 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 Phemex live order book, 3 min ago	1.39 bp	20.7 bp −$21	37.0 bp −$370	doesn't fit	doesn't fit
Sell Popdex live order book, 3 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	−0.1096%	1h	93.581	−0.091%	$198K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0245%	1h	93.775	+0.116%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.570	−0.102%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.621	−0.048%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0068%	1h	93.624	−0.045%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.625	−0.044%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0028%	1h	93.625	−0.044%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0020%	4h	93.597	−0.074%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.698	+0.034%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.652	−0.015%	$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	93.654	−0.013%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.627	−0.042%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0008%	8h	93.610	−0.060%	$316.2M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.687	+0.022%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.591	−0.080%	$225.4M	$99.5M	75x	as long as short
Phemex HYPEUSDTlong	+0.0072%	8h	93.666	long leg	$12.8M	$2.8M	50x
edgeX HYPEUSDC	+0.0082%	4h	93.648	−0.019%	$5.0M	$30.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0082%	8h	93.656	−0.010%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.600	−0.070%	$1.0M	$4.0M	10x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.579	−0.093%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.620	−0.049%	$16.1M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.642	−0.026%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	93.607	−0.063%	$78K	$1.2M	50x
Katana Perps HYPE-USD	+0.0100%	8h	93.630	−0.038%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.606	−0.065%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.702	+0.038%	$2.05B	$682.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.624	−0.045%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.667	+0.001%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.605	−0.065%	$375.1M	$930.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.601	−0.069%	$115.7M	$316.0M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.620	−0.049%	$48.4M	$55.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.635	−0.033%	$90.0M	$83.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.628	−0.041%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.657	−0.010%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	+0.004%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	+0.064%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.674	+0.009%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.649	−0.018%	$678K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.677	+0.012%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.633	−0.035%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.741	+0.080%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.628	−0.041%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.791	+0.133%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.069%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0104%	8h	93.729	+0.067%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.597	−0.073%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.623	−0.046%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.680	+0.015%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.640	−0.028%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.569	−0.104%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0305%	1h	93.727	+0.065%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.662	−0.004%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.653	−0.014%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.717	+0.054%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.647	−0.020%	$3.2M	$6.4M	20x	as long as short