Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.015%

Price spread now: Aster against Popdex−0.010%7-day average −0.015% · 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−$16as in the Price arb table

costs, in and out, $10k−$170.169% of the position

Long on Popdex Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.011%−$1 on $10k

Price spread, last 7 days+0.033%+$3 · spread now −0.010%, 7d avg −0.015%

Together, before fees+0.022%+ Points / potential airdropAster: Stage 5 · farm board+$2 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	93.666	0.0096	pay 0.0012% / 1h	52m 37s	$77K	$1.1M	50x
Short	Aster HYPEUSDT	93.657	0.0100	get 0.0050% / 4h	2h 52m	$8.8M	$36.4M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Popdex. 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 PopdexbpFee AsterbpOrdersPrice spread, now −0.010%Rate

Funding earned: $0.84
Price spread: −0.010% → −0.015%: $0.55
Slippage, 4 orders: −$2.51
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Aster: 4 bp × 2 orders: −$8
Net: −$15.51
Costs to cover: 0.169%
Break-even: 136.3 days

Slippage from Popdex: live order book, 2 min ago; Aster: 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 Popdex live order book, 2 min ago	0.11 bp	3.4 bp −$3	3.9 bp −$39	20.2 bp −$2,023	doesn't fit
Sell Aster live order book, 1 min ago	0.05 bp	4.1 bp −$4	4.7 bp −$47	10.5 bp −$1,053	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	−0.1896%	1h	93.264	−0.429%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0369%	1h	93.468	−0.212%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0131%	1h	93.559	−0.114%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.628	−0.041%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0034%	4h	93.551	−0.123%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.675	+0.010%	$88K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0024%	1h	93.490	−0.188%	$705K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.605	−0.065%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.518	−0.158%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.580	−0.092%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.636	−0.032%	$1.0M	$3.9M	10x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	93.532	−0.143%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	93.656	−0.011%	$226.6M	$99.1M	75x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.648	−0.019%	$318.5M	$283.5M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.546	−0.128%	$209K	$1.2M	10x	as long as short
Bluefin HYPE-PERP	+0.0089%	1h	93.565	−0.108%	$79K	$166K	20x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.441	−0.240%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.703	+0.039%	$341K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.663	−0.003%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.662	−0.004%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	93.666	long leg	$77K	$1.1M	50x
Katana Perps HYPE-USD	+0.0099%	8h	93.650	−0.017%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.659	−0.008%	$7.8M	$48.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.702	+0.038%	$2.04B	$665.5M	10x	as long as short
Aster HYPEUSDTshort	+0.0100%	4h	93.657	−0.010%	$8.8M	$36.4M	300x
Pacifica HYPE	+0.0100%	1h	93.695	+0.031%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.663	−0.003%	$375.5M	$910.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.671	+0.005%	$115.0M	$309.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	−0.055%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.656	−0.011%	$46.4M	$53.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.668	+0.002%	$92.2M	$80.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.665	−0.001%	$46.7M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.657	−0.010%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.625	−0.044%	$7.3M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.529	−0.147%	$28.7M	$56.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.637	−0.031%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.532	−0.143%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.550	−0.124%	$669K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.564	−0.108%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.576	−0.096%	$490K	$2.7M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.534	−0.141%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.508	−0.169%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.562	−0.111%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.715	+0.052%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.641	−0.026%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.544	−0.131%	$395K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.770	+0.111%	$30K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0125%	8h	93.630	−0.038%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.620	−0.049%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.560	−0.114%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.576	−0.096%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.558	−0.115%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.632	−0.036%	$20.9M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0445%	1h	93.657	−0.010%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.726	+0.064%	$3.2M	$6.3M	20x	as long as short