Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0244%/8h= +26.7% APRpaid last 24h +0.062%

Price spread now: BloFin against Popdex−0.058%100s7-day average +0.001% · 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—prices read too far apart to compare

costs, in and out, $10k−$190.194% of the position

Long on Popdex Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.259%+$26 on $10k

Price spread, last 4 days (all we have)−0.012%−$1 · spread now −0.058%, 7d avg +0.001%

Together, before fees+0.247%+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.059% cheaper against Popdex than usual: you would sell low and buy high (spread −0.058% now, against its 7-day average of +0.001%). If the spread goes back, that is −$6 on $10k: about 19 hours of funding at the current rate (+$7 a day). The two prices were read 100 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	93.654	0.0096	pay 0.0012% / 1h	47m 39s	$78K	$1.2M	50x
Short	BloFin HYPE-USDT	93.600	0.0340	get 0.0170% / 4h	1h 47m	$17.0M	$12.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.058%Rate

Funding earned: $51.24
Price spread: −0.058% → +0.001%: −$5.89
Slippage, 4 orders: −$0.98
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee BloFin: 6 bp × 2 orders: −$12
Net: $25.97
Costs to cover: 0.194%
Break-even: 3.5 days

Slippage from Popdex: live order book, 1 min ago; BloFin: live order book, 6 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, 1 min ago	0.05 bp	3.3 bp −$3	4.3 bp −$43	22.8 bp −$2,277	doesn't fit
Sell BloFin live order book, 6 min ago	0.05 bp	6.2 bp −$6	8.2 bp −$82	14.6 bp −$1,457	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	+0.070%	$199K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0243%	1h	93.808	+0.164%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0128%	1h	93.610	−0.047%	$706K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.621	−0.035%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0065%	1h	93.618	−0.039%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.678	+0.026%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0035%	1h	93.612	−0.045%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0020%	4h	93.610	−0.047%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.698	+0.047%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.624	−0.032%	$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	93.657	+0.004%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.662	+0.009%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0009%	8h	93.633	−0.022%	$316.3M	$288.0M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.780	+0.135%	$210K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.673	+0.020%	$225.6M	$99.5M	75x	as long as short
Phemex HYPEUSDT	+0.0074%	8h	93.656	+0.002%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.648	−0.007%	$5.0M	$30.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0083%	8h	93.705	+0.055%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.590	−0.068%	$1.0M	$4.0M	10x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.587	−0.072%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.681	+0.029%	$16.2M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.681	+0.029%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	93.654	long leg	$78K	$1.2M	50x
Katana Perps HYPE-USD	+0.0100%	8h	93.660	+0.006%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.606	−0.052%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.770	+0.124%	$2.05B	$682.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.661	+0.007%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.690	+0.038%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.666	+0.013%	$375.3M	$930.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.634	−0.021%	$115.7M	$316.2M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.659	+0.005%	$48.4M	$55.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.672	+0.019%	$88.8M	$83.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.664	+0.011%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.648	−0.006%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	+0.017%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	+0.077%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.674	+0.021%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.679	+0.027%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.685	+0.033%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.633	−0.022%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.681	+0.029%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.632	−0.023%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.799	+0.155%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.082%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0104%	8h	93.690	+0.038%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.629	−0.027%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.622	−0.034%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.680	+0.028%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.670	+0.017%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0262%	1h	93.715	+0.065%	$7.4M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.602	−0.055%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.664	+0.011%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	93.600	−0.058%	$17.0M	$12.2M	75x
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.702	+0.051%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.702	+0.051%	$3.2M	$6.4M	20x	as long as short