Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.041%

Price spread now: Orderly against Popdex+0.010%7-day average −0.011% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Popdex Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.053%−$5 on $10k

Price spread, last 4 days (all we have)−0.249%−$25 · spread now +0.010%, 7d avg −0.011%

Together, before fees−0.302%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Orderly is 0.020% dearer against Popdex than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.011%): +$2 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 11 hours. At the pace of the last 4 days (−0.053% in total) that is about 32 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	92.965	0.0096	pay 0.0012% / 1h	7m 05s	$67K	$1.2M	50x
Short	Orderly PERP_HYPE_USDC	92.974	−0.0050	pay 0.0025% / 4h	1h 07m	$154K	$654K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Popdex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 OrderlybpOrdersPrice spread, now +0.010%Rate

Funding earned: −$30.76
Price spread: +0.010% → −0.011%: $2.02
Slippage, 4 orders: no order book: not counted
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$41.14
Costs to cover: 0.124%
Break-even: never at this rate

Slippage unknown: Popdex: live order book, 2 min ago; Orderly: no order-book sample. Net counts fees only.

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	0.22 bp	3.6 bp −$4	5.1 bp −$51	45.5 bp −$4,546	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0944%	1h	93.076	+0.119%	$197K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.875	−0.097%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0132%	1h	93.080	+0.124%	$698K	$1.0M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0085%	1h	93.185	+0.237%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.031	+0.071%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	92.973	+0.009%	$86K	$346K	20x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0050%	4h	92.974	+0.010%	$154K	$654K	20x
dYdX HYPE-USD	0.0000%	1h	93.069	+0.112%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.017	+0.056%	$23K	$316K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.017	+0.056%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0007%	1h	92.981	+0.017%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0009%	8h	93.023	+0.062%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0016%	4h	92.979	+0.015%	$8.8M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.210	+0.264%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0038%	4h	92.957	−0.009%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0042%	4h	92.966	+0.001%	$44.4M	$55.6M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	92.953	−0.013%	$319.7M	$276.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	92.952	−0.014%	$113.4M	$298.2M	50x	as long as short
Derive HYPE-PERP	+0.0087%	1h	92.962	−0.003%	$16.1M	$7.5M	10x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	92.955	−0.011%	$89.3M	$81.3M	100x	as long as short
Binance HYPEUSDT	+0.0095%	4h	92.953	−0.013%	$376.0M	$879.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	92.979	+0.015%	$16.2M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.971	+0.006%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	92.965	long leg	$67K	$1.2M	50x
Paradex HYPE-USD-PERP	+0.0096%	8h	93.045	+0.086%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.990	+0.027%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.985	+0.022%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.025	+0.065%	$2.03B	$653.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.020	+0.059%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.987	+0.024%	$45.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.954	−0.012%	$224.8M	$96.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.959	−0.006%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.197	+0.249%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.172	+0.223%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.081	+0.125%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.112	+0.158%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.035	+0.075%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.012	+0.051%	$470K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.964	−0.001%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.996	+0.033%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.965	0.000%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.204%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.950	−0.016%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.974	+0.010%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0114%	4h	93.123	+0.170%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0120%	4h	93.150	+0.199%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	+0.091%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	92.961	−0.004%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.060	+0.102%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.001	+0.039%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0335%	4h	92.971	+0.006%	$16.9M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	93.076	+0.119%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.078	+0.122%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.457%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0688%	1h	93.031	+0.071%	$20.7M	$29.8M	50x	as long as short