Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0321%/8h= −35.2% APRpaid last 24h −0.009%

Price spread now: Phemex against Popdex+0.031%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$490.492% of the position

Long on Popdex Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.130%−$13 · spread now +0.031%, 7d avg +0.004%

Together, before fees−0.129%−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phemex is 0.027% dearer against Popdex than usual: you sell high and buy low (spread +0.031% now, against its 7-day average of +0.004%): +$3 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 7 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.001% in total (about 0.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	95.031	0.0056	pay 0.0007% / 1h	6m 52s	$274K	$999K	50x
Short	Phemex HYPEUSDT	95.060	−0.0265	pay 0.0265% / 8h	5h 06m	$13.0M	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$67.41
Price spread: +0.031% → +0.004%: $2.68
Slippage, 4 orders: −$30.81
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$113.94
Costs to cover: 0.492%
Break-even: never at this rate

Slippage from Popdex: live order book, 5 min ago; Phemex: live order book, 5 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, 5 min ago	0.37 bp	3.6 bp −$4	4.0 bp −$40	26.7 bp −$2,674	doesn't fit
Sell Phemex live order book, 5 min ago	5.47 bp	18.4 bp −$18	35.3 bp −$353	doesn't fit	doesn't fit

HYPE on 55 exchanges

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
Phemex HYPEUSDTshort	−0.0265%	8h	95.060	+0.031%	$13.0M	$2.3M	50x
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.030	−0.001%	$18.4M	$34.6M	50x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.053	+0.023%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0126%	1h	95.156	+0.132%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	95.010	−0.022%	$680K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.057	+0.027%	$100K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.055	+0.025%	$3K	$421	25x	as long as short
Aster HYPEUSDT	−0.0080%	4h	95.201	+0.179%	$9.1M	$34.3M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	95.012	−0.020%	$148K	$642K	20x	as long as short
Bluefin HYPE-PERP	−0.0062%	1h	95.012	−0.020%	$79K	$132K	20x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0062%	4h	95.250	+0.230%	$55.8M	$54.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.020	−0.012%	$4.7M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0053%	1h	95.049	+0.018%	$113K	$583K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0032%	8h	95.251	+0.232%	$119.4M	$304.0M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.281	+0.263%	$230.7M	$86.2M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	+0.158%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.077	+0.049%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.073%	$99K	—	150x	as long as short
Derive HYPE-PERP	+0.0014%	1h	95.000	−0.033%	$16.4M	$7.0M	10x	as long as short
Lighter HYPE	+0.0016%	1h	95.008	−0.024%	$16.6M	$58.9M	20x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	95.268	+0.249%	$321.6M	$263.2M	75x	as long as short
edgeX HYPEUSDC	+0.0035%	4h	94.993	−0.040%	$5.0M	$28.0M	30x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	95.249	+0.229%	$90.5M	$84.9M	100x	as long as short
Binance HYPEUSDT	+0.0045%	4h	95.203	+0.181%	$383.2M	$850.6M	75x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.256	+0.237%	—	$49.1M	—	as long as short
Popdex HYPEUSDTlong	+0.0056%	1h	95.031	long leg	$274K	$999K	50x
dYdX HYPE-USD	+0.0066%	1h	95.118	+0.091%	$128K	$96K	5x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0076%	1h	95.119	+0.093%	$7.5M	$4.2M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	95.028	−0.003%	$323K	$926K	50x	as long as short
Paradex HYPE-USD-PERP	+0.0089%	8h	95.040	+0.010%	$339K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.029	−0.002%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.016	−0.016%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.000	−0.033%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.022	−0.009%	$7.3M	$50.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.069	+0.040%	$10.2M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	+0.212%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.246	+0.226%	$47.7M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.011	−0.021%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.971	−0.063%	$29.7M	$52.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.044	+0.014%	$7.7M	$40.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.115	+0.088%	$692K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.108	+0.081%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.048	+0.018%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.136	+0.110%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.024	−0.007%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.167	+0.143%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.218	+0.197%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.084	+0.056%	$1.8M	$5.0M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.058	+0.028%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0151%	1h	95.150	+0.125%	$2.11B	$643.8M	10x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	95.018	−0.014%	$17.4M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.028	−0.003%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.048	+0.017%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0704%	1h	95.101	+0.074%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.599%	$31K	$334K	12x	as long as short