Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0044%/8h= +4.8% APRpaid last 24h +0.004%

Price spread now: SunX against Popdex+0.040%7-day average +0.055% · 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−$135as in the Price arb table

costs, in and out, $10k−$1341.337% of the position

Long on Popdex Short on SunX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.010%+$1 on $10k

Price spread, last 4 days (all we have)−0.074%−$7 · spread now +0.040%, 7d avg +0.055%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.055%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	95.300	0.0056	pay 0.0007% / 1h	5m 45s	$275K	$999K	50x
Short	SunX HYPE-USDT	95.338	0.0100	get 0.0050% / 4h	1h 05m	$33K	$1.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.040%Rate

Funding earned: $9.24
Price spread: +0.040% → +0.055%: −$1.52
Slippage, 4 orders: −$119.26
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee SunX: 4 bp × 2 orders: −$8
Net: −$125.94
Costs to cover: 1.337%
Break-even: 102.4 days

Slippage from Popdex: live order book, 6 min ago; SunX: live order book, 12 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, 6 min ago	0.37 bp	3.6 bp −$4	4.0 bp −$40	26.7 bp −$2,674	doesn't fit
Sell SunX live order book, 12 min ago	42.80 bp	56.4 bp −$56	doesn't fit	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 HYPEUSDT	−0.0292%	8h	95.248	−0.055%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.271	−0.031%	$18.5M	$34.6M	50x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.299	−0.001%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0114%	1h	95.170	−0.136%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0107%	1h	95.220	−0.084%	$678K	$1.3M	10x	as long as short
Aster HYPEUSDT	−0.0082%	4h	95.267	−0.035%	$9.1M	$34.3M	300x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.321	+0.022%	$101K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.055	−0.257%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	95.231	−0.072%	$148K	$642K	20x	as long as short
Gate HYPE_USDT	−0.0064%	4h	95.257	−0.045%	$55.8M	$54.1M	75x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0059%	1h	95.238	−0.065%	$79K	$132K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.280	−0.021%	$4.8M	$5.5M	50x	as long as short
Bullet HYPE-USD	−0.0049%	1h	95.269	−0.033%	$113K	$583K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0032%	8h	95.220	−0.084%	$119.4M	$304.0M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.243	−0.060%	$230.6M	$86.3M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	−0.125%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.077	−0.234%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.295	−0.005%	$100K	—	150x	as long as short
Derive HYPE-PERP	+0.0014%	1h	95.000	−0.315%	$16.4M	$7.0M	10x	as long as short
Lighter HYPE	+0.0016%	1h	95.254	−0.048%	$16.7M	$59.0M	20x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	95.235	−0.068%	$321.5M	$263.1M	75x	as long as short
edgeX HYPEUSDC	+0.0035%	4h	94.993	−0.322%	$5.0M	$28.0M	30x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	95.282	−0.019%	$90.4M	$85.0M	100x	as long as short
Binance HYPEUSDT	+0.0046%	4h	95.255	−0.047%	$383.4M	$850.7M	75x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.247	−0.056%	—	$49.2M	—	as long as short
Popdex HYPEUSDTlong	+0.0056%	1h	95.300	long leg	$275K	$999K	50x
dYdX HYPE-USD	+0.0064%	1h	95.285	−0.015%	$128K	$96K	5x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	95.028	−0.285%	$323K	$926K	50x	as long as short
Paradex HYPE-USD-PERP	+0.0090%	8h	95.255	−0.047%	$340K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.275	−0.026%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.246	−0.057%	$403K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.240	−0.063%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.283	−0.018%	$7.3M	$50.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.284	−0.017%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	−0.071%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.255	−0.047%	$47.7M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.242	−0.061%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.971	−0.345%	$29.7M	$52.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.044	−0.268%	$7.7M	$40.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.077	−0.234%	$691K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.291	−0.009%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.289	−0.012%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	95.338	+0.040%	$33K	$1.4M	20x
SoDEX HYPE-USD	+0.0100%	1h	95.256	−0.046%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.394	+0.099%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.234	−0.069%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.278	−0.023%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.312	+0.013%	$3.1M	$5.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0138%	1h	95.341	+0.043%	$7.5M	$4.2M	50x	as long as short
Hyperliquid HYPE	+0.0154%	1h	95.346	+0.048%	$2.11B	$643.9M	10x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	95.018	−0.296%	$17.4M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.226	−0.078%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.292	−0.009%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.0768%	1h	95.140	−0.168%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.315%	$31K	$334K	12x	as long as short