Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0068%/8h= −7.4% APRpaid last 24h −0.003%

Price spread now: Popdex against SunX−0.080%7-day average −0.058% · 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−$66as in the Price arb table

costs, in and out, $10k−$630.635% of the position

Long on SunX Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.007%−$1 on $10k

Price spread, last 3 days (all we have)+0.183%+$18 · spread now −0.080%, 7d avg −0.058%

Together, before fees+0.175%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Popdex is 0.022% cheaper against SunX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.058%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.307	0.0100	pay 0.0050% / 4h	2h 04m	$32K	$1.6M	20x
Short	Popdex HYPEUSDT	93.232	0.0032	get 0.0004% / 1h	4m 18s	$56K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex against SunX. 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 SunXbpFee PopdexbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$14.28
Price spread: −0.080% → −0.058%: −$2.21
Slippage, 4 orders: −$49.05
Fee SunX: 4 bp × 2 orders: −$8
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: −$79.94
Costs to cover: 0.635%
Break-even: never at this rate

Slippage from SunX: live order book, 11 min ago; Popdex: 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 SunX live order book, 11 min ago	19.35 bp	24.1 bp −$24	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 5 min ago	0.27 bp	3.5 bp −$4	4.1 bp −$41	24.4 bp −$2,443	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	−0.0824%	1h	93.268	−0.042%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0259%	1h	93.324	+0.018%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0229%	1h	93.210	−0.104%	$700K	$933K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.223	−0.090%	$90K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.264	−0.046%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0044%	1h	93.205	−0.109%	$111K	$580K	20x	as long as short
Derive HYPE-PERP	−0.0035%	1h	93.178	−0.138%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.280	−0.029%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.376	+0.074%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.250	−0.061%	$23K	$334K	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 −0.0001%	1h	93.268	−0.042%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0010%	4h	93.220	−0.093%	$8.9M	$35.7M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.219	−0.094%	$43.9M	$57.8M	75x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.201	−0.114%	$324.6M	$287.1M	75x	as long as short
Popdex HYPEUSDTshort	+0.0032%	1h	93.232	−0.080%	$56K	$1.2M	50x
Orderly PERP_HYPE_USDC	+0.0052%	4h	93.255	−0.056%	$167K	$540K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.279	−0.030%	$215K	$1.2M	10x	as long as short
Vest HYPE-PERP	+0.0080%	1h	93.265	−0.045%	—	$454K	5x	as long as short
SoDEX HYPE-USD	+0.0084%	1h	93.220	−0.093%	$2.0M	$2.0M	10x	as long as short
Bluefin HYPE-PERP	+0.0096%	1h	93.226	−0.087%	$76K	$168K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.266	−0.044%	$18.6M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.251	−0.060%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.289	−0.019%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	−0.061%	$36K	$1.6M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.284	−0.025%	$674K	$2.5M	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.208	−0.106%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.303	−0.004%	$2.03B	$671.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.268	−0.042%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.219	−0.094%	$384.7M	$889.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.209	−0.105%	$114.6M	$314.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.208	−0.106%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	−0.024%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.219	−0.094%	$92.9M	$82.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.232	−0.080%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.231	−0.081%	$226.4M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.211	−0.103%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.289	−0.019%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.211	−0.103%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.304	−0.003%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.323	+0.017%	$405K	$1.0M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.262	−0.048%	$492K	$2.6M	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.307	long leg	$32K	$1.6M	20x
Phemex HYPEUSDT	+0.0100%	8h	93.242	−0.070%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.209	−0.105%	$18.4M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.204	−0.110%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.268	−0.042%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.360	+0.057%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.208	−0.106%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.646%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.468	+0.173%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.266	−0.044%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.244	−0.068%	$17.1M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0361%	1h	93.340	+0.035%	$7.4M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.289	−0.019%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.393	+0.093%	$19.5M	$26.7M	50x	as long as short