PopDEXvs
Hyperliquid
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 5 liquid markets shared by Hyperliquid and PopDEX, no setup covered entry and exit over the past 7 days: the best, $ETH (long Hyperliquid, short PopDEX), paid 4.0% APR over 7 days, -4.1% after costs.
5 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
| Coin | Long | Short | 7d avg | After costs | Holds | Pays back | |
|---|---|---|---|---|---|---|---|
| $ETH | Hyperliquid | PopDEX | 4.0% now 0.0% | -4.1% | 26% | 14 d | Backtest → |
| $ENA | Hyperliquid | PopDEX | 0.8% now 0.0% | -7.2% | 8% | 71 d | Backtest → |
| $SOL | Hyperliquid | PopDEX | 0.7% now 13.6% | -7.4% | 14% | 86 d | Backtest → |
| $1000PEPE | Hyperliquid | PopDEX | 0.6% now 10.8% | -7.5% | 27% | 97 d | Backtest → |
| $BTC | Hyperliquid | PopDEX | 0.1% now 0.0% | -7.9% | 5% | 432 d | Backtest → |
“7d avg” is the funding spread the pair actually paid over the last 7 days. “After costs” subtracts taker fees for opening and closing both legs over a 7-day hold. “Holds” is the share of hours the spread kept the same sign and at least 5% APR.
| PopDEX | Hyperliquid | |
|---|---|---|
| Type | DEX | DEX |
| Taker fee | 0.032%✓ | 0.045% |
| Maker fee | 0.01%✓ | 0.015% |
| Open Interest | $76.3M | $10.75B✓ |
| 24h Volume | $53.5M | $1.95B✓ |
| Avg Funding APR | 5.91% | 8.90% |
| Markets | 66 | 177✓ |
| Airdrop / token | Pre-TGE | Listed |
PopDEX and Hyperliquid are both perpetual-futures venues tracked on ORBIT. On fees, PopDEX is cheaper (0.032% vs 0.045% taker). On liquidity, Hyperliquid is deeper with $10.75B open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where PopDEX and Hyperliquid diverge right now, then verify the pair in the backtester.
How this pair behaves
Of 5 setups between Hyperliquid and PopDEX with 7 days of payouts, 0 stay positive after entry and exit costs. In a typical setup the spread keeps its sign and at least 5% APR 14% of the hours. Opening and closing both legs costs a median 0.15% of the position, paid back in about 86 days. The instantaneous rate is often higher than the weekly one: pick by the "7d avg" and "After costs" columns, not by the current APR.
Related venue pairs
Frequently asked questions
- Which funding setup between PopDEX and Hyperliquid pays most?
- Across 5 liquid markets shared by Hyperliquid and PopDEX, no setup covered entry and exit over the past 7 days: the best, $ETH (long Hyperliquid, short PopDEX), paid 4.0% APR over 7 days, -4.1% after costs. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is PopDEX or Hyperliquid cheaper?
- PopDEX charges 0.032% taker / 0.01% maker; Hyperliquid charges 0.045% taker / 0.015% maker. PopDEX has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, PopDEX or Hyperliquid?
- PopDEX has $76.3M open interest across 66 markets; Hyperliquid has $10.75B across 177. Hyperliquid is deeper, which means lower slippage at size.
- Can I run funding arbitrage between PopDEX and Hyperliquid?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.