Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.015%

Price spread now: MEXC against Bluefin+0.080%7-day average +0.012% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$290.293% of the position

Long on Bluefin Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.095%+$9 on $10k

Price spread, last 3 days (all we have)−0.021%−$2 · spread now +0.080%, 7d avg +0.012%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.068% dearer against Bluefin than usual: you sell high and buy low (spread +0.080% now, against its 7-day average of +0.012%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 7.6 days. Mind the row above: over the last 7 days funding on this pair paid +0.095%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.001	0.0100	pay 0.0013% / 1h	28m 55s	$75K	$168K	20x
Short	MEXC HYPE_USDT	93.075	0.0070	get 0.0035% / 4h	1h 28m	$90.1M	$81.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Bluefin. 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 BluefinbpFee MEXCbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$6.3
Price spread: +0.080% → +0.012%: $6.81
Slippage, 4 orders: −$18.34
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$28.84
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from Bluefin: live order book, 55 min ago; MEXC: 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 Bluefin live order book, 55 min ago	1.92 bp	13.0 bp −$13	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.05 bp	2.1 bp −$2	3.9 bp −$39	12.9 bp −$1,288	40.1 bp −$20.1K

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
Aftermath Perps HYPEUSD	−0.0401%	1h	93.019	+0.019%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.932	−0.074%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.924	−0.083%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0123%	1h	92.870	−0.141%	$698K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.921	−0.086%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	92.968	−0.035%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	92.961	−0.043%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0010%	4h	93.042	+0.044%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.015	+0.015%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.990	−0.012%	$23K	$331K	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	93.038	+0.040%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.020	+0.020%	$322.7M	$287.2M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0025%	4h	92.979	−0.024%	$171K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.949	−0.056%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.033	+0.034%	$213K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0038%	4h	92.999	−0.002%	$43.8M	$58.4M	75x	as long as short
Bullet HYPE-USD	+0.0039%	1h	92.989	−0.013%	$111K	$580K	20x	as long as short
MEXC HYPE_USDTshort	+0.0070%	4h	93.075	+0.080%	$90.1M	$81.9M	100x
Binance HYPEUSDT	+0.0070%	4h	93.035	+0.037%	$381.7M	$895.0M	75x	as long as short
edgeX HYPEUSDC	+0.0086%	4h	93.085	+0.090%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.049	+0.051%	$18.5M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.029	+0.030%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.968	−0.036%	$395K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.948	−0.057%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.010	+0.010%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.978	−0.024%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.049	+0.052%	$2.02B	$672.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.003	+0.002%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.038	+0.040%	$113.6M	$314.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	+0.031%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.047	+0.049%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.053	+0.056%	$225.5M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.080	+0.085%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.037	+0.039%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.003	+0.003%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.981	−0.021%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	+0.101%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.014	+0.014%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.990	−0.011%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.992	−0.010%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.001	long leg	$75K	$168K	20x
SunX HYPE-USDT	+0.0100%	4h	93.007	+0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.998	−0.003%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.010	+0.010%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.037	+0.038%	$18.2M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.103	+0.110%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	+0.020%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.880	−0.130%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0242%	4h	93.178	+0.190%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.962	−0.042%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.022	+0.023%	$2.7M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0280%	4h	92.998	−0.003%	$16.9M	$12.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.020	+0.020%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.122	+0.130%	$20.8M	$28.9M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0492%	1h	93.107	+0.114%	$7.4M	$4.6M	50x	as long as short