Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.009%

Price spread now: MEXC against Bulk−0.207%7-day average −0.026% · 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−$31as in the Price arb table

costs, in and out, $10k−$130.126% of the position

Long on Bulk Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)+0.176%+$18 · spread now −0.207%, 7d avg −0.026%

Together, before fees+0.167%+$17 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.182% cheaper against Bulk than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of −0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk HYPE-USD	93.580	0.0100	pay 0.0013% / 1h	41m 59s	$204K	$10K	10x
Short	MEXC HYPE_USDT	93.386	0.0096	get 0.0048% / 4h	1h 41m	$89.8M	$80.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Bulk. 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 BulkbpFee MEXCbpOrdersPrice spread, now −0.207%Rate

Funding earned: −$0.84
Price spread: −0.207% → −0.026%: −$18.16
Slippage, 4 orders: −$1.65
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$31.65
Costs to cover: 0.126%
Break-even: never at this rate

Slippage from Bulk: live order book, 22 min ago; MEXC: live order book, 7 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 Bulk live order book, 22 min ago	0.54 bp	4.0 bp −$4	4.8 bp −$48	9.8 bp −$983	21.5 bp −$10.8K
Sell MEXC live order book, 7 min ago	0.22 bp	2.2 bp −$2	5.5 bp −$55	11.7 bp −$1,168	30.4 bp −$15.2K

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	−0.1240%	1h	93.378	−0.216%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.446	−0.143%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0178%	1h	93.498	−0.088%	$79K	$170K	20x	as long as short
Phemex HYPEUSDT	−0.0102%	8h	93.519	−0.065%	$12.6M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.485	−0.102%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.518	−0.066%	$156K	$629K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0041%	1h	93.435	−0.155%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.554	−0.028%	$85K	$345K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0010%	1h	93.500	−0.085%	$698K	$981K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.522	−0.062%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.568	−0.013%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.550	−0.032%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	93.551	−0.031%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.549	−0.033%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.378	−0.216%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0034%	8h	93.353	−0.243%	$322.0M	$277.0M	75x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.546	−0.036%	$112K	$578K	20x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.385	−0.208%	$44.6M	$54.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.327	−0.270%	$114.4M	$302.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.561	−0.020%	$16.4M	$61.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.551	−0.031%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.549	−0.033%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDTshort	+0.0096%	4h	93.386	−0.207%	$89.8M	$80.5M	100x
Paradex HYPE-USD-PERP	+0.0097%	8h	93.616	+0.038%	$340K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0099%	4h	93.527	−0.057%	$5.1M	$30.0M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	−0.011%	$19K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.579	−0.001%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.607	+0.029%	$2.04B	$655.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.616	+0.039%	$10.1M	$14.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.402	−0.190%	$379.1M	$877.3M	75x	as long as short
Bulk HYPE-USDlong	+0.0100%	1h	93.580	long leg	$204K	$10K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	93.439	−0.151%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.374	−0.220%	$225.8M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.471	−0.116%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.339	−0.258%	$31.1M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.288	−0.312%	$7.5M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.588	+0.009%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.522	−0.062%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.596	+0.017%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.567	−0.014%	$473K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.508	−0.077%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.616	+0.038%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.524	−0.060%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.366	−0.228%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.529	−0.054%	$398K	$163K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.590	+0.011%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0202%	4h	93.738	+0.169%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.528	−0.056%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.609	+0.031%	$1.9M	$5.1M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0306%	1h	93.595	+0.016%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.557	−0.025%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.577	−0.003%	$17.0M	$11.7M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.644	+0.069%	$3.2M	$6.5M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.350	−0.246%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.592	+0.013%	$20.8M	$30.1M	50x	as long as short