Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0231%/8h= −25.3% APRpaid last 24h −0.016%

Price spread now: MEXC against Deribit−0.143%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 3 days (all we have)+0.151%+$15 · spread now −0.143%, 7d avg −0.035%

Together, before fees+0.183%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and MEXC is 0.107% cheaper against Deribit than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.211	0.0319	pay 0.0040% / 1h	36m 33s	$7.4M	$4.6M	50x
Short	MEXC HYPE_USDT	93.078	0.0088	get 0.0044% / 4h	1h 36m	$89.8M	$81.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Deribit. 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 DeribitbpFee MEXCbpOrdersPrice spread, now −0.143%Rate

Funding earned: −$48.51
Price spread: −0.143% → −0.035%: −$10.72
Slippage, 4 orders: −$9.96
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$80.19
Costs to cover: 0.210%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; MEXC: live order book, 3 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 Deribit live order book, 3 min ago	1.55 bp	6.9 bp −$7	11.1 bp −$111	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	1.13 bp	3.3 bp −$3	6.2 bp −$62	10.5 bp −$1,050	28.8 bp −$14.4K

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	−0.0362%	1h	93.223	+0.013%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0184%	1h	93.205	−0.007%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.027	−0.197%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0105%	1h	93.070	−0.151%	$698K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.118	−0.100%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.044	−0.179%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.039	−0.185%	$58K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.114	−0.104%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.144	−0.072%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.150	−0.065%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0005%	4h	93.059	−0.163%	$8.8M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.051	−0.172%	$322.9M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0033%	4h	93.112	−0.106%	$171K	$519K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.175%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0035%	1h	93.106	−0.112%	$111K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0039%	1h	93.083	−0.137%	$16.3M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0040%	4h	93.056	−0.166%	$43.8M	$58.0M	75x	as long as short
MEXC HYPE_USDTshort	+0.0088%	4h	93.078	−0.143%	$89.8M	$81.8M	100x
Binance HYPEUSDT	+0.0089%	4h	93.049	−0.174%	$382.5M	$892.6M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.138	−0.078%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.120	−0.098%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.067	−0.154%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.060	−0.162%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.120	−0.098%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.119	−0.099%	$2.02B	$670.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.084	−0.137%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.046	−0.177%	$113.8M	$313.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.192%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.091	−0.129%	$47.1M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.071	−0.150%	$225.6M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.064	−0.158%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.118	−0.100%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.154%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.268	+0.061%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	+0.038%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.210	−0.001%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.183	−0.030%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.158	−0.057%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.116	−0.102%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.178	−0.035%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.105	−0.114%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.153	−0.062%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.033	−0.191%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.094	−0.126%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.228	+0.019%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.221	+0.011%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.190	−0.023%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.070	−0.151%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.100	−0.119%	$78K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0259%	4h	93.300	+0.095%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.113	−0.105%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0319%	1h	93.211	long leg	$7.4M	$4.6M	50x
BloFin HYPE-USDT	+0.0329%	4h	93.087	−0.133%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.154	−0.061%	$1.5M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.200	−0.012%	$20.8M	$28.9M	50x	as long as short