Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0033%/8h= +3.6% APRpaid last 24h +0.007%

Price spread now: MEXC against Derive+0.188%54s7-day average +0.039% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.006%+$1 on $10k

Price spread, last 3 days (all we have)−0.151%−$15 · spread now +0.188%, 7d avg +0.039%

Together, before fees−0.145%−$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and MEXC is 0.149% dearer against Derive than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.039%. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	93.884	0.0009	pay 0.0001% / 1h	15m 32s	$16.4M	$7.3M	10x
Short	MEXC HYPE_USDT	94.061	0.0042	get 0.0021% / 4h	3h 15m	$88.7M	$83.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Derive. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 DerivebpFee MEXCbpOrdersPrice spread, now +0.188%Rate

Funding earned: $6.95
Price spread: +0.188% → +0.039%: $14.95
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee MEXC: 2 bp × 2 orders: −$4
Net: $11.9
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Derive: no order-book sample; MEXC: live order book, 4 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell MEXC live order book, 4 min ago	0.21 bp	2.6 bp −$3	7.1 bp −$71	14.8 bp −$1,479	44.1 bp −$22.1K

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1256%	1h	93.810	−0.079%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.914	+0.032%	$1.3M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0197%	1h	93.835	−0.053%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	93.940	+0.059%	$708K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0101%	1h	94.003	+0.126%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.057	+0.184%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.002	+0.125%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	94.032	+0.157%	$113K	$581K	20x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.936	+0.055%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	−0.0036%	4h	94.013	+0.137%	$44.5M	$60.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0027%	4h	93.892	+0.008%	$159K	$645K	20x	as long as short
Bybit HYPEUSDT	−0.0008%	8h	94.025	+0.150%	$323.6M	$281.2M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.034	+0.160%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.926	+0.045%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	94.005	+0.128%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERPlong	+0.0009%	1h	93.884	long leg	$16.4M	$7.3M	10x
Phoenix HYPE	+0.0034%	1h	93.678	−0.220%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDTshort	+0.0042%	4h	94.061	+0.188%	$88.7M	$83.2M	100x
Binance HYPEUSDT	+0.0045%	4h	94.047	+0.174%	$383.6M	$895.7M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.602	−0.300%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	94.052	+0.179%	$116.1M	$317.4M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.937	+0.056%	$400K	$180K	20x	as long as short
Bluefin HYPE-PERP	+0.0090%	1h	93.939	+0.058%	$76K	$171K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.030	+0.155%	$19.1M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.006	+0.130%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.042	+0.168%	$65K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.057	+0.184%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.000	+0.123%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.993	+0.116%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.077	+0.205%	$2.05B	$676.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.034	+0.160%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.379%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.039	+0.165%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.043	+0.169%	$227.8M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.009	+0.133%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.963	+0.084%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.079%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	−0.288%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.656	−0.243%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.843	−0.044%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.020	+0.145%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.076	+0.204%	$476K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.014	+0.138%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.952	+0.072%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.990	+0.113%	$18.4M	$45.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.980	+0.102%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0168%	4h	93.581	−0.323%	$17.0M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.645%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.061	+0.189%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.872	−0.013%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.045	+0.171%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.911	+0.028%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0373%	4h	94.100	+0.230%	$1.5M	$6.0M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.050	+0.176%	$21.0M	$29.8M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0729%	1h	94.061	+0.188%	$7.5M	$4.6M	50x	as long as short