Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.021%

Price spread now: MEXC against dYdX+0.013%7-day average +0.009% · you sell dearer than you buy

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$650.651% of the position

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.127%+$13 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now +0.013%, 7d avg +0.009%

Together, before fees+0.223%+$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.009%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	94.666	0	get 0.0000% / 1h	57m 36s	$130K	$94K	5x
Short	MEXC HYPE_USDT	94.678	0.0100	get 0.0050% / 4h	3h 57m	$93.5M	$84.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against dYdX. 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 dYdXbpFee MEXCbpOrdersPrice spread, now +0.013%Rate

Funding earned: $21
Price spread: +0.013% → +0.009%: $0.38
Slippage, 4 orders: −$51.12
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$43.74
Costs to cover: 0.651%
Break-even: 21.6 days

Slippage from dYdX: live order book, 41 min ago; MEXC: live order book, 1 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 dYdX live order book, 41 min ago	25.49 bp	30.5 bp −$30	43.1 bp −$431	125.0 bp −$12.5K	319.7 bp −$159.8K
Sell MEXC live order book, 1 min ago	0.05 bp	2.1 bp −$2	2.9 bp −$29	12.7 bp −$1,271	36.4 bp −$18.2K

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	−0.1472%	1h	94.558	−0.114%	$207K	$268K	7x	as long as short
Phemex HYPEUSDT	−0.0602%	8h	94.659	−0.007%	$12.9M	$2.9M	50x	as long as short
Bluefin HYPE-PERP	−0.0302%	1h	94.672	+0.007%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0238%	1h	94.573	−0.098%	$22K	$20K	10x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.697	+0.033%	$1.0M	$3.5M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0085%	1h	94.610	−0.059%	$712K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.668	+0.003%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.763	+0.103%	$87K	$364K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.698	+0.034%	$20.3M	$30.2M	50x	as long as short
Bybit HYPEUSDT	−0.0045%	8h	94.680	+0.015%	$318.1M	$288.8M	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	−0.0007%	4h	94.657	−0.009%	$147K	$686K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	94.666	long leg	$130K	$94K	5x
Kalshi KXHYPEPERP	0.0000%	8h	94.812	+0.155%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	−0.104%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.669	+0.004%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.687	+0.023%	$124K	—	150x	as long as short
Derive HYPE-PERP	+0.0008%	1h	94.543	−0.130%	$16.3M	$7.3M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.686	+0.022%	$227.2M	$100.5M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.660	−0.006%	$4.7M	$6.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	94.710	+0.047%	$338K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.700	+0.036%	$117.9M	$327.1M	50x	as long as short
Lighter HYPE	+0.0064%	1h	94.682	+0.017%	$16.2M	$61.7M	20x	as long as short
Vest HYPE-PERP	+0.0076%	1h	94.735	+0.073%	—	$190K	5x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.217%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.682	+0.017%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.695	+0.031%	$85K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0096%	4h	94.677	+0.012%	$50.8M	$53.5M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.700	+0.036%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.674	+0.009%	$7.3M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.758	+0.098%	$2.08B	$689.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.651	−0.015%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.713	+0.050%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.694	+0.030%	$379.8M	$934.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	+0.020%	$219K	$12K	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	94.678	+0.013%	$93.5M	$84.5M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.661	−0.005%	$46.9M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.679	+0.014%	—	$53.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.621	−0.047%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.532	−0.141%	$29.7M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.577	−0.094%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.216%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.580	−0.090%	$695K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.746	+0.085%	$500K	$2.8M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.687	+0.023%	$112K	$575K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.764	+0.104%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.669	+0.004%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.764	+0.104%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.674	+0.009%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.719	+0.056%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.709	+0.046%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.840	+0.184%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0246%	1h	94.764	+0.104%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.651	−0.016%	$83K	$121K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.705	+0.041%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.604	−0.065%	$17.1M	$12.4M	75x	as long as short