Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0040%/8h= +4.3% APRpaid last 24h +0.023%

Price spread now: MEXC against gTrade (Gains Network)−0.020%7-day average — · you buy dearer than you sell

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

Long on gTrade (Gains Network)Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. MEXC is 0.020% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (spread −0.020% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 41 hours of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	gTrade (Gains Network) HYPE/USD	93.860	L +0.0002% / S −0.0003%	pay 0.0000% / 1h	56m 11s	$27K	—	150x
Short	MEXC HYPE_USDT	93.841	0.0042	get 0.0021% / 4h	3h 56m	$88.0M	$81.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee MEXCbpOrdersPrice spread, now −0.020%Rate

Funding earned: $8.34
Price spread: −0.020% → 0.000%: −$2.02
Slippage, 4 orders: no order book: not counted
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$7.69
Costs to cover: 0.140%
Break-even: 13.5 days

Slippage unknown: gTrade (Gains Network): no order-book sample; MEXC: live order book, 3 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 gTrade (Gains Network) no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	0.05 bp	2.1 bp −$2	3.2 bp −$32	13.5 bp −$1,345	41.2 bp −$20.6K

gTrade (Gains Network): 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	−0.1432%	1h	93.897	+0.039%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.746	−0.121%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0322%	1h	93.973	+0.120%	$22K	$22K	10x	as long as short
dYdX HYPE-USD	−0.0239%	1h	93.914	+0.058%	$128K	$30K	5x	as long as short
Bybit HYPEUSDT	−0.0123%	8h	93.840	−0.021%	$322.8M	$283.5M	75x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	93.843	−0.018%	$86K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0095%	1h	93.830	−0.032%	$705K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.868	+0.009%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	93.825	−0.038%	$112K	$579K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	93.843	−0.018%	$44.6M	$58.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	−0.0013%	1h	93.778	−0.087%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	93.829	−0.033%	$169K	$594K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.879	+0.020%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USDlong	L +0.0002% / S −0.0003%	1h	93.860	long leg	$27K	—	150x
Phoenix HYPE	+0.0009%	1h	94.114	+0.271%	$218K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.839	−0.022%	$8.9M	$36.1M	300x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.835	−0.027%	$60K	$1.2M	50x	as long as short
MEXC HYPE_USDTshort	+0.0042%	4h	93.841	−0.020%	$88.0M	$81.8M	100x
Binance HYPEUSDT	+0.0043%	4h	93.861	+0.001%	$383.4M	$898.0M	75x	as long as short
edgeX HYPEUSDC	+0.0054%	4h	93.988	+0.136%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	93.851	−0.010%	$115.8M	$321.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.897	+0.039%	$18.8M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.876	+0.017%	$3.1M	$12.0M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.904	+0.047%	$399K	$268K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.903	+0.046%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.860	0.000%	$42K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.835	−0.026%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.946	+0.092%	$2.04B	$680.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.871	+0.012%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.848	−0.013%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.849	−0.012%	$227.3M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.842	−0.019%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.879	+0.020%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.832	−0.029%	$31.2M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.052	+0.204%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.033	+0.184%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.964	+0.111%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.895	+0.037%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.872	+0.013%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.828	−0.034%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.903	+0.046%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.850	−0.011%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.890	+0.032%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	+0.089%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.840	−0.022%	$18.4M	$42.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.890	+0.032%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0163%	8h	93.929	+0.074%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.897	+0.039%	$17.0M	$12.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	+0.309%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.889	+0.031%	$2.8M	$6.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.820	−0.042%	$78K	$143K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0251%	1h	93.948	+0.094%	$7.5M	$4.7M	50x	as long as short
HTX HYPE-USDT	+0.0310%	4h	94.050	+0.202%	$1.5M	$7.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.862	+0.002%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.955	+0.101%	$21.0M	$29.5M	50x	as long as short