Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1098%/8h= +120.2% APRpaid last 24h +0.219%

Price spread now: MEXC against Hibachi+0.139%7-day average +0.072% · you sell dearer than you buy

Net, funding: paid 7d − costs+$102as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$630.626% of the position

Long on Hibachi Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+1.644%+$164 on $10k

Price spread, last 4 days (all we have)−0.764%−$76 · spread now +0.139%, 7d avg +0.072%

Together, before fees+0.880%+ Points / potential airdropHibachi: Active · farm board+$88 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$33 a day on $10k at the current rate, and MEXC is 0.067% dearer against Hibachi than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.072%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.101	−0.1000	get 0.0125% / 1h	11m 59s	$197K	$227K	7x
Short	MEXC HYPE_USDT	93.230	0.0098	get 0.0049% / 4h	1h 11m	$89.5M	$81.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Hibachi. 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 HibachibpFee MEXCbpOrdersPrice spread, now +0.139%Rate

Funding earned: $230.58
Price spread: +0.139% → +0.072%: $6.72
Slippage, 4 orders: −$49.55
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: $174.75
Costs to cover: 0.626%
Break-even: 1.7 days

Slippage from Hibachi: live order book, 52 min ago; MEXC: live order book, 2 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 Hibachi live order book, 52 min ago	12.16 bp	33.4 bp −$33	53.7 bp −$537	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.05 bp	2.5 bp −$2	3.6 bp −$36	12.3 bp −$1,227	35.6 bp −$17.8K

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-Plong	−0.1000%	1h	93.101	long leg	$197K	$227K	7x
Arcus HYPE-USD	−0.0899%	1h	92.998	−0.110%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	93.040	−0.065%	$699K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.088	−0.014%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.114	+0.014%	$85K	$345K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0050%	1h	93.224	+0.133%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.120	+0.021%	$155K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.083	−0.019%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.132	+0.033%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.151	+0.054%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0012%	1h	93.095	−0.006%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0015%	8h	93.131	+0.032%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.147	+0.050%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	+0.059%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	93.135	+0.037%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.172	+0.076%	$44.5M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	93.230	+0.139%	$320.7M	$277.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.232	+0.141%	$113.6M	$299.5M	50x	as long as short
Derive HYPE-PERP	+0.0094%	1h	93.100	−0.001%	$16.1M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.136	+0.038%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.125	+0.026%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.101	0.000%	$70K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.159	+0.063%	$339K	$162K	20x	as long as short
MEXC HYPE_USDTshort	+0.0098%	4h	93.230	+0.139%	$89.5M	$81.2M	100x
Binance HYPEUSDT	+0.0098%	4h	93.227	+0.136%	$376.9M	$880.3M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.120	+0.021%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.095	−0.006%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.176	+0.081%	$2.03B	$657.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.134	+0.036%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.235	+0.144%	$45.8M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.240	+0.150%	$225.5M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.115	+0.015%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.296%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.364	+0.282%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.292	+0.205%	$339K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.148	+0.051%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.139	+0.041%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.139	+0.041%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.107	+0.007%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.158	+0.061%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.125	+0.026%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	+0.058%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.212	+0.119%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.121	+0.021%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	93.295	+0.209%	$5.0M	$29.1M	30x	as long as short
HTX HYPE-USDT	+0.0138%	4h	93.247	+0.157%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	+0.053%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.092	−0.010%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0269%	8h	93.154	+0.057%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.137	+0.039%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	93.088	−0.014%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0394%	1h	93.217	+0.125%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.194	+0.100%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.676%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.182	+0.087%	$20.7M	$29.8M	50x	as long as short