Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0400%/8h= −43.8% APRpaid last 24h −0.004%

Price spread now: MEXC against Kraken Futures−0.167%7-day average −0.029% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

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

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 3 days (all we have)+0.177%+$18 · spread now −0.167%, 7d avg −0.029%

Together, before fees+0.106%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and MEXC is 0.138% cheaper against Kraken Futures than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of −0.029%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.071% in total (about -3.7% 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	Kraken Futures PF_HYPEUSD	93.125	0.0466	pay 0.0058% / 1h	26m 48s	$20.8M	$29.0M	50x
Short	MEXC HYPE_USDT	92.969	0.0066	get 0.0033% / 4h	1h 26m	$89.9M	$81.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. 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 Kraken FuturesbpFee MEXCbpOrdersPrice spread, now −0.167%Rate

Funding earned: −$84.09
Price spread: −0.167% → −0.029%: −$13.81
Slippage, 4 orders: −$7.04
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$118.93
Costs to cover: 0.210%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 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 Kraken Futures live order book, 2 min ago	0.91 bp	10.3 bp −$10	16.5 bp −$165	22.2 bp −$2,218	74.6 bp −$37.3K
Sell MEXC live order book, 2 min ago	0.05 bp	2.1 bp −$2	4.1 bp −$41	15.4 bp −$1,541	37.8 bp −$18.9K

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	−0.0396%	1h	93.024	−0.108%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0272%	1h	93.055	−0.075%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.947	−0.191%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0121%	1h	93.030	−0.102%	$698K	$927K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.005	−0.128%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.008	−0.125%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	92.989	−0.146%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0007%	4h	92.970	−0.166%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.019	−0.113%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.990	−0.144%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.025	−0.107%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.951	−0.186%	$322.3M	$287.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0025%	4h	93.029	−0.103%	$172K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.990	−0.145%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.033	−0.098%	$213K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.968	−0.168%	$43.8M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0057%	1h	93.011	−0.122%	$111K	$580K	20x	as long as short
Binance HYPEUSDT	+0.0066%	4h	92.965	−0.171%	$381.4M	$895.4M	75x	as long as short
MEXC HYPE_USDTshort	+0.0066%	4h	92.969	−0.167%	$89.9M	$81.9M	100x
edgeX HYPEUSDC	+0.0086%	4h	92.948	−0.190%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.994	−0.140%	$18.5M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.002	−0.132%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.031	−0.101%	$396K	$318K	20x	as long as short
StandX HYPE-USD	+0.0096%	1h	93.000	−0.134%	$673K	$2.5M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.005	−0.128%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.040	−0.091%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.004	−0.129%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.010	−0.123%	$2.02B	$673.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.024	−0.108%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.955	−0.182%	$113.5M	$313.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	−0.102%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.022	−0.110%	$46.9M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.967	−0.169%	$225.3M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.960	−0.177%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.004	−0.130%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.003	−0.130%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.985	−0.150%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.976	−0.160%	$414K	$1.0M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.033	−0.098%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.022	−0.110%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.045	−0.086%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.029	−0.103%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.010	−0.123%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.032	−0.099%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.935	−0.203%	$18.2M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0110%	8h	93.057	−0.073%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.090	−0.037%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.230	+0.113%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0241%	4h	93.168	+0.047%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.992	−0.142%	$77K	$158K	15x	as long as short
BloFin HYPE-USDT	+0.0273%	4h	93.022	−0.110%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.039	−0.092%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.029	−0.103%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0405%	1h	93.126	+0.001%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0466%	1h	93.125	long leg	$20.8M	$29.0M	50x