Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.009%

Price spread now: Bulk against MEXC+0.250%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs+$10as in the Price arb table

costs, in and out, $10k−$130.126% of the position

Long on MEXC Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.009%+$1 on $10k

Price spread, last 4 days (all we have)−0.218%−$22 · spread now +0.250%, 7d avg +0.026%

Together, before fees−0.209%−$21 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bulk is 0.224% dearer against MEXC than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of +0.026%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	93.347	0.0100	pay 0.0050% / 4h	1h 41m	$89.6M	$80.6M	100x
Short	Bulk HYPE-USD	93.580	0.0100	get 0.0013% / 1h	41m 39s	$204K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against MEXC. 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 MEXCbpFee BulkbpOrdersPrice spread, now +0.250%Rate

Funding earned: $0
Price spread: +0.250% → +0.026%: $22.39
Slippage, 4 orders: −$1.65
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $9.74
Costs to cover: 0.126%
Break-even: from the start

Slippage from MEXC: live order book, 7 min ago; Bulk: live order book, 22 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 MEXC live order book, 7 min ago	0.22 bp	2.4 bp −$2	4.9 bp −$49	17.1 bp −$1,707	34.1 bp −$17.0K
Sell Bulk live order book, 22 min ago	0.54 bp	4.0 bp −$4	7.0 bp −$70	14.5 bp −$1,447	27.4 bp −$13.7K

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	−0.1240%	1h	93.378	+0.033%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.238	−0.117%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0178%	1h	93.498	+0.162%	$79K	$170K	20x	as long as short
Phemex HYPEUSDT	−0.0102%	8h	93.519	+0.184%	$12.6M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.410	+0.067%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0045%	4h	93.518	+0.183%	$156K	$629K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0041%	1h	93.435	+0.094%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.337	−0.011%	$85K	$345K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0030%	1h	93.280	−0.072%	$700K	$980K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	+0.015%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.568	+0.237%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.550	+0.217%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0024%	4h	93.401	+0.058%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.549	+0.216%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.369	+0.024%	—	$53.0M	—	as long as short
Bybit HYPEUSDT	+0.0034%	8h	93.334	−0.014%	$321.9M	$277.0M	75x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.546	+0.213%	$112K	$578K	20x	as long as short
Gate HYPE_USDT	+0.0050%	4h	93.354	+0.007%	$44.5M	$54.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	93.326	−0.022%	$114.2M	$301.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.366	+0.020%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.359	+0.013%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.325	−0.024%	$69K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.372	+0.027%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.370	+0.025%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.320	−0.029%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.443	+0.103%	$2.04B	$655.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.375	+0.030%	$10.0M	$14.6M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.339	−0.009%	$378.8M	$876.9M	75x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.580	+0.250%	$204K	$10K	10x
MEXC HYPE_USDTlong	+0.0100%	4h	93.347	long leg	$89.6M	$80.6M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.358	+0.012%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.342	−0.005%	$225.7M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.471	+0.133%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.339	−0.009%	$31.1M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.553	+0.220%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.487	+0.150%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.585	+0.255%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.433	+0.093%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.567	+0.236%	$473K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.508	+0.173%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.616	+0.288%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.524	+0.190%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.315	−0.034%	$18.4M	$43.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.529	+0.195%	$398K	$163K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	93.476	+0.139%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.590	+0.260%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0202%	4h	93.738	+0.419%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.528	+0.194%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.609	+0.281%	$1.9M	$5.1M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0306%	1h	93.595	+0.266%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.557	+0.225%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.577	+0.246%	$17.0M	$11.7M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.422	+0.081%	$3.2M	$6.5M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.350	+0.003%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.592	+0.263%	$20.8M	$30.1M	50x	as long as short