Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.012%

Price spread now: Bybit against MEXC−0.051%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$170.168% of the position

Long on MEXC Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 7 days+0.051%+$5 · spread now −0.051%, 7d avg −0.025%

Together, before fees+0.004%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Bybit is 0.025% cheaper against MEXC than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	92.876	0.0100	pay 0.0050% / 4h	2m 52s	$88.3M	$81.2M	100x
Short	Bybit HYPEUSDT	92.829	0.0045	get 0.0045% / 8h	4h 02m	$316.8M	$281.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.051%Rate

Funding earned: −$11.57
Price spread: −0.051% → −0.025%: −$2.51
Slippage, 4 orders: −$1.83
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$30.91
Costs to cover: 0.168%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; Bybit: 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 MEXC live order book, 1 min ago	0.05 bp	2.3 bp −$2	5.1 bp −$51	11.6 bp −$1,162	37.2 bp −$18.6K
Sell Bybit live order book, 1 min ago	0.54 bp	6.0 bp −$6	8.2 bp −$82	17.6 bp −$1,765	38.9 bp −$19.5K

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
Arcus HYPE-USD	−0.0948%	1h	92.818	−0.062%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0368%	1h	92.692	−0.198%	$194K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0267%	1h	92.799	−0.083%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.865	−0.012%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.837	−0.042%	$157K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.865	−0.012%	$127K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	92.876	0.000%	$87K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.879	+0.003%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.890	+0.015%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	92.851	−0.027%	$12.5M	$2.7M	50x	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	+0.0028%	1h	92.834	−0.045%	$111K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.867	−0.010%	—	$53.5M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0037%	1h	92.800	−0.082%	$697K	$1.1M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.755	−0.130%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDTshort	+0.0045%	8h	92.829	−0.051%	$316.8M	$281.1M	75x
Aster HYPEUSDT	+0.0063%	4h	92.874	−0.002%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0090%	4h	92.846	−0.032%	$224.7M	$98.6M	75x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	92.749	−0.137%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.886	+0.011%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.880	+0.004%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.885	+0.010%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.860	−0.017%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0097%	8h	92.836	−0.043%	$113.9M	$303.8M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.860	−0.017%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.859	−0.018%	$7.5M	$45.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.901	+0.027%	$2.02B	$663.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.886	+0.011%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.863	−0.014%	$373.1M	$901.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.082%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.857	−0.020%	$44.5M	$55.4M	75x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	92.876	long leg	$88.3M	$81.2M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	92.886	+0.011%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.871	−0.005%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.689	−0.202%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	−0.108%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.773	−0.111%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.827	−0.053%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.888	+0.013%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.896	+0.022%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.850	−0.028%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.828	−0.051%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.846	−0.032%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.871	−0.005%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.998	+0.131%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.839	−0.039%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.850	−0.028%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	+0.090%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.930	+0.058%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	92.923	+0.051%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.860	−0.017%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0321%	1h	92.951	+0.081%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.859	−0.019%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.934	+0.063%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.869	−0.008%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.920	+0.047%	$3.2M	$6.4M	20x	as long as short