Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0108%/8h= +11.8% APRpaid last 24h −0.019%

Price spread now: Coinbase International against MEXC+0.067%7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$220.221% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.085%−$9 on $10k

Price spread, last 3 days (all we have)−0.130%−$13 · spread now +0.067%, 7d avg −0.039%

Together, before fees−0.216%−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Coinbase International is 0.107% dearer against MEXC than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of −0.039%. Mind the row above: over the last 7 days funding on this pair cost −0.085%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	93.547	0.0100	pay 0.0050% / 4h	2h 31m	$93.5M	$82.2M	100x
Short	Coinbase International HYPE-PERP-INTX	93.610	0.0208	get 0.0026% / 1h	31m 31s	$4.9M	$5.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.067%Rate

Funding earned: $22.68
Price spread: +0.067% → −0.039%: $10.65
Slippage, 4 orders: −$8.06
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $11.28
Costs to cover: 0.221%
Break-even: 3.5 days

Slippage from MEXC: live order book, 3 min ago; Coinbase International: 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 MEXC live order book, 3 min ago	0.05 bp	2.1 bp −$2	2.8 bp −$28	10.1 bp −$1,006	39.7 bp −$19.9K
Sell Coinbase International live order book, 2 min ago	3.74 bp	9.2 bp −$9	14.1 bp −$141	35.0 bp −$3,497	doesn't fit

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	−0.1072%	1h	93.498	−0.053%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0269%	1h	93.502	−0.048%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0240%	1h	93.520	−0.029%	$701K	$941K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.559	+0.013%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.585	+0.041%	$89K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0034%	1h	93.554	+0.007%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	+0.017%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.573	+0.028%	$23K	$337K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	93.510	−0.039%	$16.4M	$7.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.598	+0.055%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.562	+0.016%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.549	+0.002%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.550	+0.003%	$325.9M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	+0.002%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0069%	4h	93.566	+0.020%	$179K	$530K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.549	+0.002%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.594	+0.051%	$18.6M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.583	+0.038%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.571	+0.026%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.025%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.549	+0.002%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.650	+0.110%	$2.04B	$668.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.571	+0.026%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.548	+0.001%	$386.0M	$888.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.546	−0.001%	$114.9M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.534	−0.014%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	93.547	long leg	$93.5M	$82.2M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.573	+0.028%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.578	+0.033%	$227.3M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.550	+0.003%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.590	+0.046%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.155%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.500	−0.050%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.572	+0.027%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.599	+0.056%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.597	+0.053%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.593	+0.049%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.558	+0.012%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	+0.069%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.549	+0.002%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.551	+0.004%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	+0.010%	$204K	$12K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0102%	1h	93.651	+0.111%	$7.4M	$4.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.535	−0.013%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.577	+0.032%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0115%	4h	93.532	−0.016%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	93.644	+0.104%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0208%	1h	93.610	+0.067%	$4.9M	$5.7M	50x
Reya HYPERUSDPERP	+0.0245%	1h	93.549	+0.002%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.710	+0.174%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0335%	4h	93.732	+0.198%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.595	+0.051%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.559	+0.013%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.623	+0.081%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.654	+0.115%	$19.2M	$26.0M	50x	as long as short