Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0328%/8h= +35.9% APRpaid last 24h +0.016%

Price spread now: Deribit against MEXC+0.117%7-day average +0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

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

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 3 days (all we have)−0.126%−$13 · spread now +0.117%, 7d avg +0.035%

Together, before fees−0.157%−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Deribit is 0.082% dearer against MEXC than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.035%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.032% in total (about -1.7% 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	MEXC HYPE_USDT	93.022	0.0088	pay 0.0044% / 4h	1h 35m	$89.7M	$81.8M	100x
Short	Deribit HYPE_USDC-PERPETUAL	93.131	0.0416	get 0.0052% / 1h	35m 52s	$7.4M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.117%Rate

Funding earned: $68.88
Price spread: +0.117% → +0.035%: $8.17
Slippage, 4 orders: −$9.96
Fee MEXC: 2 bp × 2 orders: −$4
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $56.09
Costs to cover: 0.210%
Break-even: 1.3 days

Slippage from MEXC: live order book, 3 min ago; Deribit: live order book, 3 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	1.13 bp	3.1 bp −$3	4.2 bp −$42	12.3 bp −$1,231	40.8 bp −$20.4K
Sell Deribit live order book, 3 min ago	1.55 bp	7.5 bp −$8	12.3 bp −$123	doesn't fit	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
Aftermath Perps HYPEUSD	−0.0361%	1h	93.192	+0.183%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0192%	1h	93.147	+0.135%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.027	+0.005%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0105%	1h	93.070	+0.052%	$698K	$923K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.118	+0.103%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.044	+0.024%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.039	+0.018%	$58K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.114	+0.099%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.046	+0.026%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.060	+0.041%	$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	+0.0005%	4h	92.991	−0.034%	$8.8M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	93.020	−0.002%	$322.8M	$286.9M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0031%	4h	93.051	+0.031%	$171K	$519K	20x	as long as short
Derive HYPE-PERP	+0.0031%	1h	92.993	−0.031%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.374	+0.378%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0035%	1h	93.010	−0.013%	$111K	$579K	20x	as long as short
Gate HYPE_USDT	+0.0040%	4h	93.033	+0.012%	$43.8M	$58.0M	75x	as long as short
MEXC HYPE_USDTlong	+0.0088%	4h	93.022	long leg	$89.7M	$81.8M	100x
Binance HYPEUSDT	+0.0089%	4h	93.029	+0.008%	$382.4M	$892.9M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.036	+0.015%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.021	−0.001%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.067	+0.049%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.060	+0.041%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.035	+0.014%	$5.9M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.021	−0.001%	$2.02B	$670.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.084	+0.066%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.025	+0.003%	$113.7M	$313.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.396%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.034	+0.013%	$47.1M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.023	+0.001%	$225.5M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.026	+0.004%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.011	−0.012%	$7.8M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.354	+0.357%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.268	+0.264%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.246	+0.241%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.129	+0.115%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.096	+0.079%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.067	+0.048%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.017	−0.005%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.069	+0.051%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.005	−0.018%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.047	+0.027%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.999	−0.025%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.998	−0.026%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	93.228	+0.222%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.149	+0.137%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.120	+0.105%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.070	+0.052%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.017	−0.005%	$77K	$158K	15x	as long as short
HTX HYPE-USDT	+0.0257%	4h	93.200	+0.191%	$1.5M	$7.7M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.113	+0.098%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0329%	4h	93.087	+0.070%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0159%	1h	93.052	+0.032%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0416%	1h	93.131	+0.117%	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.092	+0.075%	$20.8M	$28.9M	50x	as long as short