Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0001%/8h= −0.1% APRpaid last 24h −0.008%

Price spread now: Derive against MEXC−0.059%7-day average −0.037% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on MEXC Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.006%−$1 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now −0.059%, 7d avg −0.037%

Together, before fees−0.004%$0 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: Derive is 0.023% cheaper against MEXC than usual: you would sell low and buy high, −$2 on $10k if it goes back to its 7-day average of −0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	93.941	0.0070	pay 0.0035% / 4h	55m 08s	$90.6M	$80.3M	100x
Short	Derive HYPE-PERP	93.885	0.0069	get 0.0009% / 1h	55m 08s	$16.4M	$6.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.059%Rate

Funding earned: −$0.25
Price spread: −0.059% → −0.037%: −$2.26
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Derive: 3 bp × 2 orders: −$6
Net: −$12.51
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 9 min ago; Derive: no order-book sample. Net counts fees only.

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, 9 min ago	0.05 bp	2.1 bp −$2	2.4 bp −$24	9.6 bp −$963	34.3 bp −$17.1K
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0520%	1h	93.829	−0.119%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0484%	1h	93.731	−0.223%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.866	−0.080%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.048%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.916	−0.027%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.912	−0.031%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.940	−0.001%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.963	+0.023%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.940	−0.001%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.940	−0.001%	$324.8M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0020%	1h	93.830	−0.118%	$703K	$903K	10x	as long as short
Aster HYPEUSDT	+0.0027%	4h	93.940	−0.001%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.145%	$215K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.935	−0.006%	$44.5M	$57.9M	75x	as long as short
edgeX HYPEUSDC	+0.0067%	4h	93.855	−0.091%	$5.1M	$29.7M	30x	as long as short
Derive HYPE-PERPshort	+0.0069%	1h	93.885	−0.059%	$16.4M	$6.9M	10x
Phemex HYPEUSDT	+0.0070%	8h	93.934	−0.007%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDTlong	+0.0070%	4h	93.941	long leg	$90.6M	$80.3M	100x
Binance HYPEUSDT	+0.0070%	4h	93.949	+0.009%	$386.0M	$885.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.987	+0.049%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.963	+0.023%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.941	0.000%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.941	0.000%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.953	+0.013%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.940	−0.001%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.941	+0.001%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.961	+0.022%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.934	−0.007%	$115.3M	$314.9M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.949	+0.009%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.940	−0.001%	$227.7M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.932	−0.010%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.960	+0.020%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.062%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.906	−0.037%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.925	−0.017%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.961	+0.021%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.962	+0.022%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.916	−0.026%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.946	+0.005%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.991	+0.053%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.938	−0.003%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.278%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.850	−0.097%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.920	−0.022%	$18.6M	$42.0M	50x	as long as short
01 Exchange HYPEUSD	+0.0104%	1h	93.968	+0.029%	$91K	$355K	20x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.994	+0.056%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.870	−0.076%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0223%	4h	94.099	+0.168%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.933	−0.008%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0280%	4h	93.930	−0.012%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.992	+0.054%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0325%	1h	94.035	+0.100%	$7.4M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.924	−0.018%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.042	+0.108%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0641%	1h	93.995	+0.057%	$2.05B	$667.7M	10x	as long as short