Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0072%/8h= −7.9% APRpaid last 24h −0.021%

Price spread now: dYdX against MEXC+0.024%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$650.647% of the position

Long on MEXC Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.122%−$12 on $10k

Price spread, last 4 days (all we have)−0.207%−$21 · spread now +0.024%, 7d avg −0.011%

Together, before fees−0.329%−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.035% dearer against MEXC than usual: you sell high and buy low (spread +0.024% now, against its 7-day average of −0.011%): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 39 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	92.911	0.0072	pay 0.0036% / 4h	1h 30m	$89.9M	$81.9M	100x
Short	dYdX HYPE-USD	92.933	0	get 0.0000% / 1h	30m 47s	$126K	$32K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$15.12
Price spread: +0.024% → −0.011%: $3.48
Slippage, 4 orders: −$50.73
Fee MEXC: 2 bp × 2 orders: −$4
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$76.36
Costs to cover: 0.647%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; dYdX: live order book, 53 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	3.2 bp −$32	10.9 bp −$1,091	47.6 bp −$23.8K
Sell dYdX live order book, 53 min ago	25.29 bp	30.3 bp −$30	73.1 bp −$731	167.1 bp −$16.7K	650.6 bp −$325.3K

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	−0.0392%	1h	93.095	+0.198%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0240%	1h	93.053	+0.153%	$196K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.986	+0.081%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	92.950	+0.042%	$698K	$924K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.046	+0.145%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.033	+0.131%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	93.026	+0.124%	$57K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0005%	4h	92.911	0.000%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	92.933	+0.024%	$126K	$32K	5x
Perpl HYPE	0.0000%	43m	93.063	+0.164%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.044	+0.143%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.920	+0.010%	$322.5M	$287.2M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0027%	4h	92.974	+0.068%	$171K	$518K	20x	as long as short
Bullet HYPE-USD	+0.0028%	1h	93.009	+0.106%	$111K	$579K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.935	+0.026%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.118	+0.223%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0040%	4h	92.889	−0.024%	$43.7M	$58.4M	75x	as long as short
Binance HYPEUSDT	+0.0070%	4h	92.909	−0.002%	$381.7M	$894.5M	75x	as long as short
MEXC HYPE_USDTlong	+0.0072%	4h	92.911	long leg	$89.9M	$81.9M	100x
edgeX HYPEUSDC	+0.0086%	4h	93.085	+0.187%	$5.1M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.944	+0.036%	$18.5M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.941	+0.032%	$3.1M	$12.1M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	92.925	+0.015%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.050	+0.150%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.025	+0.123%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.916	+0.005%	$2.02B	$671.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.941	+0.032%	$9.9M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.919	+0.009%	$113.6M	$313.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.390	+0.516%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.907	−0.004%	$46.9M	$18.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.875	−0.039%	$225.1M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.878	−0.036%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.955	+0.047%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.034	+0.133%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.144	+0.251%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	+0.198%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.031	+0.129%	$673K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.044	+0.143%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.964	+0.057%	$75K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.038	+0.137%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.948	+0.040%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.967	+0.060%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.058	+0.158%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.859	−0.055%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.013	+0.109%	$396K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0109%	8h	93.103	+0.207%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	+0.117%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.950	+0.042%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0245%	4h	93.158	+0.266%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.999	+0.094%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.081	+0.182%	$2.7M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	92.998	+0.094%	$16.9M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.040	+0.139%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0460%	1h	93.068	+0.169%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.057	+0.157%	$20.8M	$28.9M	50x	as long as short