Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1098%/8h= −120.2% APRpaid last 24h −0.219%

Price spread now: Hibachi against MEXC−0.158%7-day average −0.072% · you buy dearer than you sell

Net, funding: paid 7d − costs−$227as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$630.626% of the position

Long on MEXC Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.644%−$164 on $10k

Price spread, last 4 days (all we have)+0.783%+$78 · spread now −0.158%, 7d avg −0.072%

Together, before fees−0.861%+ Points / potential airdropHibachi: Active · farm board−$86 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$33 a day on $10k at the current rate, and Hibachi is 0.086% cheaper against MEXC than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.072%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	93.248	0.0098	pay 0.0049% / 4h	1h 11m	$89.5M	$81.2M	100x
Short	Hibachi HYPE/USDT-P	93.101	−0.1000	pay 0.0125% / 1h	11m 20s	$197K	$227K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.158%Rate

Funding earned: −$230.58
Price spread: −0.158% → −0.072%: −$8.63
Slippage, 4 orders: −$49.55
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$301.76
Costs to cover: 0.626%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Hibachi: 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	2.7 bp −$3	6.5 bp −$65	13.5 bp −$1,346	42.7 bp −$21.3K
Sell Hibachi live order book, 53 min ago	12.16 bp	24.0 bp −$24	43.8 bp −$438	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
Hibachi HYPE/USDT-Pshort	−0.1000%	1h	93.101	−0.158%	$197K	$227K	7x
Arcus HYPE-USD	−0.0899%	1h	93.117	−0.140%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.170	−0.084%	$698K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.234	−0.015%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0064%	1h	93.218	−0.033%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.262	+0.015%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0048%	4h	93.270	+0.024%	$155K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.241	−0.007%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.238	−0.011%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.268	+0.021%	$63K	—	150x	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	+0.0008%	1h	93.226	−0.023%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0015%	8h	93.131	−0.125%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.252	+0.005%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	−0.099%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	93.251	+0.003%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.250	+0.002%	$44.6M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	93.260	+0.013%	$320.8M	$276.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.273	+0.027%	$113.7M	$299.5M	50x	as long as short
Derive HYPE-PERP	+0.0094%	1h	93.100	−0.159%	$16.1M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.243	−0.005%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.248	0.000%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.243	−0.005%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.280	+0.034%	$339K	$162K	20x	as long as short
MEXC HYPE_USDTlong	+0.0098%	4h	93.248	long leg	$89.5M	$81.2M	100x
Binance HYPEUSDT	+0.0098%	4h	93.257	+0.010%	$377.1M	$880.2M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	−0.019%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.243	−0.006%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.298	+0.054%	$2.03B	$657.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.252	+0.004%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.256	+0.009%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.245	−0.003%	$225.5M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.115	−0.143%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.138%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.122	−0.135%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.125	−0.132%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.143	−0.113%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.261	+0.014%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.276	+0.030%	$473K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.268	+0.021%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.158	−0.097%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.125	−0.132%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	−0.100%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.191	−0.061%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.121	−0.137%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.083	−0.177%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0138%	4h	93.247	−0.001%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	−0.105%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.236	−0.013%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0269%	8h	93.154	−0.101%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.269	+0.023%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	93.088	−0.172%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0394%	1h	93.217	−0.033%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.338	+0.096%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.517%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.182	−0.071%	$20.7M	$29.8M	50x	as long as short