Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.066%

Price spread now: Injective against MEXC+0.117%7-day average +0.170% · you sell dearer than you buy

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

Long on MEXC Short on Injective

What this pair did over the last

the charts below follow

Funding, last 7 days+2.295%+$229 on $10k

Price spread, last 3 days (all we have)−0.209%−$21 · spread now +0.117%, 7d avg +0.170%

Together, before fees+2.086%+$209 on $10k · with fees, hour by hour

Funding pays, the price is against you. Injective is 0.053% cheaper against MEXC than usual: you would sell low and buy high (spread +0.117% now, against its 7-day average of +0.170%). If the spread goes back, that is −$5 on $10k: about 5.6 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+2.295% in total) that is about 4 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	94.060	0.0072	pay 0.0036% / 4h	52m 39s	$90.7M	$80.4M	100x
Short	Injective HYPE/USDC PERP	94.170	0.0104	get 0.0013% / 1h	52m 39s	$31K	$338K	12x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now +0.117%Rate

Funding earned: $6.63
Price spread: +0.117% → +0.170%: −$5.33
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$2.72
Costs to cover: 0.040%
Break-even: 9.9 days

Slippage unknown: MEXC: live order book, 1 min ago; Injective: live order book, 26 min ago. 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, 1 min ago	0.21 bp	2.2 bp −$2	2.2 bp −$22	3.1 bp −$312	13.5 bp −$6,749
Sell Injective live order book, 26 min ago	9.65 bp	doesn't fit	doesn't fit	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-P	−0.0552%	1h	93.903	−0.167%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0484%	1h	93.816	−0.259%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.972	−0.094%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.174%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.006	−0.057%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.092	+0.034%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.073	+0.014%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.110	+0.053%	$28K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.035	−0.027%	$215K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.086	+0.028%	$176K	$526K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0020%	8h	94.040	−0.021%	$324.7M	$280.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	93.990	−0.074%	$703K	$907K	10x	as long as short
Aster HYPEUSDT	+0.0031%	4h	94.070	+0.011%	$9.0M	$35.8M	300x	as long as short
Phemex HYPEUSDT	+0.0068%	8h	94.010	−0.053%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.077	+0.018%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDTlong	+0.0072%	4h	94.060	long leg	$90.7M	$80.4M	100x
edgeX HYPEUSDC	+0.0073%	4h	93.924	−0.144%	$5.1M	$29.7M	30x	as long as short
Binance HYPEUSDT	+0.0076%	4h	94.053	−0.007%	$386.4M	$888.3M	75x	as long as short
Derive HYPE-PERP	+0.0082%	1h	94.016	−0.047%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.095	+0.037%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.072	+0.013%	$3.1M	$12.2M	20x	as long as short
01 Exchange HYPEUSD	+0.0096%	1h	94.095	+0.037%	$87K	$363K	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.078	+0.019%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.050	−0.011%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.089	+0.031%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.090	+0.032%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.078	+0.020%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.084	+0.026%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.062	+0.002%	$115.9M	$317.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.064	+0.004%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.061	+0.001%	$227.9M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.042	−0.019%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.113	+0.056%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.189%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.938	−0.130%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.945	−0.122%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.055	−0.005%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.090	+0.032%	$485K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.051	−0.009%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.095	+0.037%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.125	+0.069%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.087	+0.029%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.404%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERPshort	+0.0104%	1h	94.170	+0.117%	$31K	$338K	12x
Extended HYPE-USD	+0.0104%	1h	94.056	−0.005%	$18.7M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	94.141	+0.086%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.140	+0.085%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.200	+0.149%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.071	+0.012%	$77K	$142K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0271%	1h	94.174	+0.121%	$7.4M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.131	+0.076%	$2.8M	$6.8M	20x	as long as short
BloFin HYPE-USDT	+0.0293%	4h	94.084	+0.026%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.029	−0.033%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.190	+0.139%	$21.1M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0721%	1h	94.141	+0.086%	$2.05B	$666.0M	10x	as long as short