Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0400%/8h= +43.8% APRpaid last 24h +0.004%

Price spread now: Kraken Futures against MEXC+0.167%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as in the Funding arb table

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

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

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.071%+$7 on $10k

Price spread, last 3 days (all we have)−0.178%−$18 · spread now +0.167%, 7d avg +0.029%

Together, before fees−0.106%−$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Kraken Futures is 0.138% dearer against MEXC than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.029%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.071% in total (about 3.7% 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	92.969	0.0066	pay 0.0033% / 4h	1h 26m	$89.9M	$81.9M	100x
Short	Kraken Futures PF_HYPEUSD	93.125	0.0466	get 0.0058% / 1h	26m 48s	$20.8M	$29.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.167%Rate

Funding earned: $84.09
Price spread: +0.167% → +0.029%: $13.84
Slippage, 4 orders: −$7.04
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $76.89
Costs to cover: 0.210%
Break-even: 0.6 days

Slippage from MEXC: live order book, 2 min ago; Kraken Futures: live order book, 2 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, 2 min ago	0.05 bp	2.1 bp −$2	3.9 bp −$39	11.9 bp −$1,189	38.7 bp −$19.4K
Sell Kraken Futures live order book, 2 min ago	0.91 bp	6.6 bp −$7	9.2 bp −$92	19.8 bp −$1,977	65.3 bp −$32.6K

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	−0.0396%	1h	93.024	+0.059%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0272%	1h	93.055	+0.092%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.947	−0.024%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0121%	1h	93.030	+0.066%	$698K	$927K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.005	+0.039%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.008	+0.042%	$90K	$362K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	92.989	+0.022%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0007%	4h	92.970	+0.001%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.019	+0.054%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.990	+0.023%	$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	93.025	+0.060%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	92.951	−0.019%	$322.3M	$287.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0025%	4h	93.029	+0.065%	$172K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.990	+0.022%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.033	+0.069%	$213K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.968	−0.001%	$43.8M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0057%	1h	93.011	+0.045%	$111K	$580K	20x	as long as short
Binance HYPEUSDT	+0.0066%	4h	92.965	−0.004%	$381.4M	$895.4M	75x	as long as short
MEXC HYPE_USDTlong	+0.0066%	4h	92.969	long leg	$89.9M	$81.9M	100x
edgeX HYPEUSDC	+0.0086%	4h	92.948	−0.022%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.994	+0.027%	$18.5M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.002	+0.035%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.031	+0.066%	$396K	$318K	20x	as long as short
StandX HYPE-USD	+0.0096%	1h	93.000	+0.033%	$673K	$2.5M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.005	+0.039%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.040	+0.076%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.004	+0.038%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.010	+0.044%	$2.02B	$673.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.024	+0.059%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.955	−0.015%	$113.5M	$313.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	+0.066%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.022	+0.057%	$46.9M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.967	−0.002%	$225.3M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.960	−0.010%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.004	+0.038%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.003	+0.037%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.985	+0.018%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.976	+0.008%	$414K	$1.0M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.033	+0.069%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.022	+0.057%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.045	+0.082%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.029	+0.065%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.010	+0.044%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.032	+0.068%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.935	−0.036%	$18.2M	$42.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0110%	8h	93.057	+0.095%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.090	+0.130%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.230	+0.281%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0241%	4h	93.168	+0.214%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.992	+0.025%	$77K	$158K	15x	as long as short
BloFin HYPE-USDT	+0.0273%	4h	93.022	+0.057%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.039	+0.076%	$2.8M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.029	+0.065%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0405%	1h	93.126	+0.169%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSDshort	+0.0466%	1h	93.125	+0.167%	$20.8M	$29.0M	50x