Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: Nado against MEXC+0.011%51s7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$120.120% of the position

Long on MEXC Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.014%−$1 on $10k

Price spread, last 7 days0.000%$0 · spread now +0.011%, 7d avg −0.002%

Together, before fees−0.015%+ Points / potential airdropNado: Active · farm board−$1 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	93.065	0.0100	pay 0.0050% / 4h	3h 42m	$90.8M	$81.0M	100x
Short	Nado HYPE-PERP	93.076	0.0100	get 0.0012% / 1h	42m 39s	$6.5M	$43.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → −0.002%: $1.28
Slippage, 4 orders: −$0.97
Fee MEXC: 2 bp × 2 orders: −$4
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$10.69
Costs to cover: 0.120%
Break-even: never at this rate

Slippage from MEXC: live order book, 7 min ago; Nado: 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, 7 min ago	0.05 bp	2.1 bp −$2	2.6 bp −$26	10.4 bp −$1,040	43.5 bp −$21.7K
Sell Nado live order book, 2 min ago	0.05 bp	4.2 bp −$4	7.1 bp −$71	28.3 bp −$2,829	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	−0.1280%	1h	93.019	−0.050%	$195K	$236K	7x	as long as short
Gate HYPE_USDT	−0.0108%	4h	93.075	+0.011%	$44.1M	$55.4M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.134	+0.074%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.094	+0.031%	$89K	$322K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.118	+0.057%	$127K	$33K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.129	+0.069%	$23K	$354K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0005%	1h	93.117	+0.056%	$44K	—	150x	as long as short
Aster HYPEUSDT	+0.0003%	4h	93.062	−0.003%	$8.9M	$36.2M	300x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	93.140	+0.081%	$699K	$928K	10x	as long as short
Aftermath Perps HYPEUSD	+0.0041%	1h	93.161	+0.103%	$22K	$22K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0056%	8h	93.050	−0.016%	$324.6M	$283.7M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0066%	1h	93.226	+0.173%	$17.2M	$22.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0094%	4h	93.084	+0.020%	$181K	$504K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.192	+0.136%	$205K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.135	+0.075%	$18.7M	$57.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.118	+0.057%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.091	+0.028%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.120	+0.059%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	93.076	+0.011%	$6.5M	$43.7M	10x
Hyperliquid HYPE	+0.0100%	1h	93.140	+0.081%	$2.02B	$656.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.091	+0.028%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.063	−0.002%	$389.2M	$869.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.069	+0.004%	$114.1M	$312.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.070	+0.005%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.170	+0.113%	$203K	$14K	10x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	93.065	long leg	$90.8M	$81.0M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.078	+0.014%	$46.3M	$19.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.069	+0.004%	$225.3M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.076	+0.012%	—	$54.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.105	+0.043%	$7.9M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.086	+0.023%	$28.9M	$48.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.186	+0.130%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.118	+0.057%	$455K	$930K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.190	+0.134%	$674K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.140	+0.080%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.104	+0.042%	$461K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.112	+0.051%	$112K	$571K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.094	+0.031%	$76K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.069	+0.004%	$16.3M	$7.0M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.082	+0.018%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.075	+0.011%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.100	+0.038%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.109	+0.047%	$340K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.052	−0.014%	$18.2M	$40.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.102	+0.039%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.132	+0.071%	$5.0M	$28.8M	30x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	93.180	+0.124%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.180	+0.124%	$4.9M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0243%	1h	93.081	+0.017%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0254%	1h	93.000	−0.070%	$30K	$182K	12x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.081	+0.017%	$17.3M	$12.2M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0342% / S −0.0168%	1h	93.110	+0.048%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0388%	4h	93.305	+0.258%	$1.5M	$7.5M	75x	as long as short
RISEx HYPE/USDC	+0.0422%	1h	93.162	+0.105%	$2.8M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0480%	1h	93.198	+0.143%	$7.4M	$4.6M	50x	as long as short