Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0028%/8h= +3.0% APRpaid last 24h +0.007%

Price spread now: Paradex against MEXC+0.012%7-day average +0.007% · 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−$10as in the Price arb table

costs, in and out, $10k−$110.108% of the position

Long on MEXC Short on Paradex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.004%$0 on $10k

Price spread, last 4 days (all we have)−0.178%−$18 · spread now +0.012%, 7d avg +0.007%

Together, before fees−0.173%+ Points / potential airdropParadex: Active · farm board−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	95.127	0.0056	pay 0.0028% / 4h	1h 29m	$90.0M	$84.0M	100x
Short	Paradex HYPE-USD-PERP	95.138	0.0084	get 0.0084% / 8h	5h 29m	$339K	$30K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Paradex 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 ParadexbpOrdersPrice spread, now +0.012%Rate

Funding earned: $5.84
Price spread: +0.012% → +0.007%: $0.45
Slippage, 4 orders: −$2.84
Fee MEXC: 2 bp × 2 orders: −$4
Fee Paradex: 2 bp × 2 orders: −$4
Net: −$4.55
Costs to cover: 0.108%
Break-even: 12.5 days

Slippage from MEXC: live order book, 3 min ago; Paradex: live order book, 18 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	0.10 bp	2.1 bp −$2	2.1 bp −$21	9.1 bp −$914	29.2 bp −$14.6K
Sell Paradex live order book, 18 min ago	1.32 bp	3.3 bp −$3	7.1 bp −$71	doesn't fit	doesn't fit

HYPE on 54 exchanges

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
Phemex HYPEUSDT	−0.0254%	8h	95.077	−0.053%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.132	+0.005%	$18.5M	$34.9M	50x	as long as short
Hibachi HYPE/USDT-P	−0.0232%	1h	95.274	+0.154%	$218K	$275K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0192%	1h	95.169	+0.045%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0146%	1h	95.080	−0.049%	$687K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.182	+0.058%	$1.0M	$2.4M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	95.216	+0.094%	$102K	$344K	20x	as long as short
Gate HYPE_USDT	−0.0082%	4h	95.133	+0.006%	$55.2M	$53.6M	75x	as long as short
Bullet HYPE-USD	−0.0080%	1h	95.130	+0.003%	$113K	$580K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.162	+0.037%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0073%	1h	95.152	+0.026%	$79K	$133K	20x	as long as short
Lighter HYPE	−0.0064%	1h	95.144	+0.017%	$16.4M	$58.0M	20x	as long as short
Aster HYPEUSDT	−0.0061%	4h	95.196	+0.073%	$9.0M	$32.7M	300x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.130	+0.003%	$4.7M	$5.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	95.118	−0.009%	$148K	$642K	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0021%	8h	95.205	+0.082%	$118.9M	$303.8M	50x	as long as short
ApeX Omni HYPEUSDT	−0.0017%	1h	95.150	+0.024%	$342K	$901K	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.062	−0.068%	$199K	$1.1M	10x	as long as short
Bitget HYPEUSDT	−0.0002%	4h	95.132	+0.005%	$228.7M	$85.6M	75x	as long as short
Perpl HYPE	0.0000%	43m	95.116	−0.012%	$24K	$251K	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	0.0000%	1h	95.212	+0.089%	$7.5M	$4.3M	50x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.169	+0.044%	$114K	—	150x	as long as short
Popdex HYPEUSDT	+0.0008%	1h	95.224	+0.102%	$275K	$1.0M	50x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	95.214	+0.091%	$320.9M	$263.8M	75x	as long as short
dYdX HYPE-USD	+0.0038%	1h	95.147	+0.021%	$128K	$94K	5x	as long as short
edgeX HYPEUSDC	+0.0048%	4h	95.101	−0.028%	$5.1M	$28.8M	30x	as long as short
MEXC HYPE_USDTlong	+0.0056%	4h	95.127	long leg	$90.0M	$84.0M	100x
Binance HYPEUSDT	+0.0056%	4h	95.214	+0.091%	$382.9M	$849.2M	75x	as long as short
BingX HYPE-USDT	+0.0058%	4h	95.129	+0.002%	—	$49.0M	—	as long as short
StandX HYPE-USD	+0.0080%	1h	95.082	−0.047%	$692K	$2.7M	20x	as long as short
Paradex HYPE-USD-PERPshort	+0.0084%	8h	95.138	+0.012%	$339K	$30K	20x
Lighter RH HYPE	+0.0096%	1h	95.175	+0.050%	$3.4M	$10.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.165	+0.040%	$402K	$130K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.180	+0.056%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.215	+0.093%	$7.3M	$50.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.180	+0.056%	$10.3M	$13.1M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.174	+0.050%	$230K	$17K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.146	+0.020%	$47.6M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.117	−0.011%	$7.0M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.093	−0.036%	$29.6M	$52.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.129	+0.002%	$7.7M	$40.5M	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.182	+0.058%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.163	+0.038%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.219	+0.097%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.135	+0.008%	$2.1M	$334K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.253	+0.132%	$1.4M	$5.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.092	−0.036%	$18.3M	$39.1M	50x	as long as short
Kalshi KXHYPEPERP	+0.0129%	8h	95.166	+0.041%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.152	+0.027%	$3.1M	$5.2M	20x	as long as short
Hyperliquid HYPE	+0.0208%	1h	95.296	+0.178%	$2.11B	$646.0M	10x	as long as short
BloFin HYPE-USDT	+0.0225%	4h	95.060	−0.070%	$17.4M	$11.4M	75x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	95.098	−0.031%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.189	+0.065%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.392%	$31K	$334K	12x	as long as short