Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.008%

Price spread now: SoDEX against MEXC−0.116%7-day average −0.009% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on MEXC Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.008%+$1 on $10k

Price spread, last 4 days (all we have)+0.077%+$8 · spread now −0.116%, 7d avg −0.009%

Together, before fees+0.085%+$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: SoDEX is 0.107% cheaper against MEXC than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	93.671	0.0100	pay 0.0050% / 4h	2h 52m	$92.2M	$80.2M	100x
Short	SoDEX HYPE-USD	93.562	0.0100	get 0.0013% / 1h	52m 49s	$2.0M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.116%Rate

Funding earned: $0
Price spread: −0.116% → −0.009%: −$10.72
Slippage, 4 orders: −$6.1
Fee MEXC: 2 bp × 2 orders: −$4
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$28.82
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from MEXC: live order book, 1 min ago; SoDEX: live order book, 1 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, 1 min ago	0.05 bp	2.4 bp −$2	5.0 bp −$50	9.7 bp −$974	40.1 bp −$20.0K
Sell SoDEX live order book, 1 min ago	0.05 bp	6.9 bp −$7	13.1 bp −$131	99.0 bp −$9,899	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	−0.1896%	1h	93.264	−0.434%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0369%	1h	93.468	−0.217%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0131%	1h	93.559	−0.120%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.504	−0.178%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.543	−0.137%	$88K	$365K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0034%	4h	93.551	−0.128%	$146K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0031%	1h	93.540	−0.140%	$705K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.605	−0.070%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.518	−0.163%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.580	−0.097%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.495	−0.188%	$1.0M	$3.9M	10x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	93.532	−0.148%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	93.649	−0.023%	$226.6M	$99.1M	75x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.660	−0.012%	$318.6M	$283.5M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.546	−0.133%	$209K	$1.2M	10x	as long as short
Bluefin HYPE-PERP	+0.0089%	1h	93.565	−0.113%	$79K	$166K	20x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.441	−0.245%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.562	−0.116%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.663	−0.009%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.662	−0.010%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.528	−0.153%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.510	−0.172%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.544	−0.135%	$7.6M	$48.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.702	+0.033%	$2.04B	$665.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.657	−0.015%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.695	+0.026%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.667	−0.004%	$375.6M	$910.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.667	−0.004%	$115.0M	$309.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.366%	$203K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.660	−0.012%	$46.4M	$53.9M	75x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	93.671	long leg	$92.2M	$80.2M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.637	−0.036%	$46.7M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.647	−0.026%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.625	−0.049%	$7.3M	$11.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.529	−0.152%	$28.7M	$56.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.637	−0.036%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.532	−0.148%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.435	−0.252%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.564	−0.114%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.576	−0.101%	$490K	$2.7M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.534	−0.146%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.508	−0.174%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	93.562	−0.116%	$2.0M	$1.9M	10x
HTX HYPE-USDT	+0.0100%	4h	93.715	+0.047%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.631	−0.042%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.544	−0.136%	$395K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.770	+0.106%	$30K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0125%	8h	93.630	−0.044%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.620	−0.054%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.560	−0.119%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.576	−0.101%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.558	−0.121%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.632	−0.041%	$20.9M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0445%	1h	93.657	−0.015%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.593	−0.083%	$3.2M	$6.3M	20x	as long as short