Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.009%

Price spread now: Variational Omni against MEXC−0.145%7-day average −0.035% · you buy dearer than you sell

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

Long on MEXC Short on Variational Omni

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 7 days+0.125%+$12 · spread now −0.145%, 7d avg −0.035%

Together, before fees+0.129%+ Points / potential airdropVariational Omni: Active · farm board+$13 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: Variational Omni is 0.110% 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 −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	94.484	0.0100	pay 0.0050% / 4h	46m 51s	$90.5M	$82.5M	100x
Short	Variational Omni HYPE	94.347	0.0100	get 0.0100% / 8h	46m 51s	$29.3M	$54.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.145%Rate

Funding earned: $0
Price spread: −0.145% → −0.035%: −$11
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$15
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 2 min ago; Variational Omni: RFQ quote, 2 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, 2 min ago	0.05 bp	2.1 bp −$2	6.0 bp −$60	9.2 bp −$919	39.7 bp −$19.8K
Sell Variational Omni RFQ quote, 2 min ago	0.44 bp	doesn't fit	6.1 bp −$61	20.1 bp −$2,010	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	94.261	−0.236%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERP	−0.0333%	1h	94.456	−0.030%	$80K	$154K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0136%	1h	94.416	−0.072%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0136%	1h	94.491	+0.007%	$112K	$575K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0120%	1h	94.480	−0.004%	$711K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.543	+0.062%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.525	+0.043%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.518	+0.036%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	94.470	−0.015%	$317.7M	$289.5M	75x	as long as short
Derive HYPE-PERP	−0.0001%	1h	94.439	−0.048%	$16.5M	$7.5M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.507	+0.024%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.580	+0.102%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.533	+0.052%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.537	+0.056%	$19K	$287K	10x	as long as short
Orderly PERP_HYPE_USDC	0.0000%	4h	94.485	+0.001%	$147K	$685K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.516	+0.034%	$84K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.504	+0.021%	$227.2M	$100.2M	75x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	94.463	−0.022%	$12.9M	$2.9M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0057%	1h	94.573	+0.094%	$7.4M	$4.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0060%	8h	94.560	+0.081%	$338K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.560	+0.080%	$4.7M	$6.2M	50x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.405	−0.084%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0085%	8h	94.493	+0.010%	$117.8M	$324.8M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.498	+0.015%	$16.3M	$63.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.502	+0.019%	$3.2M	$10.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.523	+0.041%	$82K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.510	+0.028%	$29K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.532	+0.051%	$7.1M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.611	+0.134%	$2.08B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.502	+0.019%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.557	+0.077%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.503	+0.020%	$378.6M	$934.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.332	−0.161%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.479	−0.005%	$49.6M	$56.3M	75x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	94.484	long leg	$90.5M	$82.5M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.488	+0.004%	$47.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.480	−0.004%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.469	−0.016%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	94.347	−0.145%	$29.3M	$54.9M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.421	−0.067%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.435	−0.052%	$363K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.521	+0.039%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.584	+0.105%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.541	+0.060%	$496K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.589	+0.111%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.493	+0.010%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.650	+0.176%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.460	−0.026%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.482	−0.002%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.546	+0.065%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.500	+0.017%	$31K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.538	+0.057%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.548	+0.068%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.482	−0.002%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.486	+0.002%	$17.1M	$12.4M	75x	as long as short