Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0056%/8h= −6.1% APRpaid last 24h +0.011%

Price spread now: MEXC against Nado−0.089%7-day average +0.001% · 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−$21as in the Price arb table

costs, in and out, $10k−$120.124% of the position

Long on Nado Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.011%+$1 on $10k

Price spread, last 7 days+0.065%+$6 · spread now −0.089%, 7d avg +0.001%

Together, before fees+0.075%+ Points / potential airdropNado: Active · farm board+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.090% cheaper against Nado than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado HYPE-PERP	94.023	0.0100	pay 0.0012% / 1h	59m 02s	$6.6M	$44.9M	10x
Short	MEXC HYPE_USDT	93.940	0.0044	get 0.0022% / 4h	3h 59m	$88.4M	$81.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Nado. 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 NadobpFee MEXCbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$11.76
Price spread: −0.089% → +0.001%: −$9.02
Slippage, 4 orders: −$1.37
Fee Nado: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$33.14
Costs to cover: 0.124%
Break-even: never at this rate

Slippage from Nado: live order book, 5 min ago; MEXC: live order book, 5 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 Nado live order book, 5 min ago	0.05 bp	4.2 bp −$4	7.6 bp −$76	29.5 bp −$2,951	doesn't fit
Sell MEXC live order book, 5 min ago	0.21 bp	2.3 bp −$2	5.4 bp −$54	11.5 bp −$1,155	31.9 bp −$15.9K

HYPE on 54 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	−0.1416%	1h	93.956	−0.071%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0339%	1h	93.995	−0.031%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.854	−0.180%	$1.2M	$3.8M	10x	as long as short
01 Exchange HYPEUSD	−0.0200%	1h	94.009	−0.015%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.049	+0.027%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0074%	1h	93.960	−0.068%	$705K	$924K	10x	as long as short
Bullet HYPE-USD	−0.0051%	1h	93.986	−0.040%	$112K	$578K	20x	as long as short
dYdX HYPE-USD	−0.0021%	1h	94.052	+0.030%	$128K	$30K	5x	as long as short
Derive HYPE-PERP	−0.0015%	1h	93.908	−0.123%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	93.971	−0.056%	$169K	$594K	20x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	94.012	−0.013%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.001	−0.024%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.114	+0.096%	$218K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0019%	4h	93.997	−0.029%	$8.9M	$36.1M	300x	as long as short
Phemex HYPEUSDT	+0.0023%	8h	94.030	+0.007%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDTshort	+0.0044%	4h	93.940	−0.089%	$88.4M	$81.0M	100x
SoDEX HYPE-USD	+0.0045%	1h	93.972	−0.055%	$2.0M	$2.0M	10x	as long as short
Binance HYPEUSDT	+0.0047%	4h	93.897	−0.134%	$383.8M	$899.5M	75x	as long as short
edgeX HYPEUSDC	+0.0053%	4h	93.991	−0.034%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.955	−0.073%	$44.3M	$58.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0085%	8h	93.921	−0.109%	$115.9M	$322.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.026	+0.002%	$18.9M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.999	−0.026%	$3.1M	$12.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.014	−0.010%	$60K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.004	−0.021%	$400K	$190K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.104	+0.085%	$342K	$171K	20x	as long as short
Nado HYPE-PERPlong	+0.0100%	1h	94.023	long leg	$6.6M	$44.9M	10x
Hyperliquid HYPE	+0.0100%	1h	94.062	+0.041%	$2.05B	$680.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.027	+0.003%	$10.1M	$14.6M	20x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	93.886	−0.146%	$323.1M	$283.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.143%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.968	−0.059%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.952	−0.076%	$227.6M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.934	−0.095%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.971	−0.056%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.972	−0.054%	$31.4M	$54.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.052	+0.030%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.033	+0.010%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	+0.025%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.043	+0.020%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.034	+0.011%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.016	−0.008%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.146	+0.130%	$1.5M	$7.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.925	−0.105%	$18.4M	$42.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.080	+0.060%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0162%	8h	94.045	+0.023%	$1.9M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0188%	4h	93.972	−0.055%	$17.0M	$12.6M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.990	−0.036%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.009	−0.015%	$2.8M	$6.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	94.000	−0.025%	$77K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.998	−0.027%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0378%	1h	94.079	+0.059%	$7.5M	$4.7M	50x	as long as short
Bluefin HYPE-PERP	+0.0558%	1h	93.999	−0.026%	$76K	$171K	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.089	+0.070%	$21.0M	$29.5M	50x	as long as short