Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0234%/8h= +25.7% APRpaid last 24h +0.031%

Price spread now: MEXC against Ondo Perps+0.121%7-day average +0.004% · you sell dearer than you buy

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

Long on Ondo Perps Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.133%+$13 on $10k

Price spread, last 7 days+0.354%+$35 · spread now +0.121%, 7d avg +0.004%

Together, before fees+0.488%+ Points / potential airdropOndo Perps: Active · farm board+$49 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and MEXC is 0.117% dearer against Ondo Perps than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.004%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.133% in total (about 6.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps HYPE-USD.P	95.060	−0.0134	get 0.0017% / 1h	10m 58s	$695K	$1.3M	10x
Short	MEXC HYPE_USDT	95.175	0.0100	get 0.0050% / 4h	3h 10m	$98.2M	$89.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Ondo Perps. 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 Ondo PerpsbpFee MEXCbpOrdersPrice spread, now +0.121%Rate

Funding earned: $49.22
Price spread: +0.121% → +0.004%: $11.72
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee MEXC: 2 bp × 2 orders: −$4
Net: $51.94
Costs to cover: 0.090%
Break-even: from the start

Slippage unknown: Ondo Perps: no order-book sample; MEXC: live order book, 3 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell MEXC live order book, 3 min ago	0.05 bp	2.1 bp −$2	4.9 bp −$49	14.9 bp −$1,491	56.1 bp −$28.0K

Ondo Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0856%	1h	95.015	−0.048%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0537%	1h	95.161	+0.106%	$79K	$149K	20x	as long as short
Phemex HYPEUSDT	−0.0267%	8h	95.124	+0.067%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0235%	1h	95.092	+0.034%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0197%	1h	95.193	+0.140%	$113K	$576K	20x	as long as short
Ondo Perps HYPE-USD.Plong	−0.0134%	1h	95.060	long leg	$695K	$1.3M	10x
dYdX HYPE-USD	−0.0120%	1h	95.170	+0.115%	$130K	$93K	5x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.133	+0.077%	$1.0M	$3.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	95.189	+0.136%	$90K	$353K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.031	−0.031%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.220	+0.169%	$18.9M	$35.7M	50x	as long as short
BingX HYPE-USDT	−0.0012%	4h	95.186	+0.133%	—	$52.6M	—	as long as short
Bybit HYPEUSDT	−0.0008%	8h	95.167	+0.113%	$319.9M	$286.0M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	95.171	+0.117%	$148K	$670K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	95.171	+0.117%	$52.9M	$56.8M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.234	+0.183%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.121	+0.064%	$19K	$273K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.210	+0.158%	$86K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.142	+0.086%	$212K	$1.2M	10x	as long as short
Vest HYPE-PERP	+0.0011%	1h	95.206	+0.153%	—	$126K	5x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.210	+0.158%	$4.7M	$5.8M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0036%	8h	95.154	+0.099%	$118.5M	$323.9M	50x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	95.156	+0.101%	$228.6M	$94.7M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0048%	8h	95.183	+0.129%	$340K	$38K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0060%	1h	95.186	+0.133%	$7.6M	$10.1M	20x	as long as short
Aster HYPEUSDT	+0.0091%	4h	95.166	+0.112%	$9.0M	$36.5M	300x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	95.053	−0.007%	$5.1M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.206	+0.153%	$16.3M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.213	+0.161%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.164	+0.109%	$181K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.120	+0.063%	$40K	$1.5M	10x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.214	+0.162%	$2.1M	$1.9M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.150	+0.094%	$5.4M	$54.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.338	+0.292%	$2.10B	$682.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.190	+0.136%	$10.3M	$14.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.196	+0.143%	$382.7M	$912.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.126	+0.070%	$222K	$14K	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	95.175	+0.121%	$98.2M	$89.2M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	95.164	+0.109%	$47.5M	$18.5M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.091	+0.033%	$29.9M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.088	+0.029%	$7.7M	$44.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.052	−0.008%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.050	−0.011%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.163	+0.108%	$500K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.140	+0.084%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.315	+0.268%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.141	+0.085%	$18.2M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.099	+0.041%	$402K	$136K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0128%	1h	95.290	+0.242%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.192	+0.139%	$3.1M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.380	+0.337%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.196	+0.143%	$83K	$95K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.237	+0.186%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.199	+0.146%	$17.2M	$12.3M	75x	as long as short