Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0005%/8h= +0.5% APRpaid last 24h −0.012%

Price spread now: MEXC against Paradex+0.008%7-day average −0.006% · 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−$9as in the Price arb table

costs, in and out, $10k−$100.105% of the position

Long on Paradex Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.158%+$16 · spread now +0.008%, 7d avg −0.006%

Together, before fees+0.153%+ Points / potential airdropParadex: Active · farm board+$15 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	93.463	0.0095	pay 0.0095% / 8h	3h 00m	$340K	$162K	20x
Short	MEXC HYPE_USDT	93.470	0.0100	get 0.0050% / 4h	3h 00m	$91.8M	$81.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Paradex. 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 ParadexbpFee MEXCbpOrdersPrice spread, now +0.008%Rate

Funding earned: $0.98
Price spread: +0.008% → −0.006%: $1.36
Slippage, 4 orders: −$2.47
Fee Paradex: 2 bp × 2 orders: −$4
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$8.14
Costs to cover: 0.105%
Break-even: 65.4 days

Slippage from Paradex: live order book, 54 min ago; MEXC: live order book, 4 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 Paradex live order book, 54 min ago	1.18 bp	3.2 bp −$3	8.8 bp −$88	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.05 bp	2.1 bp −$2	4.7 bp −$47	11.3 bp −$1,134	37.1 bp −$18.6K

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	−0.1872%	1h	93.287	−0.188%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0343%	1h	93.316	−0.157%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.416	−0.050%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.405	−0.062%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0041%	4h	93.437	−0.027%	$146K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0016%	1h	93.424	−0.041%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0011%	1h	93.370	−0.099%	$703K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.405	−0.061%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.440	−0.024%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.480	+0.019%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.474	+0.012%	$88K	$366K	20x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	93.444	−0.020%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	93.470	+0.008%	$226.2M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.465	+0.003%	$318.1M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.446	−0.018%	$209K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0058%	4h	93.465	+0.003%	$45.9M	$55.2M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.448	−0.016%	$77K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.336	−0.136%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERPlong	+0.0095%	8h	93.463	long leg	$340K	$162K	20x
Lighter HYPE	+0.0096%	1h	93.482	+0.021%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.480	+0.019%	$3.1M	$11.7M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.440	−0.024%	$28K	$1.8M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.447	−0.016%	$7.5M	$47.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.507	+0.048%	$2.04B	$666.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.474	+0.012%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.452	−0.011%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.479	+0.018%	$375.0M	$909.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.478	+0.017%	$114.9M	$306.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.144%	$203K	$3K	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	93.470	+0.008%	$91.8M	$81.8M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.472	+0.010%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.465	+0.003%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.502	+0.042%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.379	−0.090%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.059%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.335	−0.136%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.397	−0.070%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.480	+0.019%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.472	+0.010%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.470	+0.008%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.440	−0.024%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.443	−0.021%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.484	+0.023%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.600	+0.147%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.433	−0.031%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.478	+0.017%	$395K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.560	+0.104%	$4.8M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	93.554	+0.098%	$1.8M	$5.5M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.533	+0.075%	$20.9M	$29.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.170	−0.313%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.450	−0.014%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.475	+0.013%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.430	−0.035%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0434%	1h	93.571	+0.116%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.511	+0.052%	$3.2M	$6.3M	20x	as long as short