Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.004%

Price spread now: MEXC against Polymarket Perps−0.045%7-day average +0.054% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on Polymarket Perps Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.037%+$4 on $10k

Price spread, last 7 days+0.026%+$3 · spread now −0.045%, 7d avg +0.054%

Together, before fees+0.063%+$6 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: MEXC is 0.099% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of +0.054%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	93.593	0.0100	pay 0.0013% / 1h	31m 19s	$494K	$2.6M	20x
Short	MEXC HYPE_USDT	93.551	0.0100	get 0.0050% / 4h	2h 31m	$93.5M	$82.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Polymarket 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 Polymarket PerpsbpFee MEXCbpOrdersPrice spread, now −0.045%Rate

Funding earned: $0
Price spread: −0.045% → +0.054%: −$9.85
Slippage, 4 orders: −$5.17
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$27.02
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; MEXC: live order book, 3 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 Polymarket Perps live order book, 3 min ago	2.24 bp	6.3 bp −$6	8.4 bp −$84	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.05 bp	2.1 bp −$2	5.9 bp −$59	16.9 bp −$1,687	43.6 bp −$21.8K

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	−0.1072%	1h	93.498	−0.102%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0272%	1h	93.521	−0.077%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0240%	1h	93.520	−0.078%	$701K	$941K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.559	−0.036%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.585	−0.009%	$89K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0030%	1h	93.551	−0.045%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	−0.032%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.560	−0.035%	$23K	$337K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	93.516	−0.082%	$16.4M	$7.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.597	+0.004%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.563	−0.032%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.548	−0.048%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.553	−0.043%	$326.0M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.549	−0.047%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0069%	4h	93.564	−0.031%	$176K	$538K	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	93.549	−0.047%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.594	+0.002%	$18.6M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.583	−0.011%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.571	−0.023%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	−0.025%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.549	−0.048%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.650	+0.061%	$2.04B	$668.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.571	−0.024%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.548	−0.048%	$386.0M	$888.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.546	−0.050%	$114.9M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.534	−0.063%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	93.551	−0.045%	$93.5M	$82.2M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.579	−0.015%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.578	−0.016%	$227.3M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.550	−0.046%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.590	−0.003%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.402	−0.204%	$28.9M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.500	−0.099%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.572	−0.022%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.599	+0.006%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.597	+0.004%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.593	long leg	$494K	$2.6M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.573	−0.021%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.594	+0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.549	−0.047%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.551	−0.045%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.039%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.538	−0.059%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.582	−0.012%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0115%	4h	93.532	−0.066%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	93.644	+0.054%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0135%	1h	93.651	+0.062%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.600	+0.007%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.549	−0.047%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.490	−0.110%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0335%	4h	93.732	+0.149%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.600	+0.007%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.559	−0.036%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.623	+0.032%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.661	+0.073%	$19.2M	$26.0M	50x	as long as short