Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0200%/8h= −21.9% APRpaid last 24h −0.033%

Price spread now: MEXC against Reya−0.031%7-day average +0.017% · you buy dearer than you sell

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

Long on Reya Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.132%−$13 · spread now −0.031%, 7d avg +0.017%

Together, before fees−0.133%+ Points / potential airdropReya: Active · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and MEXC is 0.048% cheaper against Reya than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.017%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.001% in total (about -0.1% 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	Reya HYPERUSDPERP	93.904	0.0252	pay 0.0032% / 1h	7m 52s	$79K	$143K	15x
Short	MEXC HYPE_USDT	93.875	0.0052	get 0.0026% / 4h	3h 07m	$88.3M	$83.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Reya. 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 ReyabpFee MEXCbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$42.05
Price spread: −0.031% → +0.017%: −$4.77
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$56.82
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; MEXC: live order book, 1 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 Reya no order-book sample	—	—	—	—	—
Sell MEXC live order book, 1 min ago	0.27 bp	2.6 bp −$3	6.3 bp −$63	14.6 bp −$1,463	51.2 bp −$25.6K

Reya: 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 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	−0.1152%	1h	93.929	+0.026%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.778	−0.135%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0208%	1h	93.964	+0.063%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0099%	1h	93.860	−0.047%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0087%	1h	93.911	+0.007%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.900	−0.005%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.953	+0.052%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.922	+0.019%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0047%	1h	93.896	−0.009%	$113K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0031%	4h	93.868	−0.039%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0020%	4h	93.869	−0.038%	$44.4M	$60.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.935	+0.033%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.921	+0.018%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.854	−0.054%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0015%	1h	93.844	−0.064%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.872	−0.034%	$323.1M	$279.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.071	+0.178%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDTshort	+0.0052%	4h	93.875	−0.031%	$88.3M	$83.3M	100x
Binance HYPEUSDT	+0.0056%	4h	93.883	−0.023%	$383.3M	$894.0M	75x	as long as short
edgeX HYPEUSDC	+0.0065%	4h	93.937	+0.035%	$5.1M	$29.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0073%	8h	93.890	−0.015%	$116.0M	$315.0M	50x	as long as short
Bluefin HYPE-PERP	+0.0095%	1h	93.845	−0.063%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.907	+0.003%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.908	+0.004%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.896	−0.009%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.874	−0.033%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.928	+0.026%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	−0.015%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.891	−0.015%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.958	+0.057%	$2.05B	$668.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.912	+0.008%	$10.1M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.400%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.912	+0.008%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.897	−0.008%	$227.4M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.874	−0.032%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.807	−0.104%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.920	+0.016%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.053	+0.158%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.946	+0.044%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.033	+0.137%	$671K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.947	+0.045%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.931	+0.028%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.936	+0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.892	−0.013%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.850	−0.058%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.900	−0.005%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.624%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0212%	4h	94.058	+0.164%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.927	+0.024%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0241%	8h	93.988	+0.089%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERPlong	+0.0252%	1h	93.904	long leg	$79K	$143K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.913	+0.009%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0367%	4h	94.100	+0.208%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0463%	1h	93.987	+0.088%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0672%	1h	93.973	+0.073%	$21.0M	$29.8M	50x	as long as short