Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0017%/8h= +1.8% APRpaid last 24h −0.008%

Price spread now: MEXC against SoDEX−0.060%7-day average +0.010% · 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−$25as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on SoDEX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.008%−$1 on $10k

Price spread, last 4 days (all we have)+0.193%+$19 · spread now −0.060%, 7d avg +0.010%

Together, before fees+0.186%+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.070% cheaper against SoDEX than usual: you would sell low and buy high (spread −0.060% now, against its 7-day average of +0.010%). If the spread goes back, that is −$7 on $10k: about 14 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	95.150	0.0083	pay 0.0010% / 1h	2m 39s	$2.1M	$1.6M	10x
Short	MEXC HYPE_USDT	95.093	0.0100	get 0.0050% / 4h	3h 02m	$87.1M	$89.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against SoDEX. 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 SoDEXbpFee MEXCbpOrdersPrice spread, now −0.060%Rate

Funding earned: $3.52
Price spread: −0.060% → +0.010%: −$6.97
Slippage, 4 orders: −$6.09
Fee SoDEX: 4 bp × 2 orders: −$8
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$21.54
Costs to cover: 0.181%
Break-even: 49.8 days

Slippage from SoDEX: live order book, 1 min ago; MEXC: live order book, 1 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 SoDEX live order book, 1 min ago	0.16 bp	6.9 bp −$7	12.3 bp −$123	98.8 bp −$9,878	doesn't fit
Sell MEXC live order book, 1 min ago	0.05 bp	2.1 bp −$2	2.9 bp −$29	12.7 bp −$1,272	47.1 bp −$23.6K

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	−0.1008%	1h	95.068	−0.086%	$212K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0544%	1h	95.128	−0.023%	$79K	$149K	20x	as long as short
Phemex HYPEUSDT	−0.0236%	8h	95.135	−0.016%	$13.0M	$2.8M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0231%	1h	95.224	+0.078%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0206%	1h	95.165	+0.016%	$113K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0149%	1h	95.010	−0.147%	$696K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.057	−0.098%	$91K	$357K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.060	−0.095%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0101%	1h	95.179	+0.031%	$131K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.131	−0.020%	$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
Gate HYPE_USDT	−0.0070%	4h	95.090	−0.063%	$53.1M	$57.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.169	+0.020%	$18.9M	$35.6M	50x	as long as short
Vest HYPE-PERP	−0.0021%	1h	95.225	+0.078%	—	$97K	5x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	95.050	−0.105%	$319.4M	$283.3M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0005%	4h	95.150	0.000%	$148K	$670K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.245	+0.100%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.184	+0.036%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.190	+0.042%	$87K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	95.093	−0.060%	—	$50.4M	—	as long as short
Phoenix HYPE	+0.0008%	1h	95.295	+0.152%	$204K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.110	−0.042%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0030%	8h	95.031	−0.125%	$118.7M	$321.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0045%	8h	95.133	−0.018%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	95.110	−0.042%	$228.5M	$93.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0056%	1h	95.121	−0.030%	$7.5M	$10.2M	20x	as long as short
Aster HYPEUSDT	+0.0080%	4h	95.056	−0.099%	$9.0M	$36.4M	300x	as long as short
SoDEX HYPE-USDlong	+0.0083%	1h	95.150	long leg	$2.1M	$1.6M	10x
Deribit HYPE_USDC-PERPETUAL	+0.0086%	1h	95.248	+0.103%	$7.5M	$4.4M	50x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	95.176	+0.027%	$5.1M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.096	−0.057%	$16.2M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.102	−0.050%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.052	−0.103%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.080	−0.074%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.186	+0.038%	$7.3M	$55.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.240	+0.095%	$2.10B	$673.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.138	−0.013%	$10.3M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.042	−0.114%	$382.5M	$910.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.027%	$222K	$14K	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	95.093	−0.060%	$87.1M	$89.9M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	95.101	−0.051%	$47.5M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.229	+0.083%	$29.9M	$55.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.148	−0.002%	$7.7M	$43.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.146	−0.004%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.194	+0.046%	$692K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.190	+0.042%	$500K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.035	−0.121%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.297	+0.154%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.076	−0.078%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.150	0.000%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.210	+0.064%	$3.2M	$6.2M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.120	−0.032%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.142	−0.009%	$85K	$92K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.233	+0.087%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.141	−0.009%	$17.2M	$12.3M	75x	as long as short