Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0108%/8h= +11.8% APRpaid last 24h +0.022%

Price spread now: MEXC against 01 Exchange+0.062%7-day average −0.019% · 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−$11as in the Price arb table

costs, in and out, $10k−$190.187% of the position

Long on 01 Exchange Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.036%+$4 on $10k

Price spread, last 4 days (all we have)−0.065%−$6 · spread now +0.062%, 7d avg −0.019%

Together, before fees−0.029%−$3 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and MEXC is 0.081% dearer against 01 Exchange than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.019%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	01 Exchange HYPEUSD	93.467	−0.0008	get 0.0001% / 1h	21m 50s	$88K	$365K	20x
Short	MEXC HYPE_USDT	93.525	0.0100	get 0.0050% / 4h	2h 21m	$90.3M	$81.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against 01 Exchange. 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 01 ExchangebpFee MEXCbpOrdersPrice spread, now +0.062%Rate

Funding earned: $22.68
Price spread: +0.062% → −0.019%: $8.06
Slippage, 4 orders: −$7.71
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: $12.03
Costs to cover: 0.187%
Break-even: 3.3 days

Slippage from 01 Exchange: live order book, 27 min ago; MEXC: live order book, 2 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 01 Exchange live order book, 27 min ago	0.37 bp	6.8 bp −$7	14.5 bp −$145	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.21 bp	2.6 bp −$3	3.5 bp −$35	13.8 bp −$1,381	32.0 bp −$16.0K

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	−0.1408%	1h	93.184	−0.303%	$197K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0385%	1h	93.269	−0.211%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.373	−0.101%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0055%	1h	93.432	−0.037%	$111K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.428	−0.042%	$146K	$672K	20x	as long as short
01 Exchange HYPEUSDlong	−0.0008%	1h	93.467	long leg	$88K	$365K	20x
dYdX HYPE-USD	0.0000%	1h	93.395	−0.077%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.399	−0.072%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.450	−0.018%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.368	−0.106%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0012%	4h	93.492	+0.027%	$225.6M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.501	+0.036%	$317.5M	$282.3M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.255	−0.227%	$207K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0030%	1h	93.240	−0.243%	$702K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	93.461	−0.006%	$12.7M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.101	−0.392%	$4.9M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.398	−0.073%	$340K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.470	+0.003%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.473	+0.006%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.435	−0.034%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.410	−0.061%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.355	−0.120%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.523	+0.060%	$2.04B	$665.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.512	+0.048%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.390	−0.082%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.525	+0.062%	$375.0M	$911.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.491	+0.026%	$114.8M	$310.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.117%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.504	+0.040%	$47.0M	$54.5M	75x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	93.525	+0.062%	$90.3M	$81.5M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.494	+0.029%	$46.2M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.511	+0.047%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.524	+0.061%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.070	−0.425%	$28.4M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.294	−0.186%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	−0.398%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.255	−0.227%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.456	−0.012%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.444	−0.025%	$484K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.460	−0.007%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.459	−0.009%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.435	−0.034%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.474	+0.007%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.550	+0.089%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.491	+0.025%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.452	−0.016%	$395K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.470	+0.003%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.140	−0.350%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.440	−0.029%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.415	−0.055%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.449	−0.019%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.312	−0.166%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.540	+0.078%	$20.8M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0456%	1h	93.558	+0.097%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.470	+0.004%	$3.2M	$6.2M	20x	as long as short