Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0048%/8h= −5.3% APRpaid last 24h −0.007%

Price spread now: MEXC against ApeX Omni−0.256%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$210.205% of the position

Long on ApeX Omni Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.018%−$2 on $10k

Price spread, last 3 days (all we have)+0.238%+$24 · spread now −0.256%, 7d avg +0.005%

Together, before fees+0.220%+$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and MEXC is 0.262% cheaper against ApeX Omni than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of +0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni HYPEUSDT	93.599	0.0100	pay 0.0013% / 1h	1m 10s	$339K	$1.1M	50x
Short	MEXC HYPE_USDT	93.359	0.0052	get 0.0026% / 4h	3h 01m	$87.2M	$83.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against ApeX Omni. 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 ApeX OmnibpFee MEXCbpOrdersPrice spread, now −0.256%Rate

Funding earned: −$10.08
Price spread: −0.256% → +0.005%: −$26.17
Slippage, 4 orders: −$6.51
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$56.76
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from ApeX Omni: 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 ApeX Omni live order book, 3 min ago	3.20 bp	8.2 bp −$8	11.2 bp −$112	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.05 bp	2.1 bp −$2	3.0 bp −$30	9.3 bp −$932	34.5 bp −$17.2K

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	−0.1104%	1h	93.469	−0.139%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.297	−0.323%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0180%	1h	93.772	+0.185%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0107%	1h	93.380	−0.234%	$705K	$961K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.407	−0.205%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.439	−0.171%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0077%	1h	93.506	−0.100%	$128K	$31K	5x	as long as short
Gate HYPE_USDT	−0.0072%	4h	93.334	−0.283%	$44.2M	$60.6M	75x	as long as short
Bullet HYPE-USD	−0.0042%	1h	93.405	−0.207%	$112K	$579K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0041%	4h	93.363	−0.252%	$158K	$647K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0006%	4h	93.379	−0.235%	$8.9M	$36.1M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.436	−0.174%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.436	−0.175%	$27K	—	150x	as long as short
Bybit HYPEUSDT	+0.0015%	8h	93.383	−0.231%	$320.9M	$279.8M	75x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.343	−0.273%	$16.3M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.887	+0.308%	$213K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	93.403	−0.209%	$12.7M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0046%	4h	93.398	−0.215%	$380.7M	$898.4M	75x	as long as short
MEXC HYPE_USDTshort	+0.0052%	4h	93.359	−0.256%	$87.2M	$83.6M	100x
edgeX HYPEUSDC	+0.0060%	4h	93.655	+0.060%	$5.1M	$29.7M	30x	as long as short
Bluefin HYPE-PERP	+0.0063%	1h	93.370	−0.245%	$76K	$170K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.403	−0.209%	$115.4M	$313.5M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.401	−0.212%	$18.8M	$60.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.381	−0.233%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.409	−0.203%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.376	−0.238%	$397K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.460	−0.148%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.390	−0.223%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.456	−0.153%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.421	−0.190%	$2.03B	$670.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.457	−0.152%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.394	−0.219%	$46.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.362	−0.253%	$226.0M	$100.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.356	−0.260%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.302	−0.317%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.379	−0.235%	$30.9M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.861	+0.280%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDTlong	+0.0100%	1h	93.599	long leg	$339K	$1.1M	50x
StandX HYPE-USD	+0.0100%	1h	93.537	−0.066%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.482	−0.125%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.440	−0.170%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.445	−0.165%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.384	−0.230%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.315%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.359	−0.256%	$18.3M	$44.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.420	−0.191%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0182%	4h	93.420	−0.191%	$17.0M	$12.0M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.370	−0.245%	$30K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.454	−0.155%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0248%	8h	93.507	−0.098%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.402	−0.211%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.430	−0.181%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0352%	4h	93.550	−0.052%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0585%	1h	93.493	−0.113%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0676%	1h	93.440	−0.170%	$20.8M	$29.8M	50x	as long as short