Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.012%

Price spread now: MEXC against Backpack−0.232%7-day average −0.255% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$140.142% of the position

Long on Backpack Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 7 days+0.497%+$50 · spread now −0.232%, 7d avg −0.255%

Together, before fees+0.434%+$43 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 0.023% dearer against Backpack than usual: you sell high and buy low, +$2 on $10k if it goes back to its 7-day average of −0.255%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack HYPE_USDC_PERP	93.529	0.0100	pay 0.0013% / 1h	34m 42s	$7.3M	$10.6M	20x
Short	MEXC HYPE_USDT	93.312	0.0100	get 0.0050% / 4h	2h 34m	$89.8M	$80.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Backpack. 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 BackpackbpFee MEXCbpOrdersPrice spread, now −0.232%Rate

Funding earned: $0
Price spread: −0.232% → −0.255%: $2.31
Slippage, 4 orders: −$0.24
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$11.92
Costs to cover: 0.142%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; MEXC: live order book, 4 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 Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	8.0 bp −$80	157.9 bp −$15.8K	doesn't fit
Sell MEXC live order book, 4 min ago	0.05 bp	2.1 bp −$2	6.4 bp −$64	14.1 bp −$1,410	41.3 bp −$20.6K

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	−0.1664%	1h	93.244	−0.304%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0381%	1h	93.358	−0.183%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.469	−0.064%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	93.494	−0.037%	$112K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.508	−0.022%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.505	−0.026%	$88K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.367	−0.174%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.487	−0.045%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.534	+0.005%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.447	−0.088%	$1.0M	$4.0M	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	+0.0016%	4h	93.305	−0.239%	$225.6M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.287	−0.259%	$317.0M	$283.2M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	93.430	−0.106%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.434	−0.102%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0033%	8h	93.518	−0.012%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.304	−0.240%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.356	−0.185%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.333	−0.210%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.343	−0.199%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.479	−0.053%	$76K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.450	−0.084%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.470	−0.063%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.409	−0.129%	$2.03B	$668.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.367	−0.174%	$8.7M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.339	−0.203%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.316	−0.227%	$373.9M	$913.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.303	−0.242%	$114.4M	$309.5M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.352	−0.189%	$46.7M	$54.2M	75x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	93.312	−0.232%	$89.8M	$80.9M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.324	−0.219%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.347	−0.195%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERPlong	+0.0100%	1h	93.529	long leg	$7.3M	$10.6M	20x
Variational Omni HYPE	+0.0100%	8h	93.351	−0.191%	$28.6M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.365	−0.175%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.331	−0.212%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.336	−0.206%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.522	−0.007%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.512	−0.018%	$484K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.516	−0.014%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.496	−0.036%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.475	−0.058%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.523	−0.006%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.600	+0.076%	$1.4M	$6.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	−0.197%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.337	−0.206%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.520	−0.010%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.541	+0.013%	$1.8M	$5.7M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.350	−0.191%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.500	−0.031%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.495	−0.037%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.526	−0.003%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.516	−0.014%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.596	+0.072%	$20.9M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0509%	1h	93.608	+0.084%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.541	+0.013%	$3.2M	$6.2M	20x	as long as short