Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0636%/8h= +69.7% APRpaid last 24h −0.022%

Price spread now: MEXC against Bluefin+0.092%7-day average +0.014% · you sell dearer than you buy

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$340.335% of the position

Long on Bluefin Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.099%+$10 on $10k

Price spread, last 4 days (all we have)−0.055%−$6 · spread now +0.092%, 7d avg +0.014%

Together, before fees+0.043%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and MEXC is 0.079% dearer against Bluefin than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.014%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.099% in total (about 5.1% 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	Bluefin HYPE-PERP	94.084	−0.0536	get 0.0067% / 1h	56m 27s	$79K	$155K	20x
Short	MEXC HYPE_USDT	94.171	0.0100	get 0.0050% / 4h	56m 27s	$90.9M	$81.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Bluefin. 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 BluefinbpFee MEXCbpOrdersPrice spread, now +0.092%Rate

Funding earned: $133.65
Price spread: +0.092% → +0.014%: $7.88
Slippage, 4 orders: −$22.51
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee MEXC: 2 bp × 2 orders: −$4
Net: $108.01
Costs to cover: 0.335%
Break-even: 1.3 days

Slippage from Bluefin: live order book, 48 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 Bluefin live order book, 48 min ago	3.63 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.21 bp	2.2 bp −$2	4.7 bp −$47	5.3 bp −$533	27.9 bp −$13.9K

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	−0.1112%	1h	94.027	−0.061%	$201K	$235K	7x	as long as short
Bluefin HYPE-PERPlong	−0.0536%	1h	94.084	long leg	$79K	$155K	20x
Bullet HYPE-USD	−0.0326%	1h	94.152	+0.072%	$111K	$576K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0259%	1h	94.070	−0.015%	$709K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0173%	1h	94.189	+0.112%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0136%	1h	94.156	+0.077%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.131	+0.050%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.135	+0.054%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0039%	1h	94.050	−0.037%	$16.4M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	94.097	+0.014%	$316.9M	$289.8M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0012%	4h	94.155	+0.075%	—	$53.6M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.094	+0.011%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.176	+0.098%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.207	+0.131%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.181	+0.103%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.135	+0.054%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.181%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	94.111	+0.029%	$226.4M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.202	+0.125%	$337K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.117	+0.035%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.160	+0.081%	$4.7M	$6.2M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0076%	1h	94.154	+0.074%	$495K	$2.8M	20x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.094	+0.010%	$5.0M	$30.6M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	94.139	+0.058%	$117.4M	$322.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.174	+0.096%	$16.3M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.176	+0.098%	$3.2M	$10.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.131	+0.050%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	+0.081%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.130	+0.049%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.242	+0.168%	$2.07B	$689.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.142	+0.062%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.192	+0.115%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.155	+0.076%	$376.7M	$932.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.020%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.165	+0.086%	$49.2M	$56.1M	75x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	94.171	+0.092%	$90.9M	$81.8M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.168	+0.089%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.093	+0.010%	$7.5M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.027%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.167	+0.088%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.120	+0.038%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.133	+0.052%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.191	+0.113%	—	$243K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.178	+0.100%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.121	+0.039%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.243	+0.169%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.134	+0.053%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.109	+0.027%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.155	+0.075%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.110	+0.028%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0207%	1h	94.203	+0.126%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.185	+0.107%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.172	+0.094%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.103	+0.020%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.130	+0.049%	$17.0M	$12.4M	75x	as long as short