Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0161%/8h= +17.6% APRpaid last 24h +0.007%

Price spread now: MEXC against Derive+0.050%189s7-day average +0.040% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.013%+$1 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now +0.050%, 7d avg +0.040%

Together, before fees−0.020%−$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.040%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. The two prices were read 189 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive HYPE-PERP	94.393	−0.0061	get 0.0008% / 1h	15m 07s	$16.4M	$7.5M	10x
Short	MEXC HYPE_USDT	94.440	0.0100	get 0.0050% / 4h	15m 07s	$89.6M	$84.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Derive. 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 DerivebpFee MEXCbpOrdersPrice spread, now +0.050%Rate

Funding earned: $33.85
Price spread: +0.050% → +0.040%: $1.04
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee MEXC: 2 bp × 2 orders: −$4
Net: $24.89
Costs to cover: 0.100%
Break-even: 1.9 days

Slippage unknown: Derive: no order-book sample; MEXC: live order book, 4 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell MEXC live order book, 4 min ago	0.05 bp	2.1 bp −$2	3.1 bp −$31	12.7 bp −$1,269	35.3 bp −$17.6K

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1704%	1h	94.362	−0.033%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0394%	1h	94.381	−0.012%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0214%	1h	94.390	−0.003%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0185%	1h	94.428	+0.038%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0154%	1h	94.355	−0.039%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.444	+0.055%	$88K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.424	+0.033%	$3K	$331	25x	as long as short
Derive HYPE-PERPlong	−0.0061%	1h	94.393	long leg	$16.4M	$7.5M	10x
Arcus HYPE-USD	−0.0045%	1h	94.413	+0.022%	$1.0M	$3.6M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.427	+0.037%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.440	+0.050%	$317.4M	$288.9M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	94.440	+0.050%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.398	+0.006%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.464	+0.076%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.507	+0.121%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.517	+0.132%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.416	+0.025%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.439	+0.049%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0011%	1h	94.448	+0.059%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	94.432	+0.042%	$226.8M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0035%	8h	94.452	+0.063%	$337K	$154K	20x	as long as short
Phemex HYPEUSDT	+0.0037%	8h	94.457	+0.068%	$12.9M	$2.9M	50x	as long as short
Vest HYPE-PERP	+0.0041%	1h	94.483	+0.096%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0052%	1h	94.426	+0.035%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.470	+0.082%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.440	+0.050%	$117.7M	$325.6M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.437	+0.047%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0094%	4h	94.439	+0.049%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.433	+0.043%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.419	+0.028%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.430	+0.040%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.430	+0.039%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.519	+0.134%	$2.08B	$688.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.454	+0.065%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.456	+0.067%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.441	+0.051%	$378.7M	$933.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.091%	$218K	$12K	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	94.440	+0.050%	$89.6M	$84.1M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.445	+0.056%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.409	+0.017%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.002%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.361	−0.033%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.316	−0.081%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.457	+0.068%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.477	+0.089%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.536	+0.152%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.392	0.000%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.399	+0.007%	$399K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.452	+0.063%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0163%	1h	94.520	+0.135%	$7.5M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.368%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.459	+0.070%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.451	+0.061%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.388	−0.004%	$85K	$120K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.400	+0.008%	$17.1M	$12.4M	75x	as long as short