Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h +0.021%

Price spread now: MEXC against dYdX−0.042%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$670.668% of the position

Long on dYdX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 4 days (all we have)+0.265%+$26 · spread now −0.042%, 7d avg +0.009%

Together, before fees+0.386%+$39 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.051% cheaper against dYdX than usual: you would sell low and buy high (spread −0.042% now, against its 7-day average of +0.009%). If the spread goes back, that is −$5 on $10k: about 2.1 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	92.401	0	get 0.0000% / 1h	40m 03s	$127K	$31K	5x
Short	MEXC HYPE_USDT	92.362	0.0080	get 0.0040% / 4h	40m 03s	$87.1M	$80.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against dYdX. 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 dYdXbpFee MEXCbpOrdersPrice spread, now −0.042%Rate

Funding earned: $16.8
Price spread: −0.042% → +0.009%: −$5.12
Slippage, 4 orders: −$52.81
Fee dYdX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$55.13
Costs to cover: 0.668%
Break-even: 30.0 days

Slippage from dYdX: live order book, 19 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 dYdX live order book, 19 min ago	26.34 bp	31.3 bp −$31	43.7 bp −$437	139.8 bp −$14.0K	1018.5 bp −$509.3K
Sell MEXC live order book, 4 min ago	0.05 bp	2.1 bp −$2	4.4 bp −$44	14.4 bp −$1,440	35.3 bp −$17.6K

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
Arcus HYPE-USD	−0.0948%	1h	92.261	−0.151%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0472%	1h	92.299	−0.111%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0170%	1h	92.346	−0.060%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	92.420	+0.021%	$85K	$355K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.408	+0.008%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.353	−0.052%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0054%	1h	92.361	−0.043%	$110K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0003%	4h	92.397	−0.004%	$8.7M	$36.4M	300x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	92.401	long leg	$127K	$31K	5x
Perpl HYPE	0.0000%	43m	92.400	−0.001%	$22K	$310K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.387	−0.015%	$61K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0010%	1h	92.340	−0.066%	$695K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.359	−0.045%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.246	−0.168%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0052%	8h	92.350	−0.055%	$315.8M	$281.3M	75x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	92.392	−0.010%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0058%	4h	92.357	−0.048%	$44.3M	$54.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	92.348	−0.057%	$113.0M	$302.2M	50x	as long as short
MEXC HYPE_USDTshort	+0.0080%	4h	92.362	−0.042%	$87.1M	$80.5M	100x
Binance HYPEUSDT	+0.0081%	4h	92.363	−0.041%	$370.2M	$900.5M	75x	as long as short
Derive HYPE-PERP	+0.0084%	1h	92.342	−0.064%	$16.0M	$7.5M	10x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.287	−0.123%	$4.9M	$29.5M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.430	+0.032%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.381	−0.022%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.389	−0.013%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.412	+0.012%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.380	−0.023%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.385	−0.017%	$6.7M	$44.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.410	+0.010%	$2.01B	$666.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.408	+0.007%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.169%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.388	−0.014%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.348	−0.057%	$224.0M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.360	−0.044%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.258	−0.155%	$28.3M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.209	−0.208%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.186	−0.233%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.275	−0.136%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.404	+0.003%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.390	−0.012%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.354	−0.051%	$78K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.408	+0.008%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.368	−0.036%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.515	+0.123%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.367	−0.037%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.371	−0.032%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.648%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.420	+0.021%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0255%	8h	92.401	0.000%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.369	−0.035%	$79K	$138K	15x	as long as short
BloFin HYPE-USDT	+0.0321%	4h	92.305	−0.104%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.374	−0.030%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.439	+0.042%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0453%	1h	92.470	+0.075%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.482	+0.087%	$3.1M	$6.4M	20x	as long as short