Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0088%/8hpaid last 24h −0.055%

Price spread now: MEXC against Hyperliquid−0.079%7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$130.133% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.074%−$7 on $10k

Price spread, last 7 days+0.085%+$8 · spread now −0.079%, 7d avg −0.001%

Together, before fees+0.011%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and MEXC is 0.079% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.001%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.248	0.0188	pay 0.0023% / 1h	5m 57s	$2.02B	$660.8M	10x
Short	MEXC HYPE_USDT	93.174	0.0100	get 0.0050% / 4h	5m 57s	$91.4M	$83.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Hyperliquid. 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 HyperliquidbpFee MEXCbpOrdersPrice spread, now −0.079%Rate

Funding earned: −$18.42
Price spread: −0.079% → −0.001%: −$7.88
Slippage, 4 orders: −$0.29
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$39.6
Costs to cover: 0.133%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 min ago; MEXC: live order book, 2 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 Hyperliquid live order book, 13 min ago	0.05 bp	4.6 bp −$5	7.0 bp −$70	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.05 bp	2.1 bp −$2	5.5 bp −$55	11.3 bp −$1,126	29.6 bp −$14.8K

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	−0.1072%	1h	93.242	−0.006%	$196K	$244K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.269	+0.023%	$3K	$331	25x	as long as short
Injective HYPE/USDC PERP	−0.0004%	1h	93.620	+0.399%	$30K	$177K	12x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.249	+0.001%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.334	+0.092%	$2.0M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.204	−0.047%	$24K	$372K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0005%	1h	93.195	−0.057%	$44K	—	150x	as long as short
Aftermath Perps HYPEUSD	+0.0008%	1h	93.332	+0.090%	$22K	$22K	10x	as long as short
Aster HYPEUSDT	+0.0021%	4h	93.145	−0.110%	$8.9M	$36.2M	300x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	93.201	−0.050%	$90K	$323K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0072%	4h	93.156	−0.099%	$44.1M	$56.1M	75x	as long as short
Arcus HYPE-USD	+0.0082%	1h	93.160	−0.094%	$1.2M	$4.0M	10x	as long as short
Bybit HYPEUSDT	+0.0083%	8h	93.141	−0.115%	$324.6M	$286.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.227	−0.023%	$18.7M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.195	−0.057%	$3.1M	$12.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.195	−0.057%	$55K	$1.3M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0097%	1h	93.320	+0.077%	$700K	$945K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0097%	4h	93.164	−0.090%	$181K	$505K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	−0.019%	$21K	$1.8M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.190	−0.062%	$6.3M	$43.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.207	−0.044%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.160	−0.094%	$389.7M	$870.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.140	−0.116%	$114.5M	$313.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.380	+0.141%	$205K	$12K	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	93.174	−0.079%	$91.4M	$83.4M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.196	−0.056%	$46.4M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.163	−0.091%	$225.5M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.148	−0.107%	—	$54.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.208	−0.043%	$8.0M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.355	+0.114%	$29.1M	$49.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.145%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.365	+0.125%	$457K	$943K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.341	+0.100%	$675K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.256	+0.008%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.215	−0.035%	$460K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.189	−0.063%	$112K	$573K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.172	−0.082%	$76K	$171K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.145	−0.110%	$16.3M	$7.0M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.193	−0.059%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.161	−0.093%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.198	−0.054%	$12.6M	$2.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.222	−0.028%	$341K	$172K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.353	+0.113%	$5.1M	$28.9M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.154	−0.101%	$18.1M	$40.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.187	−0.065%	$396K	$320K	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0151%	1h	93.228	−0.021%	$16.2M	$20.9M	50x	as long as short
Phoenix HYPE	+0.0172%	1h	93.411	+0.175%	$208K	$954K	10x	as long as short
Hyperliquid HYPElong	+0.0188%	1h	93.248	long leg	$2.02B	$660.8M	10x
Coinbase International HYPE-PERP-INTX	+0.0200%	1h	93.310	+0.066%	$4.9M	$5.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0222%	1h	93.260	+0.013%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0242%	1h	93.189	−0.063%	$77K	$157K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.186	−0.066%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.249	+0.001%	$17.4M	$12.3M	75x	as long as short
HTX HYPE-USDT	+0.0406%	4h	93.380	+0.142%	$1.5M	$7.5M	75x	as long as short
RISEx HYPE/USDC	+0.0516%	1h	93.256	+0.009%	$2.7M	$6.4M	20x	as long as short