Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0105%/8h= −11.5% APRpaid last 24h −0.074%

Price spread now: MEXC against Injective−0.063%55s7-day average −0.148% · you buy dearer than you sell

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

Long on Injective Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−2.186%−$219 on $10k

Price spread, last 4 days (all we have)+0.248%+$25 · spread now −0.063%, 7d avg −0.148%

Together, before fees−1.938%−$194 on $10k · with fees, hour by hour

The price spread pays, funding is against you. MEXC is 0.085% dearer against Injective than usual: you sell high and buy low (spread −0.063% now, against its 7-day average of −0.148%): +$9 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.7 days. At the pace of the last 7 days (−2.186% in total) that is about 7 hours. The two prices were read 55 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	Injective HYPE/USDC PERP	93.670	0.0205	pay 0.0026% / 1h	48m 34s	$30K	$339K	12x
Short	MEXC HYPE_USDT	93.611	0.0100	get 0.0050% / 4h	1h 48m	$88.8M	$83.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee MEXCbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$22.05
Price spread: −0.063% → −0.148%: $8.52
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$17.55
Costs to cover: 0.040%
Break-even: from the start

Slippage unknown: Injective: live order book, 60 min ago; MEXC: live order book, 5 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 Injective live order book, 60 min ago	15.47 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	0.05 bp	2.1 bp −$2	2.9 bp −$29	12.7 bp −$1,271	37.5 bp −$18.8K

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	−0.1136%	1h	93.719	+0.053%	$199K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0243%	1h	93.808	+0.147%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0133%	1h	93.610	−0.064%	$706K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.589	−0.086%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0065%	1h	93.618	−0.056%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.618	−0.056%	$86K	$371K	20x	as long as short
Bluefin HYPE-PERP	−0.0029%	1h	93.599	−0.076%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	93.600	−0.075%	$145K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.622	−0.051%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.624	−0.049%	$21K	$287K	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	93.646	−0.026%	$63K	—	150x	as long as short
Bybit HYPEUSDT	+0.0010%	8h	93.582	−0.094%	$316.1M	$288.0M	75x	as long as short
BingX HYPE-USDT	+0.0010%	4h	93.619	−0.054%	—	$53.7M	—	as long as short
Phoenix HYPE	+0.0017%	1h	93.780	+0.117%	$210K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.602	−0.073%	$225.4M	$99.6M	75x	as long as short
Phemex HYPEUSDT	+0.0071%	8h	93.624	−0.049%	$12.8M	$2.8M	50x	as long as short
ApeX Omni HYPEUSDT	+0.0074%	1h	93.801	+0.140%	$348K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0083%	8h	93.647	−0.025%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.590	−0.085%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	93.758	+0.094%	$5.0M	$30.5M	30x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.581	−0.095%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.613	−0.061%	$16.1M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.618	−0.056%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.598	−0.077%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.600	−0.075%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.698	+0.030%	$7.4M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.707	+0.040%	$2.05B	$682.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.624	−0.049%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.670	0.000%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.606	−0.068%	$375.1M	$931.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.599	−0.076%	$115.7M	$316.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.644	−0.028%	$48.4M	$54.9M	75x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	93.611	−0.063%	$88.8M	$83.3M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.660	−0.011%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.611	−0.063%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.670	0.000%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.726	+0.060%	$7.6M	$48.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.679	+0.010%	$679K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.685	+0.016%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.633	−0.040%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.741	+0.076%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.598	−0.077%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.807	+0.146%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.065%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.595	−0.080%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.622	−0.051%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.653	−0.018%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.820	+0.160%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERPlong	+0.0205%	1h	93.670	long leg	$30K	$339K	12x
Reya HYPERUSDPERP	+0.0271%	1h	93.602	−0.073%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0273%	1h	93.703	+0.035%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.664	−0.007%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.600	−0.075%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.673	+0.003%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.644	−0.028%	$3.2M	$6.4M	20x	as long as short