Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.022%

Price spread now: Bluefin against MEXC+0.048%7-day average −0.013% · you sell dearer than you buy

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$370.368% of the position

Long on MEXC Short on Bluefin

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)−0.107%−$11 · spread now +0.048%, 7d avg −0.013%

Together, before fees−0.206%−$21 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bluefin is 0.062% dearer against MEXC than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.013%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	93.175	0.0100	pay 0.0050% / 4h	3h 17m	$91.7M	$81.3M	100x
Short	Bluefin HYPE-PERP	93.220	0.0100	get 0.0013% / 1h	17m 08s	$79K	$167K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against MEXC. 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 MEXCbpFee BluefinbpOrdersPrice spread, now +0.048%Rate

Funding earned: $0
Price spread: +0.048% → −0.013%: $6.17
Slippage, 4 orders: −$25.78
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$30.6
Costs to cover: 0.368%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Bluefin: live order book, 37 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 MEXC live order book, 2 min ago	0.05 bp	2.1 bp −$2	5.1 bp −$51	11.6 bp −$1,156	41.7 bp −$20.8K
Sell Bluefin live order book, 37 min ago	5.54 bp	16.1 bp −$16	doesn't fit	doesn't fit	doesn't fit

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	−0.1744%	1h	92.865	−0.332%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0303%	1h	92.926	−0.267%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.202	+0.029%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.219	+0.047%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.214	+0.042%	$146K	$674K	20x	as long as short
Bullet HYPE-USD	−0.0007%	1h	93.222	+0.051%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.254	+0.085%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.236	+0.065%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.234	+0.063%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0016%	1h	93.160	−0.016%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0021%	8h	93.229	+0.058%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0024%	1h	93.253	+0.084%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.923	−0.270%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.128	−0.050%	$317.6M	$284.3M	75x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.159	−0.017%	$225.4M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.215	+0.043%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0076%	4h	93.184	+0.010%	$45.4M	$54.6M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.807	−0.395%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.237	+0.067%	$16.0M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.231	+0.060%	$3.2M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.255	+0.086%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.260	+0.091%	$40K	$1.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.204	+0.031%	$8.7M	$36.4M	300x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.212	+0.039%	$7.2M	$46.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.203	+0.030%	$2.03B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.256	+0.087%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.169	−0.007%	$374.9M	$910.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.136	−0.042%	$114.1M	$306.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.500%	$202K	$13K	10x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	93.175	long leg	$91.7M	$81.3M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.193	+0.019%	$46.3M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.164	−0.012%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.181	+0.006%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.839	−0.361%	$28.5M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.866	−0.331%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.950	−0.241%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.943	−0.249%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.227	+0.056%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.262	+0.093%	$489K	$2.7M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	93.220	+0.048%	$79K	$167K	20x
Derive HYPE-PERP	+0.0100%	1h	93.201	+0.027%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.230	+0.059%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.217	+0.045%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.373	+0.213%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.184	+0.010%	$18.1M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.219	+0.047%	$394K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.284	+0.117%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.260	+0.091%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.284	+0.117%	$20.8M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.130	−0.048%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	93.209	+0.036%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.232	+0.061%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.183	+0.009%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0533%	1h	93.311	+0.146%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.289	+0.122%	$3.2M	$6.3M	20x	as long as short