Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.012%

Price spread now: Bybit against MEXC−0.017%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$170.172% of the position

Long on MEXC Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.047%−$5 on $10k

Price spread, last 7 days+0.017%+$2 · spread now −0.017%, 7d avg −0.025%

Together, before fees−0.029%−$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.025%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	92.676	0.0100	pay 0.0050% / 4h	18m 22s	$87.3M	$80.8M	100x
Short	Bybit HYPEUSDT	92.660	0.0048	get 0.0048% / 8h	4h 18m	$316.4M	$281.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.017%Rate

Funding earned: −$10.93
Price spread: −0.017% → −0.025%: $0.82
Slippage, 4 orders: −$2.19
Fee MEXC: 2 bp × 2 orders: −$4
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$27.3
Costs to cover: 0.172%
Break-even: never at this rate

Slippage from MEXC: live order book, 6 min ago; Bybit: live order book, 6 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, 6 min ago	0.05 bp	2.1 bp −$2	3.3 bp −$33	10.7 bp −$1,070	28.2 bp −$14.1K
Sell Bybit live order book, 6 min ago	0.54 bp	7.0 bp −$7	9.1 bp −$91	16.1 bp −$1,613	36.6 bp −$18.3K

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	92.651	−0.027%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0256%	1h	92.721	+0.048%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0242%	1h	92.680	+0.005%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.706	+0.032%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.654	−0.024%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	92.711	+0.038%	$86K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.102%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.686	+0.011%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.707	+0.033%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	92.726	+0.054%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0034%	1h	92.700	+0.026%	$697K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0039%	1h	92.688	+0.013%	$111K	$578K	20x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.674	−0.002%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.817	+0.152%	$210K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0044%	4h	92.721	+0.048%	$8.7M	$36.2M	300x	as long as short
Bybit HYPEUSDTshort	+0.0048%	8h	92.660	−0.017%	$316.4M	$281.7M	75x
OKX HYPE-USDT-SWAP	+0.0088%	8h	92.677	+0.001%	$113.6M	$303.7M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	92.682	+0.006%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	92.729	+0.057%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.715	+0.042%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.713	+0.040%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.686	+0.011%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.690	+0.015%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.694	+0.019%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.735	+0.064%	$2.02B	$663.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.726	+0.054%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.676	0.000%	$372.2M	$903.4M	75x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	92.676	long leg	$87.3M	$80.8M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	92.726	+0.054%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.673	−0.003%	$224.3M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.760	+0.091%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.688	+0.013%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	+0.034%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.749	+0.079%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.784	+0.117%	$666K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.759	+0.090%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.708	+0.035%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.655	−0.023%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.762	+0.092%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.798	+0.132%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.771	+0.103%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.915	+0.258%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	+0.027%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.679	+0.003%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.775	+0.107%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	−0.011%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.350%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.810	+0.145%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0239%	8h	92.825	+0.161%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.669	−0.007%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.696	+0.022%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.843	+0.180%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.775	+0.107%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0429%	1h	92.869	+0.208%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.754	+0.085%	$3.2M	$6.4M	20x	as long as short