Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0023%/8h= +2.5% APRpaid last 24h −0.008%

Price spread now: Derive against MEXC−0.041%7-day average −0.040% · you buy dearer than you sell

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

Long on MEXC Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.007%−$1 on $10k

Price spread, last 3 days (all we have)+0.024%+$2 · spread now −0.041%, 7d avg −0.040%

Together, before fees+0.017%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: +$1 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	93.178	0.0076	pay 0.0038% / 4h	1h 53m	$87.6M	$79.9M	100x
Short	Derive HYPE-PERP	93.140	0.0099	get 0.0012% / 1h	53m 57s	$16.2M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against MEXC. 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 MEXCbpFee DerivebpOrdersPrice spread, now −0.041%Rate

Funding earned: $4.83
Price spread: −0.041% → −0.040%: −$0.1
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Derive: 3 bp × 2 orders: −$6
Net: −$5.27
Costs to cover: 0.100%
Break-even: 14.6 days

Slippage unknown: MEXC: live order book, 5 min ago; Derive: no order-book sample. 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 MEXC live order book, 5 min ago	0.22 bp	2.8 bp −$3	6.1 bp −$61	16.8 bp −$1,680	48.8 bp −$24.4K
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 54 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	−0.1144%	1h	93.108	−0.075%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.973	−0.220%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0295%	1h	93.150	−0.030%	$79K	$170K	20x	as long as short
ApeX Omni HYPEUSDT	−0.0172%	1h	93.008	−0.182%	$336K	$1.0M	50x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.092	−0.092%	$84K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.079	−0.106%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0051%	4h	93.167	−0.012%	$156K	$639K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0018%	1h	93.000	−0.191%	$696K	$906K	10x	as long as short
Phemex HYPEUSDT	−0.0014%	8h	93.165	−0.014%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0009%	4h	93.134	−0.047%	$8.8M	$35.4M	300x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.063	−0.123%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.112	−0.071%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.147	−0.033%	$25K	—	150x	as long as short
Bullet HYPE-USD	+0.0008%	1h	93.119	−0.063%	$111K	$578K	20x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.141	−0.040%	—	$53.2M	—	as long as short
Aftermath Perps HYPEUSD	+0.0014%	1h	93.181	+0.003%	$22K	$21K	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.121	−0.061%	$320.6M	$275.4M	75x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.134	−0.047%	$44.4M	$54.2M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.056	−0.131%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDTlong	+0.0076%	4h	93.178	long leg	$87.6M	$79.9M	100x
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.129	−0.053%	$114.4M	$300.3M	50x	as long as short
Binance HYPEUSDT	+0.0078%	4h	93.154	−0.026%	$378.8M	$872.7M	75x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	92.963	−0.231%	$5.0M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.195	+0.018%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.162	−0.017%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.091	−0.093%	$68K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.117	−0.066%	$338K	$162K	20x	as long as short
Derive HYPE-PERPshort	+0.0099%	1h	93.140	−0.041%	$16.2M	$7.6M	10x
Katana Perps HYPE-USD	+0.0100%	8h	93.060	−0.127%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.088	−0.096%	$5.7M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.205	+0.029%	$2.04B	$652.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.093	−0.091%	$10.0M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.165	−0.014%	$46.0M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.134	−0.047%	$225.4M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.112	−0.071%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.170	−0.009%	$31.0M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.978	−0.215%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.240	+0.067%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.124	−0.058%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.108	−0.075%	$473K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.191	+0.014%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.181	+0.003%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.998	−0.194%	$202K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.106	−0.077%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.177	−0.001%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.070	−0.116%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0215%	4h	93.300	+0.131%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.086	−0.099%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	93.140	−0.041%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.121	−0.061%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0437%	1h	93.264	+0.092%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.189	+0.012%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	92.930	−0.266%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.247	+0.074%	$20.7M	$29.9M	50x	as long as short