Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0037%/8h= −4.1% APRpaid last 24h −0.020%

Price spread now: gTrade (Gains Network) against MEXC−0.144%7-day average — · you buy dearer than you sell

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

Long on MEXC Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and gTrade (Gains Network) is 0.144% cheaper against MEXC than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	93.135	0.0040	pay 0.0020% / 4h	2h 39m	$87.5M	$82.5M	100x
Short	gTrade (Gains Network) HYPE/USD	93.001	L +0.0002% / S −0.0003%	get 0.0000% / 1h	39m 39s	$25K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.144%Rate

Funding earned: −$7.87
Price spread: −0.144% → 0.000%: −$14.44
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$36.31
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 4 min ago; gTrade (Gains Network): 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, 4 min ago	0.05 bp	2.5 bp −$2	6.2 bp −$62	13.4 bp −$1,341	49.3 bp −$24.6K
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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 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	−0.0952%	1h	93.181	+0.049%	$196K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	92.992	−0.154%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0153%	1h	93.266	+0.141%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0152%	1h	93.080	−0.059%	$696K	$981K	10x	as long as short
Gate HYPE_USDT	−0.0100%	4h	93.104	−0.033%	$44.1M	$54.2M	75x	as long as short
Backpack HYPE_USDC_PERP	−0.0097%	1h	93.053	−0.088%	$7.8M	$10.4M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	92.967	−0.180%	$84K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.062	−0.078%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.004	−0.141%	$155K	$652K	20x	as long as short
Aster HYPEUSDT	−0.0042%	4h	93.094	−0.044%	$8.8M	$36.3M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0036%	1h	92.997	−0.148%	$79K	$174K	20x	as long as short
Phemex HYPEUSDT	−0.0005%	8h	93.065	−0.075%	$12.6M	$2.7M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.089	−0.050%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.004	−0.140%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USDshort	L +0.0002% / S −0.0003%	1h	93.001	−0.144%	$25K	—	150x
Bybit HYPEUSDT	+0.0005%	8h	93.120	−0.016%	$320.0M	$285.8M	75x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.126	−0.010%	—	$54.3M	—	as long as short
Bullet HYPE-USD	+0.0025%	1h	92.961	−0.187%	$111K	$579K	20x	as long as short
MEXC HYPE_USDTlong	+0.0040%	4h	93.135	long leg	$87.5M	$82.5M	100x
Binance HYPEUSDT	+0.0040%	4h	93.139	+0.004%	$379.0M	$906.7M	75x	as long as short
edgeX HYPEUSDC	+0.0056%	4h	93.325	+0.204%	$5.1M	$29.8M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.266	+0.141%	$212K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.139	+0.004%	$114.7M	$314.8M	50x	as long as short
Derive HYPE-PERP	+0.0067%	1h	92.992	−0.153%	$16.1M	$7.6M	10x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.036	−0.107%	$396K	$177K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.239	+0.112%	$339K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.129	−0.006%	$16.3M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.126	−0.010%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.965	−0.183%	$65K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.000	−0.145%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.968	−0.180%	$5.6M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.191	+0.060%	$2.03B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.157	+0.024%	$10.0M	$14.8M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	+0.288%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.132	−0.003%	$45.9M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.137	+0.002%	$225.3M	$100.8M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.151	+0.017%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	+0.086%	$7.5M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.355	+0.236%	$337K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.219	+0.090%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.057	−0.084%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.990	−0.156%	$465K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.184	+0.053%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.076	−0.063%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.062	−0.079%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.180	+0.048%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.110	−0.027%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	+0.292%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.162	+0.029%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0238%	4h	93.300	+0.177%	$1.4M	$6.1M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	92.935	−0.215%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0260%	8h	93.177	+0.045%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	92.989	−0.157%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0556%	1h	93.181	+0.049%	$7.4M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0684%	1h	93.198	+0.067%	$20.8M	$30.1M	50x	as long as short