Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0309%/8h= −33.9% APRpaid last 24h +0.036%

Price spread now: Kraken Futures against MEXC+0.037%7-day average +0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$230.235% of the position

Long on MEXC Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.140%+$14 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now +0.037%, 7d avg +0.032%

Together, before fees+0.104%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.032%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.140%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.140% in total (about 7.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	94.999	0.0028	pay 0.0014% / 4h	44m 20s	$88.8M	$82.9M	100x
Short	Kraken Futures PF_HYPEUSD	95.034	−0.0281	pay 0.0035% / 1h	44m 20s	$18.3M	$32.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.037%Rate

Funding earned: −$64.94
Price spread: +0.037% → +0.032%: $0.44
Slippage, 4 orders: −$9.47
Fee MEXC: 2 bp × 2 orders: −$4
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$87.97
Costs to cover: 0.235%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Kraken Futures: live order book, 3 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, 3 min ago	0.05 bp	2.1 bp −$2	6.9 bp −$69	13.3 bp −$1,329	44.7 bp −$22.4K
Sell Kraken Futures live order book, 3 min ago	0.84 bp	10.2 bp −$10	12.8 bp −$128	21.1 bp −$2,112	69.7 bp −$34.8K

HYPE on 55 exchanges

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
Kraken Futures PF_HYPEUSDshort	−0.0281%	1h	95.034	+0.037%	$18.3M	$32.1M	50x
ApeX Omni HYPEUSDT	−0.0262%	1h	94.636	−0.382%	$322K	$924K	50x	as long as short
Phemex HYPEUSDT	−0.0239%	8h	94.969	−0.032%	$13.0M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0215%	1h	94.978	−0.022%	$79K	$131K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0184%	1h	94.960	−0.041%	$676K	$1.3M	10x	as long as short
Aster HYPEUSDT	−0.0103%	4h	95.005	+0.006%	$9.0M	$34.6M	300x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	95.028	+0.031%	$102K	$352K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.894	−0.111%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0077%	4h	94.996	−0.003%	$148K	$643K	20x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.016	+0.018%	$56.1M	$52.8M	75x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter HYPE	−0.0064%	1h	94.968	−0.033%	$16.5M	$55.4M	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	94.970	−0.031%	$4.8M	$5.4M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0046%	8h	95.012	+0.014%	$118.5M	$305.6M	50x	as long as short
Bitget HYPEUSDT	−0.0030%	4h	95.026	+0.028%	$230.2M	$86.0M	75x	as long as short
Aftermath Perps HYPEUSD	−0.0029%	1h	94.932	−0.070%	$22K	$17K	10x	as long as short
Phoenix HYPE	−0.0017%	1h	95.001	+0.002%	$200K	$1.1M	10x	as long as short
Derive HYPE-PERP	−0.0014%	1h	94.959	−0.042%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.969	−0.032%	$128K	$96K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.008	+0.010%	$24K	$250K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.043	+0.046%	$99K	—	150x	as long as short
Bullet HYPE-USD	+0.0006%	1h	95.019	+0.021%	$113K	$583K	20x	as long as short
BingX HYPE-USDT	+0.0026%	4h	95.004	+0.005%	—	$50.3M	—	as long as short
edgeX HYPEUSDC	+0.0027%	4h	94.624	−0.395%	$5.0M	$28.1M	30x	as long as short
MEXC HYPE_USDTlong	+0.0028%	4h	94.999	long leg	$88.8M	$82.9M	100x
Bybit HYPEUSDT	+0.0029%	8h	95.040	+0.043%	$320.9M	$263.1M	75x	as long as short
Binance HYPEUSDT	+0.0031%	4h	95.019	+0.021%	$382.6M	$852.5M	75x	as long as short
Lighter RH HYPE	+0.0040%	1h	94.990	−0.009%	$3.2M	$9.9M	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0041%	1h	94.958	−0.043%	$6.8M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	94.982	−0.018%	$273K	$1.0M	50x	as long as short
KuCoin HYPEUSDTM	+0.0080%	4h	94.990	−0.009%	$47.4M	$17.8M	75x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.979	−0.021%	$401K	$125K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	94.997	−0.002%	$339K	$31K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.930	−0.073%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.990	−0.009%	$7.3M	$50.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.009	+0.010%	$10.2M	$12.8M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	95.007	+0.008%	$1.0M	$2.8M	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.751	−0.261%	$30.0M	$52.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.952	−0.049%	$7.7M	$41.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.917	−0.086%	$690K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.041	+0.045%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.010	+0.012%	$491K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.088	+0.094%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.026	+0.028%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.000	+0.001%	$1.4M	$5.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.959	−0.042%	$228K	$20K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.996	−0.004%	$18.1M	$37.6M	50x	as long as short
Hyperliquid HYPE	+0.0108%	1h	95.092	+0.098%	$2.11B	$643.8M	10x	as long as short
BloFin HYPE-USDT	+0.0117%	4h	94.958	−0.043%	$17.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0118%	1h	95.101	+0.107%	$7.5M	$4.2M	50x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.930	−0.073%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	95.015	+0.017%	$3.1M	$5.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	94.967	−0.034%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0155%	1h	95.031	+0.033%	$1.4M	—	100x	as long as short
Hibachi HYPE/USDT-P	+0.1048%	1h	95.056	+0.060%	$216K	$292K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.420	+0.443%	$31K	$334K	12x	as long as short