Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:40 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.013%

Price spread now: Perpl against MEXC+0.074%7-day average +0.008% · you sell dearer than you buy

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

Long on MEXC Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.136%−$14 on $10k

Price spread, last 4 days (all we have)+0.123%+$12 · spread now +0.074%, 7d avg +0.008%

Together, before fees−0.013%+ Points / potential airdropPerpl: Active · farm board−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.066% dearer against MEXC than usual: you sell high and buy low (spread +0.074% now, against its 7-day average of +0.008%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.2 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	94.089	0.0100	pay 0.0050% / 4h	1h 01m	$89.5M	$85.5M	100x
Short	Perpl HYPE	94.158	0	get 0.0000% / 43m	7m 03s	$19K	$287K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.074%Rate

Funding earned: −$21
Price spread: +0.074% → +0.008%: $6.59
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$32.21
Costs to cover: 0.178%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 3 min ago; Perpl: 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, 3 min ago	0.05 bp	2.1 bp −$2	5.2 bp −$52	12.5 bp −$1,247	44.0 bp −$22.0K
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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	−0.1088%	1h	94.149	+0.064%	$201K	$235K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0164%	1h	94.256	+0.177%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0098%	1h	94.130	+0.044%	$709K	$1.2M	10x	as long as short
Bluefin HYPE-PERP	−0.0096%	1h	94.092	+0.003%	$80K	$155K	20x	as long as short
Bullet HYPE-USD	−0.0080%	1h	94.141	+0.055%	$111K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.214	+0.133%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	94.143	+0.057%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.109	+0.021%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0007%	8h	94.070	−0.020%	$316.9M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.086	−0.003%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.263	+0.185%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.188	+0.105%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPEshort	0.0000%	43m	94.158	+0.074%	$19K	$287K	10x
Derive HYPE-PERP	+0.0001%	1h	94.110	+0.022%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.170	+0.086%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.175%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0046%	4h	94.067	−0.023%	$226.3M	$100.0M	75x	as long as short
Phemex HYPEUSDT	+0.0056%	8h	94.140	+0.054%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0063%	8h	94.200	+0.118%	$337K	$156K	20x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.160	+0.075%	$5.0M	$30.8M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.129	+0.043%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0091%	8h	94.083	−0.006%	$117.3M	$321.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.135	+0.049%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.143	+0.057%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.137	+0.051%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	+0.075%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.136	+0.050%	$7.3M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.200	+0.118%	$2.07B	$688.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.106	+0.018%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.197	+0.114%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.081	−0.009%	$376.5M	$932.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.183	+0.100%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.077	−0.013%	$49.4M	$57.3M	75x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	94.089	long leg	$89.5M	$85.5M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.095	+0.006%	$46.8M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.070	−0.020%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	+0.159%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.203	+0.121%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.175	+0.091%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.233	+0.153%	$681K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.163	+0.079%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.221	+0.140%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.123	+0.036%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.300	+0.224%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.224	+0.143%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.096	+0.008%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.172	+0.088%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.230	+0.150%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.195	+0.113%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.490%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0228%	1h	94.227	+0.147%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.126	+0.039%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.122	+0.035%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.194	+0.111%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.175	+0.092%	$3.2M	$6.4M	20x	as long as short