Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0019%/8h= −2.1% APRpaid last 24h +0.015%

Price spread now: MEXC against OKX+0.022%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$15as in the Price arb table

costs, in and out, $10k−$150.149% of the position

Long on OKX Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 7 days−0.031%−$3 · spread now +0.022%, 7d avg +0.020%

Together, before fees+0.013%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.020%, 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	OKX HYPE-USDT-SWAP	93.407	0.0071	pay 0.0071% / 8h	7h 01m	$115.6M	$313.4M	50x
Short	MEXC HYPE_USDT	93.428	0.0052	get 0.0026% / 4h	3h 01m	$87.5M	$83.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against OKX. 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 OKXbpFee MEXCbpOrdersPrice spread, now +0.022%Rate

Funding earned: −$4.03
Price spread: +0.022% → +0.020%: $0.28
Slippage, 4 orders: −$0.88
Fee OKX: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$18.62
Costs to cover: 0.149%
Break-even: never at this rate

Slippage from OKX: live order book, 3 min ago; MEXC: 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 OKX live order book, 3 min ago	0.05 bp	5.7 bp −$6	7.6 bp −$76	18.9 bp −$1,887	doesn't fit
Sell MEXC live order book, 3 min ago	0.05 bp	2.1 bp −$2	3.0 bp −$30	9.3 bp −$932	34.5 bp −$17.2K

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	−0.1120%	1h	93.805	+0.426%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.297	−0.118%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0190%	1h	93.839	+0.462%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0107%	1h	93.380	−0.029%	$705K	$961K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.407	0.000%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.439	+0.034%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0077%	1h	93.506	+0.106%	$128K	$31K	5x	as long as short
Gate HYPE_USDT	−0.0072%	4h	93.399	−0.009%	$44.2M	$60.6M	75x	as long as short
Bullet HYPE-USD	−0.0042%	1h	93.435	+0.030%	$113K	$579K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0039%	4h	93.434	+0.029%	$158K	$644K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0006%	4h	93.414	+0.008%	$8.9M	$36.1M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.501	+0.101%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.469	+0.066%	$27K	—	150x	as long as short
Bybit HYPEUSDT	+0.0015%	8h	93.400	−0.007%	$321.0M	$279.6M	75x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.440	+0.035%	$16.3M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	93.513	+0.113%	$12.7M	$2.6M	50x	as long as short
Phoenix HYPE	+0.0034%	1h	93.887	+0.514%	$213K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0046%	4h	93.408	+0.001%	$380.8M	$898.0M	75x	as long as short
MEXC HYPE_USDTshort	+0.0052%	4h	93.428	+0.022%	$87.5M	$83.6M	100x
edgeX HYPEUSDC	+0.0060%	4h	93.655	+0.265%	$5.1M	$29.7M	30x	as long as short
Bluefin HYPE-PERP	+0.0067%	1h	93.476	+0.074%	$76K	$170K	20x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0071%	8h	93.407	long leg	$115.6M	$313.4M	50x
Lighter HYPE	+0.0096%	1h	93.448	+0.044%	$18.8M	$60.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.483	+0.081%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.409	+0.002%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.461	+0.058%	$398K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.460	+0.057%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.390	−0.018%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.523	+0.125%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.516	+0.117%	$2.04B	$669.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.457	+0.053%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.465	+0.062%	$46.4M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.420	+0.014%	$226.1M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.405	−0.002%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.437	+0.032%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	+0.386%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.861	+0.486%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.599	+0.206%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.742	+0.359%	$669K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.560	+0.164%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.496	+0.095%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.515	+0.116%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.457	+0.054%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.521%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.375	−0.034%	$18.3M	$44.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.540	+0.142%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.570	+0.175%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0217%	4h	93.624	+0.232%	$17.0M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.454	+0.050%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0248%	8h	93.761	+0.379%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.451	+0.047%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0157%	1h	93.476	+0.073%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0355%	4h	93.650	+0.260%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0552%	1h	93.568	+0.172%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0675%	1h	93.532	+0.134%	$20.9M	$29.8M	50x	as long as short