Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0034%/8h= +3.8% APRpaid last 24h +0.025%

Price spread now: MEXC against Ondo Perps−0.046%7-day average +0.006% · you buy dearer than you sell

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

Long on Ondo Perps Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days+0.123%+$12 on $10k

Price spread, last 7 days+0.096%+$10 · spread now −0.046%, 7d avg +0.006%

Together, before fees+0.219%+ Points / potential airdropOndo Perps: Active · farm board+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.051% cheaper against Ondo Perps than usual: you would sell low and buy high (spread −0.046% now, against its 7-day average of +0.006%). If the spread goes back, that is −$5 on $10k: about 5.0 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps HYPE-USD.P	94.300	0.0066	pay 0.0008% / 1h	4m 16s	$711K	$1.2M	10x
Short	MEXC HYPE_USDT	94.257	0.0100	get 0.0050% / 4h	2h 04m	$91.0M	$82.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Ondo Perps. 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 Ondo PerpsbpFee MEXCbpOrdersPrice spread, now −0.046%Rate

Funding earned: $7.22
Price spread: −0.046% → +0.006%: −$5.14
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$6.92
Costs to cover: 0.090%
Break-even: 13.7 days

Slippage unknown: Ondo Perps: no order-book sample; MEXC: live order book, 5 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell MEXC live order book, 5 min ago	0.05 bp	2.4 bp −$2	5.1 bp −$51	12.9 bp −$1,285	34.6 bp −$17.3K

Ondo Perps: 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	−0.1296%	1h	94.290	−0.010%	$201K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0328%	1h	94.318	+0.019%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	+0.030%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.276	−0.025%	$150K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	94.308	+0.009%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.351	+0.055%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.342	+0.045%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.315	+0.016%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.310	+0.011%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.285	−0.016%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0021%	8h	94.240	−0.064%	$318.4M	$287.1M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.146%	$211K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0032%	8h	94.287	−0.014%	$12.8M	$2.8M	50x	as long as short
Bitget HYPEUSDT	+0.0036%	4h	94.275	−0.027%	$227.4M	$99.4M	75x	as long as short
Ondo Perps HYPE-USD.Plong	+0.0066%	1h	94.300	long leg	$711K	$1.2M	10x
BingX HYPE-USDT	+0.0066%	4h	94.303	+0.003%	—	$53.8M	—	as long as short
edgeX HYPEUSDC	+0.0092%	4h	94.364	+0.068%	$5.0M	$30.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.352	+0.055%	$343K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.287	−0.014%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.279	−0.022%	$3.2M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.322	+0.023%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.290	−0.011%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.314	+0.015%	$7.2M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.420	+0.127%	$2.07B	$679.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.283	−0.019%	$8.8M	$36.8M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.344	+0.047%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.269	−0.032%	$378.9M	$925.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.251	−0.052%	$116.4M	$317.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.299	−0.001%	$48.3M	$55.8M	75x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	94.257	−0.046%	$91.0M	$82.8M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.296	−0.004%	$46.6M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.359	+0.063%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	+0.094%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	+0.134%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.375	+0.080%	$345K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.333	+0.035%	$675K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.379	+0.084%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.316	+0.017%	$479K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.285	−0.016%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.265	−0.037%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.414	+0.121%	$33K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.255	−0.048%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.450	+0.159%	$1.4M	$6.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.197	−0.109%	$217K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.239	−0.065%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.294	−0.006%	$399K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	94.363	+0.067%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.329%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.460	+0.170%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0185%	1h	94.350	+0.053%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.277	−0.024%	$78K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.308	+0.009%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.331	+0.033%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.335	+0.037%	$16.8M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.365	+0.069%	$3.2M	$6.3M	20x	as long as short