Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h −0.001%

Price spread now: MEXC against Phemex−0.043%50s7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.412% of the position

Long on Phemex Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 4 days (all we have)+0.078%+$8 · spread now −0.043%, 7d avg −0.001%

Together, before fees+0.069%+$7 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.043% cheaper against Phemex than usual: you would sell low and buy high (spread −0.043% now, against its 7-day average of −0.001%). If the spread goes back, that is −$4 on $10k: about 47 hours of funding at the current rate (+$2 a day). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.368	0.0027	pay 0.0027% / 8h	2h 05m	$12.8M	$2.8M	50x
Short	MEXC HYPE_USDT	94.327	0.0100	get 0.0050% / 4h	2h 05m	$90.1M	$82.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Phemex. 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 PhemexbpFee MEXCbpOrdersPrice spread, now −0.043%Rate

Funding earned: $15.33
Price spread: −0.043% → −0.001%: −$4.28
Slippage, 4 orders: −$25.22
Fee Phemex: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$30.17
Costs to cover: 0.412%
Break-even: 20.8 days

Slippage from Phemex: live order book, 4 min ago; MEXC: live order book, 4 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 Phemex live order book, 4 min ago	3.66 bp	22.0 bp −$22	40.6 bp −$406	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	0.05 bp	2.4 bp −$2	5.1 bp −$51	12.9 bp −$1,285	34.6 bp −$17.3K

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	−0.1304%	1h	94.273	−0.101%	$200K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0338%	1h	94.298	−0.074%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.427	+0.063%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.412	+0.047%	$147K	$677K	20x	as long as short
Bullet HYPE-USD	−0.0001%	1h	94.333	−0.037%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.351	−0.018%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.334	−0.036%	$87K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.362	−0.007%	$22K	$291K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.343	−0.027%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.302	−0.070%	$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
BingX HYPE-USDT	+0.0016%	4h	94.335	−0.035%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.283	−0.090%	$318.5M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.074%	$211K	$1.2M	10x	as long as short
Phemex HYPEUSDTlong	+0.0027%	8h	94.368	long leg	$12.8M	$2.8M	50x
Bitget HYPEUSDT	+0.0034%	4h	94.306	−0.066%	$227.5M	$99.4M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0067%	1h	94.300	−0.072%	$711K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	94.364	−0.004%	$5.0M	$30.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.371	+0.004%	$343K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.390	+0.023%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.389	+0.022%	$3.2M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.313	−0.058%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.290	−0.083%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.340	−0.029%	$7.2M	$49.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.425	+0.060%	$2.07B	$679.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.344	−0.025%	$8.8M	$36.6M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.403	+0.037%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.342	−0.028%	$379.2M	$924.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.307	−0.065%	$116.5M	$317.8M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.340	−0.030%	$48.2M	$55.8M	75x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	94.327	−0.043%	$90.1M	$82.6M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.330	−0.040%	$46.6M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.450	+0.087%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	+0.022%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.427	+0.062%	$7.7M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.375	+0.007%	$345K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.424	+0.059%	$676K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.406	+0.040%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.328	−0.042%	$479K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.426	+0.061%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.410	+0.045%	$16.3M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.504	+0.144%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.439	+0.075%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.550	+0.193%	$1.4M	$6.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.197	−0.181%	$217K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.295	−0.078%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.430	+0.066%	$399K	$159K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.510	+0.150%	$31K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	94.476	+0.114%	$1.8M	$5.6M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0142%	1h	94.497	+0.137%	$7.5M	$4.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.410	+0.045%	$4.7M	$6.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.305	−0.066%	$78K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.340	−0.030%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0337%	1h	94.499	+0.139%	$21.1M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.413	+0.048%	$16.9M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.356	−0.013%	$3.2M	$6.3M	20x	as long as short