Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0012%/8h= −1.3% APRpaid last 24h −0.004%

Price spread now: MEXC against Popdex−0.006%7-day average +0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$12as in the Price arb table

costs, in and out, $10k−$110.115% of the position

Long on Popdex Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.001%$0 on $10k

Price spread, last 7 days+0.032%+$3 · spread now −0.006%, 7d avg +0.001%

Together, before fees+0.030%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.001%, so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Popdex HYPEUSDT	92.336	0.0096	pay 0.0012% / 1h	38m 24s	$68K	$1.2M	50x
Short	MEXC HYPE_USDT	92.330	0.0084	get 0.0042% / 4h	38m 24s	$87.1M	$80.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Popdex. 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 PopdexbpFee MEXCbpOrdersPrice spread, now −0.006%Rate

Funding earned: −$2.52
Price spread: −0.006% → +0.001%: −$0.71
Slippage, 4 orders: −$1.07
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$14.7
Costs to cover: 0.115%
Break-even: never at this rate

Slippage from Popdex: live order book, 1 min ago; MEXC: live order book, 6 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 Popdex live order book, 1 min ago	0.43 bp	3.6 bp −$4	4.0 bp −$40	22.1 bp −$2,209	doesn't fit
Sell MEXC live order book, 6 min ago	0.05 bp	2.1 bp −$2	4.4 bp −$44	14.4 bp −$1,440	35.3 bp −$17.6K

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
Arcus HYPE-USD	−0.0948%	1h	92.205	−0.142%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0432%	1h	92.376	+0.043%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0158%	1h	92.321	−0.017%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.364	+0.030%	$87K	$356K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.278	−0.063%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0069%	4h	92.275	−0.066%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0048%	1h	92.293	−0.046%	$110K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.311	−0.027%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.296	−0.043%	$22K	$309K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	92.297	−0.042%	$8.7M	$36.4M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0002%	1h	92.250	−0.093%	$695K	$1.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.326	−0.011%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.305	−0.034%	—	$53.3M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.379	+0.047%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0054%	8h	92.289	−0.051%	$315.6M	$281.3M	75x	as long as short
Phemex HYPEUSDT	+0.0057%	8h	92.295	−0.044%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0062%	4h	92.304	−0.035%	$44.3M	$55.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	92.298	−0.041%	$112.9M	$302.0M	50x	as long as short
Binance HYPEUSDT	+0.0084%	4h	92.292	−0.048%	$369.9M	$901.6M	75x	as long as short
MEXC HYPE_USDTshort	+0.0084%	4h	92.330	−0.006%	$87.1M	$80.5M	100x
edgeX HYPEUSDC	+0.0089%	4h	92.287	−0.053%	$4.9M	$29.5M	30x	as long as short
Derive HYPE-PERP	+0.0090%	1h	92.271	−0.070%	$16.0M	$7.5M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	92.306	−0.032%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.288	−0.052%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.282	−0.058%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDTlong	+0.0096%	1h	92.336	long leg	$68K	$1.2M	50x
Katana Perps HYPE-USD	+0.0099%	8h	92.310	−0.028%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.335	−0.001%	$6.8M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.368	+0.035%	$2.01B	$663.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.302	−0.037%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.098%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.327	−0.010%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.289	−0.051%	$223.9M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.273	−0.068%	$7.3M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.258	−0.085%	$28.3M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.315	−0.023%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.289	−0.051%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.349	+0.014%	$662K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.365	+0.031%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.327	−0.010%	$475K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.270	−0.071%	$78K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.349	+0.014%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.278	−0.063%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.535	+0.216%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.254	−0.088%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.335	−0.001%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.719%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.420	+0.091%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0255%	8h	92.395	+0.064%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.316	−0.022%	$79K	$138K	15x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.277	−0.064%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.315	−0.022%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.346	+0.011%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0487%	1h	92.391	+0.060%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.375	+0.042%	$3.1M	$6.4M	20x	as long as short