Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0166%/8h= −18.2% APRpaid last 24h −0.042%

Price spread now: MEXC against Reya−0.036%7-day average +0.019% · you buy dearer than you sell

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

Long on Reya Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.233%−$23 · spread now −0.036%, 7d avg +0.019%

Together, before fees−0.242%+ Points / potential airdropReya: Active · farm board−$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and MEXC is 0.055% cheaper against Reya than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.019%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya HYPERUSDPERP	93.209	0.0266	pay 0.0033% / 1h	17m 10s	$80K	$131K	15x
Short	MEXC HYPE_USDT	93.175	0.0100	get 0.0050% / 4h	3h 17m	$91.7M	$81.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Reya. 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 ReyabpFee MEXCbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$34.84
Price spread: −0.036% → +0.019%: −$5.49
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$50.34
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; MEXC: live order book, 2 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 Reya no order-book sample	—	—	—	—	—
Sell MEXC live order book, 2 min ago	0.05 bp	2.1 bp −$2	6.3 bp −$63	13.3 bp −$1,330	37.7 bp −$18.8K

Reya: 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	−0.1744%	1h	92.865	−0.368%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0303%	1h	92.926	−0.303%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.202	−0.007%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.219	+0.011%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0053%	4h	93.214	+0.006%	$146K	$674K	20x	as long as short
Bullet HYPE-USD	−0.0007%	1h	93.222	+0.015%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.254	+0.049%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.236	+0.029%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.234	+0.027%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0016%	1h	93.160	−0.052%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex HYPEUSDT	+0.0021%	8h	93.229	+0.022%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0024%	1h	93.253	+0.048%	$87K	$365K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.923	−0.306%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.157	−0.055%	$317.7M	$284.3M	75x	as long as short
Bitget HYPEUSDT	+0.0042%	4h	93.205	−0.004%	$225.6M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.215	+0.007%	$76K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0076%	4h	93.222	+0.014%	$45.4M	$54.6M	75x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.807	−0.431%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.237	+0.030%	$16.0M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.231	+0.024%	$3.2M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.255	+0.050%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.260	+0.055%	$40K	$1.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.243	+0.037%	$8.7M	$36.4M	300x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.212	+0.003%	$7.2M	$46.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.266	+0.062%	$2.03B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.256	+0.051%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.226	+0.018%	$375.1M	$910.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.160	−0.052%	$114.2M	$306.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.536%	$202K	$13K	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	93.175	−0.036%	$91.7M	$81.3M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.193	−0.017%	$46.3M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.219	+0.011%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.183	−0.028%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.839	−0.397%	$28.5M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.866	−0.367%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.950	−0.278%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.943	−0.285%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.227	+0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.262	+0.057%	$489K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.220	+0.012%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.201	−0.009%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.230	+0.023%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.217	+0.009%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.373	+0.176%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.184	−0.026%	$18.1M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.219	+0.011%	$394K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.284	+0.081%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.260	+0.055%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.284	+0.081%	$20.8M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.130	−0.084%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERPlong	+0.0266%	1h	93.209	long leg	$80K	$131K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.232	+0.025%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.183	−0.028%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0533%	1h	93.311	+0.110%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.289	+0.086%	$3.2M	$6.3M	20x	as long as short