Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0036%/8h= −3.9% APRpaid last 24h +0.004%

Price spread now: MEXC against Vest−0.047%7-day average +0.008% · you buy dearer than you sell

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

Long on Vest Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.120%+$12 on $10k

Price spread, last 3 days (all we have)−0.172%−$17 · spread now −0.047%, 7d avg +0.008%

Together, before fees−0.052%+ Points / potential airdropVest: Active · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and MEXC is 0.055% cheaper against Vest than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.008%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.120%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest HYPE-PERP	93.033	0.0100	pay 0.0013% / 1h	24m 15s	—	$454K	5x
Short	MEXC HYPE_USDT	92.989	0.0064	get 0.0032% / 4h	1h 24m	$90.4M	$82.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Vest. 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 VestbpFee MEXCbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$7.56
Price spread: −0.047% → +0.008%: −$5.51
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$19.07
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Vest: 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 Vest no order-book sample	—	—	—	—	—
Sell MEXC live order book, 5 min ago	0.05 bp	2.1 bp −$2	4.1 bp −$41	15.4 bp −$1,541	37.8 bp −$18.9K

Vest: 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
Aftermath Perps HYPEUSD	−0.0401%	1h	93.004	−0.031%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0288%	1h	92.985	−0.052%	$196K	$230K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0133%	1h	93.030	−0.003%	$698K	$926K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.985	−0.051%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.950	−0.089%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.008	−0.027%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0016%	1h	92.999	−0.036%	$58K	$1.2M	50x	as long as short
Aster HYPEUSDT	−0.0009%	4h	92.987	−0.049%	$8.8M	$36.0M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.101	+0.073%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.992	−0.044%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.022	−0.011%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	92.990	−0.046%	$322.5M	$287.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0023%	4h	92.993	−0.043%	$171K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0033%	1h	92.937	−0.103%	$16.2M	$7.1M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.030	−0.003%	$214K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.984	−0.053%	$43.8M	$58.5M	75x	as long as short
Bullet HYPE-USD	+0.0058%	1h	92.992	−0.044%	$111K	$580K	20x	as long as short
Binance HYPEUSDT	+0.0063%	4h	92.981	−0.056%	$381.4M	$895.6M	75x	as long as short
MEXC HYPE_USDTshort	+0.0064%	4h	92.989	−0.047%	$90.4M	$82.1M	100x
edgeX HYPEUSDC	+0.0086%	4h	92.948	−0.091%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.052	+0.021%	$18.5M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.032	−0.001%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.975	−0.062%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0098%	8h	93.066	+0.036%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.040	+0.008%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.004	−0.031%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.035	+0.002%	$2.02B	$668.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.090	+0.062%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.003	−0.032%	$113.6M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.030	−0.003%	$203K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.015	−0.019%	$46.9M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.019	−0.015%	$225.4M	$103.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.974	−0.063%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.005	−0.030%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.933	−0.107%	$28.9M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.985	−0.051%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.976	−0.061%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.000	−0.035%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERPlong	+0.0100%	1h	93.033	long leg	—	$454K	5x
Polymarket Perps HYPE-USD	+0.0100%	1h	93.021	−0.013%	$492K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.977	−0.060%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.055	+0.024%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.999	−0.036%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.984	−0.053%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.961	−0.077%	$18.3M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.055	+0.024%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.020	−0.014%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.850	−0.197%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.164	+0.141%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	92.978	−0.059%	$76K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0264%	4h	92.987	−0.049%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.076	+0.046%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.016	−0.018%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0341%	1h	93.089	+0.060%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.106	+0.078%	$20.8M	$29.0M	50x	as long as short