Funding arb · Price arb /

HEMI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0733%/8h= −80.3% APRpaid last 24h −0.101%

Price spread now: MEXC against Hyperliquid−0.213%7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$111as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$590.594% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.511%−$51 on $10k

Price spread, last 7 days+0.028%+$3 · spread now −0.213%, 7d avg −0.082%

Together, before fees−0.483%+ Points / potential airdropHyperliquid: Season 2 · farm board−$48 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and MEXC is 0.131% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.082%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.511% in total (about -26.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HEMI	0.006561	0.0881	pay 0.0110% / 1h	40m 37s	$1.1M	$349K	3x
Short	MEXC HEMI_USDT	0.006547	0.0148	get 0.0074% / 4h	40m 37s	$1.7M	$284K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Hyperliquid. 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 HyperliquidbpFee MEXCbpOrdersPrice spread, now −0.213%Rate

Funding earned: −$153.91
Price spread: −0.213% → −0.082%: −$13.11
Slippage, 4 orders: −$42.43
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 4 bp × 2 orders: −$8
Net: −$226.45
Costs to cover: 0.594%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; MEXC: live order book, 1 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 Hyperliquid live order book, 10 min ago	0.77 bp	5.9 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 1 min ago	1.53 bp	16.4 bp −$16	67.1 bp −$671	328.8 bp −$32.9K	doesn't fit

HEMI on 12 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
BloFin HEMI-USDT	+0.0090%	4h	0.006546	−0.229%	$364K	$57K	20x	as long as short
Aster HEMIUSDT	+0.0100%	4h	0.006540	−0.321%	$75K	$48K	5x	as long as short
Bybit HEMIUSDT	+0.0100%	4h	0.006543	−0.274%	$1.7M	$1.5M	25x	as long as short
KuCoin HEMIUSDTM	+0.0100%	4h	0.006558	−0.046%	$848K	$1.7M	20x	as long as short
Variational Omni HEMI	+0.0100%	4h	0.006536	−0.384%	$23K	$3K	—	as long as short
SunX HEMI-USDT	+0.0100%	4h	0.006689	+1.951%	$2K	$1.2M	20x	as long as short
Binance HEMIUSDT	+0.0146%	4h	0.006548	−0.198%	$6.6M	$10.8M	20x	as long as short
MEXC HEMI_USDTshort	+0.0148%	4h	0.006547	−0.213%	$1.7M	$284K	50x
Extended HEMI-USD	+0.0152%	1h	0.006548	−0.193%	$17K	—	5x	as long as short
BingX HEMI-USDT	+0.0164%	4h	0.006548	−0.198%	—	$1.4M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HEMI_USDT	+0.0244%	4h	0.006552	−0.137%	$511K	$279K	20x	as long as short
Hyperliquid HEMIlong	+0.0881%	1h	0.006561	long leg	$1.1M	$349K	3x