Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.045%

Price spread now: MEXC against Hyperliquid+0.045%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$140.140% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.082%−$8 on $10k

Price spread, last 7 days−0.036%−$4 · spread now +0.045%, 7d avg −0.004%

Together, before fees−0.118%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: MEXC is 0.049% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid HYPE	93.345	0.0100	pay 0.0013% / 1h	1m 43s	$2.03B	$665.9M	10x
Short	MEXC HYPE_USDT	93.387	0.0100	get 0.0050% / 4h	3h 01m	$91.9M	$81.7M	100x

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 +0.045%Rate

Funding earned: $0
Price spread: +0.045% → −0.004%: $4.93
Slippage, 4 orders: −$0.95
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$9.02
Costs to cover: 0.140%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; MEXC: live order book, 2 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, 12 min ago	0.16 bp	5.1 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 2 min ago	0.05 bp	2.1 bp −$2	4.7 bp −$47	11.3 bp −$1,134	37.1 bp −$18.6K

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
Hibachi HYPE/USDT-P	−0.1880%	1h	93.444	+0.106%	$197K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0325%	1h	93.243	−0.110%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.213	−0.142%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.324	−0.023%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0043%	4h	93.242	−0.110%	$146K	$669K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0014%	1h	93.240	−0.113%	$702K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0010%	1h	93.233	−0.120%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.328	−0.018%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.277	−0.073%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.279	−0.070%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	93.249	−0.103%	$87K	$366K	20x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.380	+0.037%	$317.8M	$283.8M	75x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	93.293	−0.056%	$12.6M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	93.446	+0.108%	$209K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0028%	4h	93.308	−0.040%	$225.9M	$99.0M	75x	as long as short
Gate HYPE_USDT	+0.0050%	4h	93.306	−0.042%	$45.8M	$55.2M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.232	−0.121%	$76K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.371	+0.028%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.347	+0.002%	$16.0M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.329	−0.017%	$3.1M	$11.7M	20x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	93.361	+0.017%	$5.0M	$29.8M	30x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.240	−0.113%	$12K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.264	−0.086%	$6.8M	$47.1M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	93.345	long leg	$2.03B	$665.9M	10x
Aster HYPEUSDT	+0.0100%	4h	93.337	−0.009%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.369	+0.026%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.350	+0.005%	$374.5M	$909.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.400	+0.059%	$114.6M	$306.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.018%	$203K	$3K	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	93.387	+0.045%	$91.9M	$81.7M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.386	+0.044%	$46.1M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.301	−0.047%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.309	−0.039%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.319	−0.028%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	+0.066%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.261	−0.090%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.424	+0.085%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.318	−0.029%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.270	−0.080%	$489K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.237	−0.116%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.233	−0.120%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.294	−0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.260	−0.091%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.400	+0.059%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.256	−0.095%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.254	−0.097%	$394K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.340	−0.005%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0150%	8h	93.282	−0.068%	$1.8M	$5.5M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.327	−0.019%	$20.7M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.360	+0.016%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.238	−0.115%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.266	−0.084%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.308	−0.040%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0404%	1h	93.351	+0.006%	$7.5M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.303	−0.045%	$3.2M	$6.3M	20x	as long as short