Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0500%/8h= −54.8% APRpaid last 24h −0.010%

Price spread now: MEXC against Kraken Futures−0.075%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Kraken Futures Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 3 days (all we have)+0.075%+$7 · spread now −0.075%, 7d avg −0.030%

Together, before fees−0.001%$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and MEXC is 0.045% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.030%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.076% in total (about -4.0% 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	Kraken Futures PF_HYPEUSD	94.137	0.0576	pay 0.0072% / 1h	42m 17s	$21.0M	$29.2M	50x
Short	MEXC HYPE_USDT	94.067	0.0076	get 0.0038% / 4h	42m 17s	$88.8M	$81.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Kraken Futures. 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 Kraken FuturesbpFee MEXCbpOrdersPrice spread, now −0.075%Rate

Funding earned: −$105.09
Price spread: −0.075% → −0.030%: −$4.46
Slippage, 4 orders: −$5.14
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$128.69
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 2 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 Kraken Futures live order book, 2 min ago	1.01 bp	9.0 bp −$9	13.6 bp −$136	21.9 bp −$2,188	70.7 bp −$35.3K
Sell MEXC live order book, 2 min ago	0.05 bp	2.1 bp −$2	2.5 bp −$25	11.9 bp −$1,192	38.1 bp −$19.1K

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	−0.0616%	1h	94.235	+0.104%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0418%	1h	94.131	−0.007%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.982	−0.165%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.076	−0.065%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.120	−0.018%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.053	−0.089%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.072	−0.070%	$27K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0002%	1h	94.030	−0.114%	$705K	$908K	10x	as long as short
Phoenix HYPE	+0.0009%	1h	94.301	+0.174%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0009%	4h	94.055	−0.088%	$164K	$577K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0021%	8h	94.020	−0.125%	$323.8M	$282.5M	75x	as long as short
01 Exchange HYPEUSD	+0.0032%	1h	94.030	−0.114%	$86K	$364K	20x	as long as short
Aster HYPEUSDT	+0.0039%	4h	94.075	−0.066%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0061%	8h	94.015	−0.130%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.026	−0.118%	$44.2M	$58.4M	75x	as long as short
Binance HYPEUSDT	+0.0074%	4h	94.024	−0.121%	$384.9M	$891.2M	75x	as long as short
Derive HYPE-PERP	+0.0076%	1h	93.986	−0.160%	$16.5M	$7.1M	10x	as long as short
MEXC HYPE_USDTshort	+0.0076%	4h	94.067	−0.075%	$88.8M	$81.2M	100x
edgeX HYPEUSDC	+0.0087%	4h	94.189	+0.055%	$5.1M	$29.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.067	−0.075%	$19.0M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.055	−0.088%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.045	−0.098%	$63K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.071	−0.070%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.040%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.035	−0.109%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.098	−0.042%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.026	−0.118%	$116.0M	$319.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.045%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.061	−0.081%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.039	−0.105%	$227.8M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.037	−0.107%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.103	−0.037%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.203	+0.070%	$31.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.223	+0.091%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.200	+0.066%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.233	+0.102%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.105	−0.035%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.062	−0.080%	$492K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.025	−0.120%	$112K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.025	−0.119%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.046	−0.097%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.026	−0.118%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.160	+0.024%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.009	−0.136%	$18.4M	$42.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.038	−0.106%	$400K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	94.095	−0.045%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.080	−0.061%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0226%	4h	94.232	+0.100%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.029	−0.116%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.097	−0.043%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0309%	4h	94.057	−0.085%	$17.0M	$12.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.053	−0.090%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0398%	1h	94.143	+0.006%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0508%	1h	94.123	−0.015%	$2.05B	$668.8M	10x	as long as short
Kraken Futures PF_HYPEUSDlong	+0.0576%	1h	94.137	long leg	$21.0M	$29.2M	50x