Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0084%/8h= −9.2% APRpaid last 24h +0.012%

Price spread now: Coinbase International against MEXC−0.113%7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$210.212% of the position

Long on MEXC Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now −0.113%, 7d avg −0.028%

Together, before fees−0.064%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Coinbase International is 0.085% cheaper against MEXC than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.028%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	95.007	0.0100	pay 0.0050% / 4h	3h 21m	$96.9M	$88.0M	100x
Short	Coinbase International HYPE-PERP-INTX	94.900	0.0016	get 0.0002% / 1h	21m 52s	$4.7M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against MEXC. 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 MEXCbpFee Coinbase InternationalbpOrdersPrice spread, now −0.113%Rate

Funding earned: −$17.64
Price spread: −0.113% → −0.028%: −$8.45
Slippage, 4 orders: −$7.18
Fee MEXC: 2 bp × 2 orders: −$4
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$47.27
Costs to cover: 0.212%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Coinbase International: 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 MEXC live order book, 2 min ago	0.05 bp	2.1 bp −$2	2.3 bp −$23	3.7 bp −$369	22.6 bp −$11.3K
Sell Coinbase International live order book, 2 min ago	3.17 bp	8.2 bp −$8	13.7 bp −$137	40.3 bp −$4,028	doesn't fit

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	−0.0816%	1h	94.764	−0.256%	$211K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0562%	1h	94.895	−0.118%	$80K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0299%	1h	94.573	−0.457%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0259%	8h	94.872	−0.142%	$12.9M	$2.9M	50x	as long as short
Bullet HYPE-USD	−0.0243%	1h	94.918	−0.094%	$113K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0156%	1h	94.570	−0.460%	$702K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.866	−0.148%	$90K	$364K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.870	−0.144%	$1.0M	$3.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.838	−0.178%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.900	−0.113%	$18.9M	$35.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0010%	8h	94.990	−0.018%	$319.7M	$293.8M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.927	−0.084%	$147K	$676K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	94.973	−0.036%	$52.0M	$55.5M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.826	−0.191%	$130K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.983	−0.025%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.956	−0.054%	$19K	$275K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.947	−0.063%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.372	−0.668%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.891%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTXshort	+0.0016%	1h	94.900	−0.113%	$4.7M	$5.9M	50x
Bitget HYPEUSDT	+0.0032%	4h	94.991	−0.017%	$228.3M	$97.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0039%	1h	94.905	−0.107%	$7.6M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0040%	8h	94.983	−0.025%	$118.4M	$328.7M	50x	as long as short
Vest HYPE-PERP	+0.0042%	1h	94.945	−0.066%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	94.923	−0.089%	$339K	$39K	20x	as long as short
SoDEX HYPE-USD	+0.0058%	1h	94.922	−0.089%	$2.1M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.915	−0.097%	$16.3M	$63.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.918	−0.094%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.891	−0.122%	$150K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	94.374	−0.666%	$5.0M	$30.8M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.880	−0.134%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.873	−0.141%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.056	+0.052%	$2.09B	$672.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.980	−0.028%	$9.0M	$38.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.905	−0.107%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.999	−0.009%	$381.9M	$931.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.835%	$219K	$14K	10x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	95.007	long leg	$96.9M	$88.0M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.953	−0.057%	$47.4M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.967	−0.042%	—	$52.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.267	−0.779%	$29.8M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.416	−0.622%	$7.6M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.358	−0.683%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.612	−0.416%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.962	−0.047%	$501K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.914	−0.098%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.001	−0.006%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.908	−0.104%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.972	−0.037%	$401K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.927	−0.084%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.172%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0161%	1h	95.009	+0.002%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.882	−0.132%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.895	−0.118%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.864	−0.151%	$17.4M	$12.5M	75x	as long as short