Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0095%/8h= −10.4% APRpaid last 24h −0.023%

Price spread now: gTrade (Gains Network) against MEXC+0.031%7-day average — · you sell dearer than you buy

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

Long on MEXC Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. gTrade (Gains Network) is 0.031% dearer against MEXC than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 26 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	93.791	0.0100	pay 0.0050% / 4h	3h 31m	$90.5M	$81.8M	100x
Short	gTrade (Gains Network) HYPE/USD	93.820	L +0.0002% / S −0.0005%	get 0.0001% / 1h	31m 10s	$44K	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now +0.031%Rate

Funding earned: −$19.94
Price spread: +0.031% → 0.000%: $3.09
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$30.85
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: MEXC: live order book, 3 min ago; gTrade (Gains Network): no order-book sample. 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 MEXC live order book, 3 min ago	0.05 bp	2.1 bp −$2	5.2 bp −$52	13.5 bp −$1,354	42.0 bp −$21.0K
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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
Hibachi HYPE/USDT-P	−0.1328%	1h	93.515	−0.294%	$197K	$237K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.705	−0.092%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0045%	1h	93.452	−0.362%	$22K	$22K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.723	−0.072%	$128K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.757	−0.036%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.803	+0.012%	$23K	$352K	10x	as long as short
gTrade (Gains Network) HYPE/USDshort	L +0.0002% / S −0.0005%	1h	93.820	+0.031%	$44K	—	150x
Gate HYPE_USDT	+0.0004%	4h	93.787	−0.004%	$44.3M	$56.1M	75x	as long as short
01 Exchange HYPEUSD	+0.0016%	1h	93.814	+0.025%	$89K	$327K	20x	as long as short
Aster HYPEUSDT	+0.0026%	4h	93.790	−0.001%	$9.0M	$36.6M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0056%	8h	93.774	−0.018%	$326.4M	$285.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0066%	1h	93.929	+0.147%	$18.7M	$24.1M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0092%	4h	93.784	−0.007%	$183K	$505K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.709	−0.087%	$211K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.842	+0.055%	$18.9M	$57.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.827	+0.038%	$3.1M	$12.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.773	−0.019%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.740	−0.054%	$23K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.709	−0.087%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.729	−0.067%	$10.0M	$14.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.794	+0.003%	$390.7M	$878.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.785	−0.006%	$114.8M	$316.9M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.630	−0.172%	$703K	$951K	10x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.706	−0.091%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.684	−0.114%	$205K	$9K	10x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	93.791	long leg	$90.5M	$81.8M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.800	+0.010%	$46.5M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.800	+0.010%	$227.4M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.795	+0.004%	—	$54.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.843	+0.055%	$8.0M	$11.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.336	−0.485%	$28.7M	$49.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.544	−0.263%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.512	−0.297%	$457K	$935K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.497	−0.313%	$676K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.775	−0.017%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.828	+0.039%	$492K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.785	−0.006%	$113K	$574K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.803	+0.013%	$76K	$169K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.763	−0.030%	$16.5M	$6.9M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.828	+0.039%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.794	+0.003%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.743	−0.051%	$12.8M	$2.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.745	−0.050%	$342K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.784	−0.008%	$18.2M	$40.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.780	−0.012%	$399K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.491	−0.320%	$5.1M	$28.9M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.850	+0.063%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0243%	1h	93.797	+0.006%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0254%	1h	93.590	−0.214%	$30K	$182K	12x	as long as short
Hyperliquid HYPE	+0.0324%	1h	93.897	+0.113%	$2.04B	$661.8M	10x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0336%	1h	93.894	+0.110%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.795	+0.004%	$17.2M	$12.3M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0342% / S −0.0168%	1h	93.767	−0.026%	$1.4M	—	100x	as long as short
RISEx HYPE/USDC	+0.0422%	1h	93.808	+0.018%	$2.8M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0493%	4h	93.950	+0.170%	$1.5M	$7.5M	75x	as long as short