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: Hyperliquid against MEXC+0.047%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$6as in the Funding arb table

Net, price: spread back to 7d avg − costs−$10as in the Price arb table

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

Long on MEXC Short on Hyperliquid

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−0.056%−$6 · spread now +0.047%, 7d avg +0.004%

Together, before fees+0.026%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 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: Hyperliquid is 0.043% dearer against MEXC than usual: you sell high and buy low, +$4 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	MEXC HYPE_USDT	93.436	0.0100	pay 0.0050% / 4h	3h 01m	$91.9M	$81.7M	100x
Short	Hyperliquid HYPE	93.480	0.0100	get 0.0013% / 1h	1m 26s	$2.03B	$665.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.047%Rate

Funding earned: $0
Price spread: +0.047% → +0.004%: $4.26
Slippage, 4 orders: −$0.95
Fee MEXC: 2 bp × 2 orders: −$4
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$9.69
Costs to cover: 0.140%
Break-even: never at this rate

Slippage from MEXC: live order book, 3 min ago; Hyperliquid: live order book, 13 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, 3 min ago	0.05 bp	2.1 bp −$2	3.7 bp −$37	14.1 bp −$1,413	45.1 bp −$22.5K
Sell Hyperliquid live order book, 13 min ago	0.16 bp	4.8 bp −$5	5.4 bp −$54	doesn't fit	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	−0.1872%	1h	93.114	−0.345%	$196K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0335%	1h	93.287	−0.159%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.373	−0.067%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.316	−0.128%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0041%	4h	93.402	−0.036%	$146K	$664K	20x	as long as short
Bullet HYPE-USD	−0.0012%	1h	93.395	−0.044%	$112K	$578K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0008%	1h	93.330	−0.113%	$703K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.328	−0.115%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.404	−0.035%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.436	0.000%	$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	93.440	+0.004%	$87K	$366K	20x	as long as short
Phemex HYPEUSDT	+0.0024%	8h	93.293	−0.153%	$12.6M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.406	−0.032%	$317.9M	$283.9M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.446	+0.011%	$209K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0026%	4h	93.406	−0.032%	$226.1M	$99.0M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.410	−0.028%	$77K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.417	−0.020%	$45.9M	$55.2M	75x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.336	−0.107%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.371	−0.069%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.347	−0.095%	$16.0M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.329	−0.115%	$3.1M	$11.7M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.400	−0.039%	$12K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.419	−0.018%	$7.5M	$47.5M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.480	+0.047%	$2.03B	$665.9M	10x
Aster HYPEUSDT	+0.0100%	4h	93.421	−0.016%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.369	−0.072%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.422	−0.015%	$374.8M	$909.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.409	−0.029%	$114.7M	$306.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.116%	$203K	$3K	10x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	93.436	long leg	$91.9M	$81.7M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.450	+0.015%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.412	−0.026%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.309	−0.136%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.319	−0.126%	$28.8M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.031%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.335	−0.108%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.244	−0.205%	$666K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.441	+0.005%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.456	+0.021%	$490K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.393	−0.046%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.388	−0.052%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.294	−0.152%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.260	−0.188%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.400	−0.039%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.375	−0.066%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.398	−0.041%	$395K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.340	−0.103%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0150%	8h	93.282	−0.165%	$1.8M	$5.5M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.327	−0.116%	$20.7M	$29.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.360	−0.081%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.436	0.000%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.442	+0.007%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.308	−0.137%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0404%	1h	93.351	−0.091%	$7.5M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	93.465	+0.031%	$3.2M	$6.3M	20x	as long as short