Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0498%/8h= +54.5% APRpaid last 24h +0.057%

Price spread now: RISEx against MEXC+0.022%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$140.138% of the position

Long on MEXC Short on RISEx

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.134%+$13 on $10k

Price spread, last 7 days−0.021%−$2 · spread now +0.022%, 7d avg −0.008%

Together, before fees+0.113%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and RISEx is 0.031% dearer against MEXC than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.008%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.134% in total (about 13.5% 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	MEXC HYPE_USDT	93.298	0.0100	pay 0.0050% / 4h	3h 06m	$91.9M	$81.6M	100x
Short	RISEx HYPE/USDC	93.319	0.0598	get 0.0075% / 1h	6m 49s	$3.2M	$6.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

RISEx 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 RISExbpOrdersPrice spread, now +0.022%Rate

Funding earned: $104.52
Price spread: +0.022% → −0.008%: $3.06
Slippage, 4 orders: −$3.84
Fee MEXC: 2 bp × 2 orders: −$4
Fee RISEx: 3 bp × 2 orders: −$6
Net: $93.74
Costs to cover: 0.138%
Break-even: 0.7 days

Slippage from MEXC: live order book, 2 min ago; RISEx: 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	5.4 bp −$54	11.8 bp −$1,182	42.0 bp −$21.0K
Sell RISEx live order book, 2 min ago	0.64 bp	3.6 bp −$4	4.7 bp −$47	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	−0.1840%	1h	93.067	−0.247%	$194K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0321%	1h	93.108	−0.204%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	93.227	−0.076%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.241	−0.061%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.218	−0.086%	$146K	$670K	20x	as long as short
Bullet HYPE-USD	−0.0007%	1h	93.186	−0.120%	$111K	$578K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.247	−0.055%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.250	−0.051%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.237	−0.066%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0003%	1h	93.050	−0.266%	$700K	$1.1M	10x	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	93.283	−0.016%	$87K	$365K	20x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	93.195	−0.110%	$12.6M	$2.7M	50x	as long as short
Phoenix HYPE	+0.0026%	1h	93.132	−0.178%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.310	+0.013%	$318.0M	$284.4M	75x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	93.264	−0.036%	$225.6M	$98.8M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.257	−0.044%	$76K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.063	−0.252%	$4.9M	$29.8M	30x	as long as short
Gate HYPE_USDT	+0.0086%	4h	93.298	0.000%	$45.7M	$55.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.285	−0.014%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.251	−0.051%	$16.1M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.264	−0.036%	$3.1M	$11.7M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.230	−0.073%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.250	−0.051%	$6.9M	$46.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.301	+0.003%	$2.03B	$664.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.306	+0.009%	$8.7M	$36.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.279	−0.020%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.307	+0.010%	$374.4M	$909.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.323	+0.027%	$114.4M	$306.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.125	−0.185%	$203K	$3K	10x	as long as short
MEXC HYPE_USDTlong	+0.0100%	4h	93.298	long leg	$91.9M	$81.6M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.252	−0.049%	$46.2M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.291	−0.008%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.278	−0.021%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.028	−0.290%	$28.6M	$56.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.054	−0.262%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.080	−0.234%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.136	−0.174%	$666K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.279	−0.020%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.271	−0.029%	$489K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.243	−0.059%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.222	−0.081%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.288	−0.011%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.243	−0.059%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.379	+0.087%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.263	−0.037%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.245	−0.056%	$394K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0128%	8h	93.316	+0.019%	$1.8M	$5.5M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.260	−0.041%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0196%	1h	93.325	+0.029%	$20.8M	$29.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.410	+0.120%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.211	−0.093%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.231	−0.071%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.196	−0.109%	$16.8M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0458%	1h	93.324	+0.028%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDCshort	+0.0598%	1h	93.319	+0.022%	$3.2M	$6.2M	20x