Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0006%/8h= +0.6% APRpaid last 24h −0.012%

Price spread now: MEXC against Paradex−0.118%7-day average −0.007% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$160.162% of the position

Long on Paradex Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.257%+$26 · spread now −0.118%, 7d avg −0.007%

Together, before fees+0.253%+ Points / potential airdropParadex: Active · farm board+$25 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: MEXC is 0.111% cheaper against Paradex than usual: you would sell low and buy high, −$11 on $10k if it goes back to its 7-day average of −0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	94.211	0.0094	pay 0.0094% / 8h	2h 01m	$342K	$158K	20x
Short	MEXC HYPE_USDT	94.100	0.0100	get 0.0050% / 4h	2h 01m	$90.8M	$82.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Paradex. 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 ParadexbpFee MEXCbpOrdersPrice spread, now −0.118%Rate

Funding earned: $1.18
Price spread: −0.118% → −0.007%: −$11.12
Slippage, 4 orders: −$8.23
Fee Paradex: 2 bp × 2 orders: −$4
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$26.18
Costs to cover: 0.162%
Break-even: 162.0 days

Slippage from Paradex: live order book, 48 min ago; MEXC: live order book, 3 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 Paradex live order book, 48 min ago	3.73 bp	5.7 bp −$6	10.8 bp −$108	doesn't fit	doesn't fit
Sell MEXC live order book, 3 min ago	0.26 bp	2.3 bp −$2	3.7 bp −$37	12.0 bp −$1,204	32.0 bp −$16.0K

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	−0.1280%	1h	94.260	+0.052%	$202K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0287%	1h	94.275	+0.068%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	+0.124%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	94.043	−0.178%	$150K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	94.076	−0.143%	$112K	$580K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.272	+0.064%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.185	−0.028%	$86K	$372K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.210	−0.001%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.098	−0.120%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	94.153	−0.062%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0014%	4h	94.081	−0.138%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0019%	8h	94.058	−0.162%	$317.7M	$287.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.438	+0.241%	$211K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.073	−0.146%	$226.9M	$99.4M	75x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	94.206	−0.005%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0057%	1h	94.130	−0.086%	$709K	$1.2M	10x	as long as short
Paradex HYPE-USD-PERPlong	+0.0094%	8h	94.211	long leg	$342K	$158K	20x
edgeX HYPEUSDC	+0.0095%	4h	94.230	+0.020%	$5.0M	$30.5M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.191	−0.021%	$16.4M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.203	−0.008%	$3.2M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.169	−0.045%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.180	−0.033%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.074	−0.145%	$6.2M	$49.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.198	−0.014%	$2.06B	$680.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.111	−0.106%	$8.9M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.215	+0.004%	$10.2M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.094	−0.124%	$378.2M	$926.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.088	−0.131%	$116.3M	$317.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.003%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.077	−0.142%	$48.2M	$55.9M	75x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	94.100	−0.118%	$90.8M	$82.9M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	94.103	−0.115%	$46.5M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.247	+0.038%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.388	+0.188%	$28.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.307	+0.102%	$7.7M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.313	+0.108%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.247	+0.038%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.238	+0.029%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.145	−0.070%	$478K	$2.8M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.046	−0.175%	$80K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	94.065	−0.155%	$16.4M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.302	+0.097%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.206	−0.005%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.416	+0.218%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.134	−0.082%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.067	−0.153%	$398K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.327	+0.123%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.610	+0.424%	$31K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.230	+0.020%	$4.7M	$6.1M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0270%	1h	94.291	+0.085%	$7.5M	$4.1M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.075	−0.145%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.099	−0.119%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0338%	1h	94.299	+0.093%	$21.0M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.285	+0.079%	$16.8M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.217	+0.007%	$3.2M	$6.3M	20x	as long as short