Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0214%/8h= −23.5% APRpaid last 24h −0.036%

Price spread now: MEXC against RISEx−0.034%7-day average +0.009% · 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−$16as in the Price arb table

costs, in and out, $10k−$120.117% of the position

Long on RISEx Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.117%−$12 on $10k

Price spread, last 7 days+0.003%$0 · spread now −0.034%, 7d avg +0.009%

Together, before fees−0.115%−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and MEXC is 0.043% cheaper against RISEx than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	94.159	0.0284	pay 0.0036% / 1h	38m 22s	$2.8M	$6.9M	20x
Short	MEXC HYPE_USDT	94.127	0.0070	get 0.0035% / 4h	38m 22s	$88.9M	$81.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against RISEx. 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 RISExbpFee MEXCbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$44.98
Price spread: −0.034% → +0.009%: −$4.32
Slippage, 4 orders: −$1.7
Fee RISEx: 3 bp × 2 orders: −$6
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$61
Costs to cover: 0.117%
Break-even: never at this rate

Slippage from RISEx: live order book, 1 min ago; MEXC: live order book, 6 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 RISEx live order book, 1 min ago	0.69 bp	3.9 bp −$4	6.0 bp −$60	doesn't fit	doesn't fit
Sell MEXC live order book, 6 min ago	0.05 bp	2.1 bp −$2	2.5 bp −$25	11.9 bp −$1,192	38.1 bp −$19.1K

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	−0.0672%	1h	93.967	−0.204%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0412%	1h	94.117	−0.045%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.003	−0.166%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.099	−0.064%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0016%	1h	94.010	−0.159%	$704K	$908K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.120	−0.041%	$128K	$30K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.125	−0.036%	$87K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.152	−0.008%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.150	−0.010%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0008%	4h	94.121	−0.041%	$164K	$579K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0009%	1h	94.116	−0.046%	$215K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.110	−0.052%	$324.0M	$282.7M	75x	as long as short
Aster HYPEUSDT	+0.0035%	4h	94.088	−0.076%	$8.9M	$35.9M	300x	as long as short
Derive HYPE-PERP	+0.0052%	1h	94.062	−0.103%	$16.5M	$7.1M	10x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.071	−0.094%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDTshort	+0.0070%	4h	94.127	−0.034%	$88.9M	$81.2M	100x
Binance HYPEUSDT	+0.0071%	4h	94.123	−0.039%	$385.0M	$891.2M	75x	as long as short
edgeX HYPEUSDC	+0.0076%	4h	94.051	−0.115%	$5.1M	$29.8M	30x	as long as short
Gate HYPE_USDT	+0.0080%	4h	94.123	−0.039%	$44.6M	$58.7M	75x	as long as short
Lighter HYPE	+0.0096%	1h	94.131	−0.030%	$19.0M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.111	−0.051%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.130	−0.031%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.131	−0.030%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.090	−0.073%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	+0.001%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.124	−0.037%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.120	−0.042%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.116	−0.046%	$116.1M	$320.1M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.137	−0.024%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.131	−0.030%	$228.0M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.127	−0.034%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.099	−0.064%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.033	−0.134%	$31.4M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.098	−0.065%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.049	−0.117%	$335K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.077	−0.087%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.142	−0.018%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.144	−0.016%	$492K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.112	−0.050%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.125	−0.036%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.124	−0.038%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.123	−0.039%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.042%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.000	−0.169%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.106	−0.056%	$18.4M	$42.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0134%	8h	94.120	−0.042%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.200	+0.043%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.257	+0.104%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.120	−0.042%	$77K	$142K	15x	as long as short
BloFin HYPE-USDT	+0.0283%	4h	94.068	−0.097%	$17.0M	$12.6M	75x	as long as short
RISEx HYPE/USDClong	+0.0284%	1h	94.159	long leg	$2.8M	$6.9M	20x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.141	−0.020%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0419%	1h	94.229	+0.074%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0421%	1h	94.211	+0.055%	$2.05B	$667.1M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.224	+0.069%	$21.1M	$29.2M	50x	as long as short