Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0150%/8h= +16.4% APRpaid last 24h +0.030%

Price spread now: GMX against BingX+0.136%7-day average +0.025% · you sell dearer than you buy

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

Long on BingX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.125%+$12 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now +0.136%, 7d avg +0.025%

Together, before fees+0.060%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and GMX is 0.111% dearer against BingX than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	93.484	0.0004	pay 0.0002% / 4h	1h 42m	—	$53.7M	—
Short	GMX HYPE/USD [WBTC.b-USDC]	93.612	L +0.0332% / S −0.0154%	get 0.0019% / 1h	42m 35s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BingX. 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 BingXbpFee GMXbpOrdersPrice spread, now +0.136%Rate

Funding earned: $31.5
Price spread: +0.136% → +0.025%: $11.14
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $20.64
Costs to cover: 0.220%
Break-even: 2.4 days

Slippage unknown: BingX: live order book, 11 min ago; GMX: 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 BingX live order book, 11 min ago	0.11 bp	5.7 bp −$6	8.8 bp −$88	12.1 bp −$1,206	16.8 bp −$8,387
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.1080%	1h	93.575	+0.097%	$198K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0222%	1h	93.705	+0.237%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.470	−0.015%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.561	+0.082%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.561	+0.082%	$86K	$370K	20x	as long as short
Bullet HYPE-USD	−0.0064%	1h	93.577	+0.100%	$111K	$580K	20x	as long as short
Bluefin HYPE-PERP	−0.0030%	1h	93.542	+0.062%	$79K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.534	+0.053%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.525	+0.044%	$128K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.632	+0.158%	$1.8M	$5.6M	2.3x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.612	+0.137%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.610	+0.135%	$83K	—	150x	as long as short
BingX HYPE-USDTlong	+0.0004%	4h	93.484	long leg	—	$53.7M	—
Bybit HYPEUSDT	+0.0005%	8h	93.480	−0.004%	$315.6M	$288.7M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.654	+0.182%	$209K	$1.1M	10x	as long as short
Derive HYPE-PERP	+0.0023%	1h	93.501	+0.019%	$16.3M	$7.4M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.507	+0.025%	$225.4M	$99.6M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.536	+0.056%	$334K	$161K	20x	as long as short
Phemex HYPEUSDT	+0.0082%	8h	93.540	+0.060%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	93.576	+0.098%	$5.0M	$30.6M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.486	+0.002%	$1.0M	$4.0M	10x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	93.510	+0.028%	$78K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.509	+0.027%	$16.1M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.508	+0.026%	$3.1M	$11.1M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	+0.006%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.513	+0.030%	$7.4M	$51.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.600	+0.124%	$2.05B	$683.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.511	+0.029%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.537	+0.057%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.519	+0.037%	$374.8M	$931.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.495	+0.012%	$115.5M	$315.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.487	+0.003%	$48.3M	$55.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.501	+0.018%	$89.8M	$83.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.495	+0.012%	$46.2M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.520	+0.039%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.579	+0.101%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.664	+0.193%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.589	+0.112%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.611	+0.136%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.575	+0.098%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.514	+0.032%	$469K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.612	+0.137%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.517	+0.035%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.650	+0.178%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.507	+0.025%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.471	−0.014%	$18.2M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.524	+0.043%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.600	+0.124%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.450	−0.036%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.479	−0.006%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0284%	1h	93.619	+0.144%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0332% / S −0.0154%	1h	93.612	+0.136%	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	93.516	+0.034%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.603	+0.127%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.553	+0.074%	$3.2M	$6.4M	20x	as long as short