Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0238%/8h= −26.1% APRpaid last 24h −0.077%

Price spread now: Bitget against GMX−0.059%7-day average −0.037% · you buy dearer than you sell

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.195%−$20 on $10k

Price spread, last 3 days (all we have)−0.329%−$33 · spread now −0.059%, 7d avg −0.037%

Together, before fees−0.524%−$52 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Bitget is 0.021% cheaper against GMX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	93.317	L +0.0338% / S −0.0165%	pay 0.0042% / 1h	58m 22s	$1.4M	—	100x
Short	Bitget HYPEUSDT	93.262	0.0100	get 0.0050% / 4h	2h 58m	$226.6M	$103.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. 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 GMXbpFee BitgetbpOrdersPrice spread, now −0.059%Rate

Funding earned: −$50.02
Price spread: −0.059% → −0.037%: −$2.11
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$76.13
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 6 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 6 min ago	0.05 bp	8.3 bp −$8	11.2 bp −$112	21.0 bp −$2,097	doesn't fit

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	−0.1368%	1h	93.352	+0.038%	$197K	$240K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0154%	1h	93.290	−0.029%	$700K	$952K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.310	−0.007%	$89K	$342K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.371	+0.058%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0068%	1h	93.398	+0.088%	$22K	$22K	10x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.301	−0.017%	$56K	$1.2M	50x	as long as short
Bullet HYPE-USD	−0.0006%	1h	93.292	−0.027%	$112K	$583K	20x	as long as short
Gate HYPE_USDT	−0.0006%	4h	93.295	−0.023%	$44.1M	$56.0M	75x	as long as short
SoDEX HYPE-USD	−0.0003%	1h	93.247	−0.075%	$2.0M	$2.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.425	+0.116%	$127K	$33K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERP	0.0000%	8h	93.452	+0.145%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.356	+0.043%	$24K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.311	−0.006%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	93.305	−0.013%	$8.9M	$36.6M	300x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.252	−0.069%	$325.0M	$289.4M	75x	as long as short
Bluefin HYPE-PERP	+0.0057%	1h	93.273	−0.047%	$76K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.225	−0.098%	$16.4M	$7.1M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0078%	4h	93.298	−0.020%	$180K	$537K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.444	+0.136%	$216K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.315	−0.002%	$18.6M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.281	−0.038%	$3.1M	$12.3M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.360	+0.046%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.332	+0.016%	$6.0M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.367	+0.054%	$2.03B	$673.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.360	+0.046%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.262	−0.059%	$386.0M	$893.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.241	−0.081%	$114.6M	$317.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.320	+0.004%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.386	+0.075%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.299	−0.019%	$92.4M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.308	−0.009%	$46.3M	$19.6M	75x	as long as short
Bitget HYPEUSDTshort	+0.0100%	4h	93.262	−0.059%	$226.6M	$103.1M	75x
BingX HYPE-USDT	+0.0100%	4h	93.277	−0.042%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.395	+0.084%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.466	+0.160%	$28.9M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.411	+0.101%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.411	+0.101%	$406K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.419	+0.110%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.365	+0.052%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.330	+0.014%	$503K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.337	+0.022%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.290	−0.029%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.361	+0.048%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.236	−0.087%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.282	−0.037%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.404	+0.094%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.380	+0.068%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.293	−0.025%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.340	+0.025%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0286%	1h	93.359	+0.045%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0338% / S −0.0165%	1h	93.317	long leg	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	93.363	+0.050%	$17.2M	$12.7M	75x	as long as short
HTX HYPE-USDT	+0.0441%	4h	93.450	+0.143%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.370	+0.057%	$2.7M	$6.9M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.388	+0.076%	$18.7M	$24.8M	50x	as long as short