Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0005%/8h= +0.6% APRpaid last 24h −0.005%

Price spread now: BloFin against GMX−0.038%7-day average −0.008% · you buy dearer than you sell

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.025%+$2 on $10k

Price spread, last 4 days (all we have)−0.472%−$47 · spread now −0.038%, 7d avg −0.008%

Together, before fees−0.447%−$45 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: BloFin is 0.030% cheaper against GMX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	93.306	L +0.0331% / S −0.0156%	pay 0.0041% / 1h	38m 56s	$1.4M	—	100x
Short	BloFin HYPE-USDT	93.271	0.0337	get 0.0168% / 4h	1h 38m	$16.9M	$11.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.038%Rate

Funding earned: $1.1
Price spread: −0.038% → −0.008%: −$2.96
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$25.85
Costs to cover: 0.240%
Break-even: 170.8 days

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 5 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 BloFin live order book, 5 min ago	0.37 bp	6.7 bp −$7	9.0 bp −$90	14.1 bp −$1,415	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	−0.1280%	1h	93.334	+0.030%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.167	−0.149%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0185%	1h	93.253	−0.057%	$79K	$170K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.343	+0.039%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0073%	1h	93.270	−0.039%	$700K	$981K	10x	as long as short
Phemex HYPEUSDT	−0.0059%	8h	93.302	−0.005%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.273	−0.036%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.270	−0.039%	$155K	$633K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0040%	1h	93.403	+0.103%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	+0.058%	$128K	$31K	5x	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	93.299	−0.008%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.299	−0.008%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0009%	1h	93.276	−0.032%	$111K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.280	−0.028%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.398	+0.098%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.296	−0.011%	—	$53.1M	—	as long as short
Bybit HYPEUSDT	+0.0033%	8h	93.330	+0.025%	$321.5M	$277.1M	75x	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.270	−0.039%	$44.5M	$54.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.344	+0.040%	$114.1M	$302.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.291	−0.017%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.283	−0.025%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.269	−0.040%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.259	−0.051%	$89.7M	$80.7M	100x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.317	+0.011%	$378.7M	$877.0M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.366	+0.064%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.290	−0.018%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.321	+0.016%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.357	+0.054%	$2.04B	$653.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.327	+0.022%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.293%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.302	−0.005%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.274	−0.035%	$225.6M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.270	−0.039%	$7.4M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.317	+0.011%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.553	+0.264%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.487	+0.194%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.408	+0.109%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.362	+0.060%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.317	+0.011%	$471K	$2.5M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.266	−0.043%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.358	+0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.261	−0.049%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.250	−0.061%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.269	−0.040%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.349	+0.046%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.350	+0.047%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0197%	4h	93.450	+0.154%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.278	−0.030%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.362	+0.060%	$1.9M	$5.1M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0318%	1h	93.368	+0.066%	$7.4M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0331% / S −0.0156%	1h	93.306	long leg	$1.4M	—	100x
BloFin HYPE-USDTshort	+0.0337%	4h	93.271	−0.038%	$16.9M	$11.6M	75x
RISEx HYPE/USDC	+0.0510%	1h	93.364	+0.062%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.220	−0.093%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.323	+0.018%	$20.7M	$30.1M	50x	as long as short