Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0319%/8h= −35.0% APRpaid last 24h −0.076%

Price spread now: Bybit against GMX−0.028%51s7-day average −0.040% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.206%−$21 on $10k

Price spread, last 3 days (all we have)−0.031%−$3 · spread now −0.028%, 7d avg −0.040%

Together, before fees−0.237%−$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.040%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	93.664	L +0.0337% / S −0.0163%	pay 0.0042% / 1h	29m 34s	$1.4M	—	100x
Short	Bybit HYPEUSDT	93.637	0.0018	get 0.0018% / 8h	29m 34s	$321.7M	$283.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$67.08
Price spread: −0.028% → −0.040%: $1.2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$88.88
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: 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 Bybit live order book, 5 min ago	0.53 bp	6.0 bp −$6	8.7 bp −$87	20.3 bp −$2,030	46.2 bp −$23.1K

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	−0.0840%	1h	93.550	−0.121%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0353%	1h	93.847	+0.195%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.554	−0.117%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.647	−0.018%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0059%	1h	93.560	−0.111%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.637	−0.028%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.575	−0.095%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	−0.001%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.644	−0.021%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.628	−0.038%	$166K	$583K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.670	+0.007%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	+0.025%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.646	−0.019%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDTshort	+0.0018%	8h	93.637	−0.028%	$321.7M	$283.4M	75x
MEXC HYPE_USDT	+0.0056%	4h	93.649	−0.016%	$87.3M	$81.7M	100x	as long as short
Binance HYPEUSDT	+0.0057%	4h	93.655	−0.009%	$383.2M	$895.2M	75x	as long as short
Phemex HYPEUSDT	+0.0072%	8h	93.665	+0.001%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.817	+0.163%	$5.1M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0084%	4h	93.639	−0.026%	$44.5M	$59.1M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.693	+0.032%	$18.9M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.669	+0.006%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.655	−0.009%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.646	−0.019%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.661	−0.003%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.610	−0.057%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.645	−0.019%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.674	+0.011%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.637	−0.028%	$115.3M	$320.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.041%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.664	0.000%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.655	−0.009%	$226.8M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.647	−0.018%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.662	−0.002%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	−0.106%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	−0.034%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.819	+0.166%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.617	−0.050%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.676	+0.014%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.666	+0.003%	$490K	$2.4M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.617	−0.049%	$111K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.627	−0.039%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.654	−0.010%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.624	−0.042%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.797%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.621	−0.045%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0130%	8h	93.708	+0.047%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.690	+0.028%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.768	+0.111%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0237%	4h	93.601	−0.067%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.650	−0.015%	$77K	$142K	15x	as long as short
Hyperliquid HYPE	+0.0268%	1h	93.692	+0.030%	$2.04B	$676.2M	10x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.693	+0.031%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0337% / S −0.0163%	1h	93.664	long leg	$1.4M	—	100x
Deribit HYPE_USDC-PERPETUAL	+0.0412%	1h	93.743	+0.085%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.707	+0.046%	$20.9M	$29.4M	50x	as long as short