Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0340%/8h= −37.3% APRpaid last 24h −0.094%

Price spread now: Gate against GMX−0.023%7-day average −0.036% · you buy dearer than you sell

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

Long on GMX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.205%−$20 on $10k

Price spread, last 3 days (all we have)−0.260%−$26 · spread now −0.023%, 7d avg −0.036%

Together, before fees−0.465%−$46 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.036%, so right now this pair is about funding alone: −$10 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	93.315	L +0.0338% / S −0.0165%	pay 0.0042% / 1h	56m 06s	$1.4M	—	100x
Short	Gate HYPE_USDT	93.293	−0.0002	pay 0.0001% / 4h	2h 56m	$44.1M	$56.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.023%Rate

Funding earned: −$71.48
Price spread: −0.023% → −0.036%: $1.28
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$97.2
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Gate: live order book, 3 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 Gate live order book, 3 min ago	0.05 bp	10.2 bp −$10	13.6 bp −$136	28.1 bp −$2,806	51.9 bp −$25.9K

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	−0.1360%	1h	93.304	−0.011%	$197K	$239K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0119%	1h	93.260	−0.059%	$699K	$952K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.253	−0.066%	$89K	$340K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0084%	1h	93.353	+0.042%	$22K	$22K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.294	−0.022%	$3K	$331	25x	as long as short
Gate HYPE_USDTshort	−0.0002%	4h	93.293	−0.023%	$44.1M	$56.1M	75x
dYdX HYPE-USD	0.0000%	1h	93.341	+0.028%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.387	+0.078%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.252	−0.067%	$24K	$343K	10x	as long as short
Aster HYPEUSDT	+0.0002%	4h	93.288	−0.028%	$8.9M	$36.5M	300x	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 −0.0001%	1h	93.320	+0.005%	$20K	—	150x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.252	−0.067%	$56K	$1.2M	50x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.260	−0.059%	$325.1M	$288.4M	75x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.253	−0.066%	$16.4M	$7.1M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0078%	4h	93.304	−0.011%	$180K	$536K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.444	+0.139%	$216K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.360	+0.048%	$18.5M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.318	+0.004%	$3.1M	$12.3M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.300	−0.016%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.300	−0.015%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.350	+0.038%	$2.03B	$674.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.327	+0.013%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.280	−0.037%	$386.1M	$891.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.272	−0.046%	$114.6M	$316.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.246	−0.074%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.386	+0.077%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.291	−0.025%	$91.9M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.311	−0.004%	$46.2M	$19.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.303	−0.012%	$226.7M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.282	−0.035%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.321	+0.007%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.466	+0.163%	$28.9M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.403	+0.095%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.402	+0.094%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.361	+0.050%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.317	+0.003%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.304	−0.011%	$493K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.282	−0.035%	$112K	$583K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.306	−0.009%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.263	−0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.314	−0.001%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.348	+0.036%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.327	+0.013%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.297	−0.019%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.324	+0.010%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.382	+0.073%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.380	+0.070%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.284	−0.032%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.220	−0.101%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0338% / S −0.0165%	1h	93.315	long leg	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	93.309	−0.006%	$17.2M	$12.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0371%	1h	93.406	+0.098%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0425%	4h	93.442	+0.137%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.319	+0.004%	$2.7M	$6.9M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.449	+0.143%	$18.7M	$24.8M	50x	as long as short