Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0239%/8h= −26.1% APRpaid last 24h −0.071%

Price spread now: KuCoin against GMX−0.026%7-day average −0.022% · you buy dearer than you sell

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.189%−$19 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now −0.026%, 7d avg −0.022%

Together, before fees−0.228%−$23 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.022%, so right now this pair is about funding alone: −$7 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]	94.268	L +0.0339% / S −0.0157%	pay 0.0042% / 1h	37m 14s	$1.5M	—	100x
Short	KuCoin HYPEUSDTM	94.243	0.0100	get 0.0050% / 4h	3h 37m	$46.7M	$18.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.026%Rate

Funding earned: −$50.09
Price spread: −0.026% → −0.022%: −$0.45
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$74.55
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 2 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 KuCoin live order book, 2 min ago	0.37 bp	12.4 bp −$12	15.5 bp −$155	doesn't fit	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	−0.1464%	1h	94.187	−0.086%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.137	−0.139%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0282%	8h	94.196	−0.076%	$12.8M	$2.6M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	94.083	−0.196%	$22K	$23K	10x	as long as short
dYdX HYPE-USD	−0.0202%	1h	94.245	−0.024%	$129K	$30K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0164%	1h	94.180	−0.093%	$705K	$937K	10x	as long as short
Bullet HYPE-USD	−0.0087%	1h	94.221	−0.050%	$112K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.238	−0.032%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.245	−0.024%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.220	−0.051%	$323.8M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.248	−0.021%	$166K	$598K	20x	as long as short
Gate HYPE_USDT	−0.0006%	4h	94.222	−0.049%	$44.6M	$59.5M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.278	+0.011%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.252	−0.017%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0018%	4h	94.251	−0.018%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	−0.101%	$219K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.229	−0.041%	$89.2M	$82.3M	100x	as long as short
Derive HYPE-PERP	+0.0045%	1h	94.202	−0.070%	$16.5M	$7.3M	10x	as long as short
Binance HYPEUSDT	+0.0046%	4h	94.244	−0.025%	$384.7M	$893.5M	75x	as long as short
Bluefin HYPE-PERP	+0.0055%	1h	94.245	−0.024%	$76K	$171K	20x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	94.030	−0.252%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.244	−0.025%	$116.3M	$319.6M	50x	as long as short
Popdex HYPEUSDT	+0.0088%	1h	94.224	−0.047%	$63K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.296	+0.030%	$19.1M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.260	−0.008%	$3.1M	$12.1M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.231	−0.039%	$401K	$193K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.281	+0.014%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.220	−0.051%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.228	−0.042%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.329	+0.065%	$2.05B	$674.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.263	−0.006%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.243	−0.026%	$46.7M	$18.2M	75x
Bitget HYPEUSDT	+0.0100%	4h	94.243	−0.026%	$228.6M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.235	−0.035%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.265	−0.003%	$7.8M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.010	−0.273%	$31.6M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	−0.236%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.037	−0.245%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.047	−0.234%	$680K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.247	−0.022%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.244	−0.025%	$481K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.325	+0.061%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.244	−0.025%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.157%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.224	−0.047%	$19.2M	$44.0M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.280	+0.013%	$5.0M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0182%	4h	94.242	−0.027%	$17.1M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0198%	8h	94.281	+0.014%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.390	+0.130%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.272	+0.005%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.221	−0.049%	$77K	$144K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0339% / S −0.0157%	1h	94.268	long leg	$1.5M	—	100x
HTX HYPE-USDT	+0.0436%	4h	94.427	+0.169%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0439%	1h	94.340	+0.077%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.333	+0.069%	$21.1M	$29.7M	50x	as long as short