Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0239%/8h= −26.1% APRpaid last 24h −0.069%

Price spread now: MEXC against GMX−0.027%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 MEXC

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.179%−$18 on $10k

Price spread, last 3 days (all we have)−0.106%−$11 · spread now −0.027%, 7d avg −0.008%

Together, before fees−0.286%−$29 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, 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]	93.732	L +0.0339% / S −0.0164%	pay 0.0042% / 1h	25m 29s	$1.4M	—	100x
Short	MEXC HYPE_USDT	93.706	0.0100	get 0.0050% / 4h	2h 25m	$93.8M	$82.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.027%Rate

Funding earned: −$50.09
Price spread: −0.027% → −0.008%: −$1.94
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$68.03
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 4 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 MEXC live order book, 4 min ago	0.05 bp	2.1 bp −$2	2.7 bp −$27	9.9 bp −$991	32.7 bp −$16.3K

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	−0.1000%	1h	93.619	−0.120%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0294%	1h	93.602	−0.139%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0242%	1h	93.630	−0.108%	$702K	$936K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.186%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.721	−0.011%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0033%	1h	93.696	−0.038%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.629	−0.110%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	−0.012%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.718	−0.014%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.730	−0.002%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0024%	4h	93.703	−0.031%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.696	−0.038%	$44.1M	$57.0M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.700	−0.034%	$326.4M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.686	−0.049%	$57K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0066%	4h	93.698	−0.036%	$176K	$535K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.742	+0.011%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.732	0.000%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.716	−0.017%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.708	−0.025%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.720	−0.012%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.702	−0.031%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.782	+0.054%	$2.04B	$670.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.709	−0.024%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.702	−0.031%	$386.5M	$888.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.690	−0.044%	$115.1M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.664	−0.072%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDTshort	+0.0100%	4h	93.706	−0.027%	$93.8M	$82.3M	100x
KuCoin HYPEUSDTM	+0.0100%	4h	93.703	−0.031%	$46.6M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.716	−0.017%	$227.6M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.708	−0.025%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.719	−0.014%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.204%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.613	−0.126%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.545	−0.199%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.686	−0.049%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.721	−0.011%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.746	+0.015%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.713	−0.020%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.696	−0.038%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.679	−0.056%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.656	−0.081%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.187%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.676	−0.059%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.677	−0.058%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0105%	4h	93.554	−0.189%	$5.1M	$29.5M	30x	as long as short
Kalshi KXHYPEPERP	+0.0133%	8h	93.760	+0.030%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0166%	1h	93.783	+0.055%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.690	−0.044%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.704	−0.029%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.500	−0.247%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0316%	4h	93.850	+0.126%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0339% / S −0.0164%	1h	93.732	long leg	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	93.597	−0.144%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.753	+0.023%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.790	+0.062%	$19.2M	$26.0M	50x	as long as short