Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC−0.0331%/8h= −36.3% APRpaid last 24h −0.083%

Price spread now: Perpl against GMX−0.008%7-day average −0.014% · you buy dearer than you sell

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

Long on GMX Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.263%−$26 on $10k

Price spread, last 3 days (all we have)−0.033%−$3 · spread now −0.008%, 7d avg −0.014%

Together, before fees−0.296%+ Points / potential airdropPerpl: Active · farm board−$30 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.014%, 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]	93.403	L +0.0331% / S −0.0156%	pay 0.0041% / 1h	5m 59s	$1.4M	—	100x
Short	Perpl HYPE	93.395	0	get 0.0000% / 43m	10m 59s	$22K	$323K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$69.58
Price spread: −0.008% → −0.014%: $0.59
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$94.79
Costs to cover: 0.258%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Perpl: no order-book sample. 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 Perpl no order-book sample	—	—	—	—	—

GMX and Perpl: 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 54 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	−0.1112%	1h	93.252	−0.161%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.271	−0.141%	$1.2M	$3.8M	10x	as long as short
Phemex HYPEUSDT	−0.0084%	8h	93.309	−0.100%	$12.6M	$2.7M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.329	−0.079%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0070%	1h	93.300	−0.110%	$699K	$905K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	93.358	−0.048%	$156K	$645K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.411	+0.009%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0037%	1h	93.519	+0.125%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0009%	4h	93.334	−0.073%	$8.8M	$35.7M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.303	−0.106%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	0.0000%	4h	93.300	−0.110%	$44.2M	$55.4M	75x	as long as short
Perpl HYPEshort	0.0000%	43m	93.395	−0.008%	$22K	$323K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.400	−0.003%	$26K	—	150x	as long as short
Backpack HYPE_USDC_PERP	+0.0005%	1h	93.296	−0.114%	$7.4M	$10.4M	20x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.300	−0.110%	—	$53.4M	—	as long as short
Bybit HYPEUSDT	+0.0012%	8h	93.300	−0.110%	$320.2M	$277.2M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.484	+0.087%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0066%	1h	93.394	−0.009%	$111K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.332	−0.076%	$88.1M	$83.5M	100x	as long as short
Binance HYPEUSDT	+0.0072%	4h	93.328	−0.080%	$380.0M	$881.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	93.340	−0.067%	$114.6M	$303.1M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	93.375	−0.029%	$5.0M	$29.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.406	+0.003%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.399	−0.004%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.400	−0.003%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.373	−0.032%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.415	+0.013%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.390	−0.013%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.376	−0.028%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.407	+0.005%	$2.04B	$657.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.384	−0.020%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.760	+0.383%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.392	−0.011%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.305	−0.104%	$225.9M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	−0.058%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	−0.012%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.374	−0.031%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.362	−0.043%	$666K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.428	+0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.418	+0.017%	$475K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.357	−0.049%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.358	−0.048%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.486	+0.089%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.385	−0.019%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.363	−0.042%	$18.3M	$43.7M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.460	+0.061%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.832%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0187%	4h	93.568	+0.177%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.491	+0.094%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.398	−0.005%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.371	−0.034%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0331% / S −0.0156%	1h	93.403	long leg	$1.4M	—	100x
Deribit HYPE_USDC-PERPETUAL	+0.0446%	1h	93.480	+0.083%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.446	+0.047%	$20.8M	$29.8M	50x	as long as short