Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0279%/8h= −30.6% APRpaid last 24h −0.071%

Price spread now: Phemex against GMX+0.013%7-day average −0.006% · you sell dearer than you buy

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.204%−$20 on $10k

Price spread, last 4 days (all we have)−0.102%−$10 · spread now +0.013%, 7d avg −0.006%

Together, before fees−0.306%−$31 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.006%, so right now this pair is about funding alone: −$8 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]	93.956	L +0.0333% / S −0.0154%	pay 0.0042% / 1h	58m 40s	$1.4M	—	100x
Short	Phemex HYPEUSDT	93.968	0.0054	get 0.0054% / 8h	1h 58m	$12.8M	$2.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.013%Rate

Funding earned: −$58.66
Price spread: +0.013% → −0.006%: $1.86
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$80.8
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: 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 Phemex live order book, 5 min ago	3.34 bp	19.5 bp −$19	36.9 bp −$369	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	−0.1280%	1h	94.019	+0.067%	$201K	$241K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0276%	1h	94.181	+0.240%	$22K	$21K	10x	as long as short
Nado HYPE-PERP	−0.0126%	1h	93.964	+0.009%	$5.8M	$49.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.973	+0.018%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.941	−0.016%	$86K	$372K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	93.909	−0.050%	$150K	$680K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.005	+0.052%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.944	−0.013%	$22K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.961	+0.005%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0014%	4h	93.999	+0.046%	—	$53.7M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0019%	8h	93.976	+0.021%	$317.6M	$287.0M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.145	+0.201%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.993	+0.039%	$226.6M	$99.3M	75x	as long as short
Phemex HYPEUSDTshort	+0.0054%	8h	93.968	+0.013%	$12.8M	$2.8M	50x
edgeX HYPEUSDC	+0.0080%	4h	94.128	+0.183%	$5.0M	$30.5M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.952	−0.004%	$1.0M	$4.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.023	+0.072%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.982	+0.028%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.996	+0.043%	$3.1M	$11.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.934	−0.023%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.910	−0.049%	$22K	$1.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.988	+0.034%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.020	+0.068%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.989	+0.035%	$377.8M	$928.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.982	+0.028%	$116.1M	$317.1M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0100%	1h	93.920	−0.038%	$709K	$1.2M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.274%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.969	+0.014%	$48.4M	$54.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.999	+0.046%	$88.3M	$82.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.979	+0.025%	$46.4M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.992	+0.038%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.028	+0.076%	$28.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.099	+0.152%	$7.7M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.152	+0.209%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.192	+0.251%	$674K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.011	+0.059%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.939	−0.018%	$477K	$2.8M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.950	−0.007%	$112K	$580K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.933	−0.024%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.921	−0.037%	$16.4M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.040	+0.089%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.944	−0.013%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.049	+0.099%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.969	+0.014%	$18.3M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.941	−0.016%	$397K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0114%	8h	94.046	+0.096%	$1.8M	$5.6M	2.3x	as long as short
Hyperliquid HYPE	+0.0118%	1h	94.076	+0.128%	$2.06B	$681.4M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.950	−0.006%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.860	−0.102%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	93.915	−0.043%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0293%	1h	94.033	+0.082%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0333% / S −0.0154%	1h	93.956	long leg	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	93.949	−0.007%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0414%	1h	94.020	+0.068%	$21.0M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.978	+0.023%	$3.2M	$6.4M	20x	as long as short