HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0125%/8h= −13.7% APRnext payment −$0.16 per $10,000 · paid last 24h −0.067%

Price spread now: Polymarket Perps against GMX−0.035%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 Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.219%−$22 on $10k

Price spread, last 4 days (all we have)−0.005%$0 · spread now −0.035%, 7d avg −0.014%

Together, before fees−0.224%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Polymarket Perps is 0.022% cheaper against GMX than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.014%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	94.595	L +0.0150% / S +0.0022%	pay 0.0019% / 1h	1m 15s	$1.4M	—	100x
Short	Polymarket Perps HYPE-USD	94.561	0.0025	get 0.0003% / 1h	1m 15s	$499K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$26.19
Price spread: −0.035% → −0.014%: −$2.18
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$48.37
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Polymarket Perps: 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 Polymarket Perps live order book, 3 min ago	0.21 bp	4.2 bp −$4	6.1 bp −$61	12.7 bp −$1,275	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	−0.1496%	1h	94.529	−0.070%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0382%	1h	94.523	−0.076%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0205%	1h	94.503	−0.097%	$22K	$20K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0202%	1h	94.460	−0.142%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0187%	1h	94.555	−0.042%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.536	−0.062%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.527	−0.071%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.511	−0.088%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.570	−0.026%	$318.1M	$288.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.528	−0.070%	$147K	$686K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	−0.0001%	1h	94.468	−0.133%	$16.3M	$7.3M	10x	as long as short
Lighter HYPE	0.0000%	1h	94.561	−0.036%	$16.4M	$64.9M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.542	−0.055%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.611	+0.017%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	−0.029%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.547	−0.050%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.588	−0.007%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.550	−0.047%	$227.1M	$100.4M	75x	as long as short
Polymarket Perps HYPE-USDshort	+0.0025%	1h	94.561	−0.035%	$499K	$2.8M	20x
Phemex HYPEUSDT	+0.0042%	8h	94.568	−0.028%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0046%	8h	94.543	−0.055%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0048%	1h	94.561	−0.035%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.570	−0.026%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.549	−0.048%	$118.0M	$325.8M	50x	as long as short
Vest HYPE-PERP	+0.0074%	1h	94.594	0.000%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0078%	4h	94.550	−0.047%	$50.7M	$57.1M	75x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.142%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.560	−0.037%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.543	−0.055%	$85K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.510	−0.089%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.523	−0.075%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.628	+0.035%	$2.08B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.560	−0.037%	$8.9M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.544	−0.053%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.569	−0.027%	$379.3M	$933.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.176%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.562	−0.034%	$93.6M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.526	−0.072%	$47.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.550	−0.047%	—	$52.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.496	−0.104%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.362	−0.246%	$29.6M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.513	−0.086%	$7.6M	$44.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.141%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.519	−0.080%	$695K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.652	+0.061%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.650	+0.059%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.526	−0.073%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.540	−0.058%	$400K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0150% / S +0.0022%	1h	94.595	long leg	$1.4M	—	100x
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.154%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.597	+0.002%	$20.3M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0236%	1h	94.658	+0.067%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.560	−0.037%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.534	−0.064%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.490	−0.111%	$17.1M	$12.4M	75x	as long as short