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= −26.2% APRpaid last 24h −0.063%

Price spread now: Variational Omni against GMX−0.232%7-day average −0.040% · you buy dearer than you sell

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.173%−$17 on $10k

Price spread, last 3 days (all we have)+0.042%+$4 · spread now −0.232%, 7d avg −0.040%

Together, before fees−0.131%+ Points / potential airdropVariational Omni: Active · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Variational Omni is 0.192% cheaper against GMX than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of −0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	93.512	L +0.0339% / S −0.0165%	pay 0.0042% / 1h	48m 17s	$1.4M	—	100x
Short	Variational Omni HYPE	93.295	0.0100	get 0.0100% / 8h	2h 48m	$28.8M	$49.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.232%Rate

Funding earned: −$50.19
Price spread: −0.232% → −0.040%: −$19.18
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$81.37
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 1 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 Variational Omni RFQ quote, 1 min ago	0.41 bp	doesn't fit	4.9 bp −$49	22.7 bp −$2,273	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	−0.1256%	1h	93.344	−0.180%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0157%	1h	93.330	−0.195%	$700K	$944K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0156%	1h	93.389	−0.131%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.503	−0.010%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.412	−0.107%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0008%	1h	93.470	−0.045%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	−0.009%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.497	−0.016%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.443	−0.074%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.513	0.000%	$19K	—	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	+0.0012%	4h	93.470	−0.045%	$8.9M	$36.2M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.431	−0.086%	$16.4M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0036%	4h	93.475	−0.040%	$44.2M	$56.2M	75x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.460	−0.056%	$325.8M	$288.4M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.111%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.500	−0.013%	$180K	$536K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	93.318	−0.208%	$405K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.523	+0.011%	$18.5M	$59.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.494	−0.019%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.480	−0.034%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.480	−0.034%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.478	−0.036%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.535	+0.025%	$2.04B	$668.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.491	−0.023%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.484	−0.030%	$386.1M	$890.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.470	−0.045%	$114.9M	$316.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.449	−0.068%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.189%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.489	−0.025%	$92.9M	$81.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.466	−0.049%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.493	−0.021%	$227.1M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.470	−0.045%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.418	−0.101%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.295	−0.232%	$28.8M	$49.8M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.336	−0.188%	$7.5M	$46.2M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.443	−0.074%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.495	−0.018%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.501	−0.012%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.493	−0.021%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.424	−0.094%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.378	−0.143%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.381	−0.140%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.490	−0.024%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.471	−0.044%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.515	+0.004%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	−0.252%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.460	−0.056%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.484	−0.030%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.486	−0.028%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.290	−0.238%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0339% / S −0.0165%	1h	93.512	long leg	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	93.376	−0.146%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0398%	4h	93.581	+0.074%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.546	+0.036%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.479	−0.035%	$19.2M	$25.9M	50x	as long as short