Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h +0.034%

Price spread now: GMX against GRVT+0.382%7-day average −0.012% · you sell dearer than you buy

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

Long on GRVT Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.083%+$8 on $10k

Price spread, last 3 days (all we have)−0.327%−$33 · spread now +0.382%, 7d avg −0.012%

Together, before fees−0.243%+ Points / potential airdropGRVT: Active · farm board−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and GMX is 0.394% dearer against GRVT than usual: you sell high and buy low: +$39 more if the spread goes back to its 7-day average of −0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT HYPE_USDT_Perp	93.468	0.0100	pay 0.0050% / 4h	2h 28m	$7.5M	$48.0M	10x
Short	GMX HYPE/USD [WBTC.b-USDC]	93.825	L +0.0332% / S −0.0156%	get 0.0019% / 1h	28m 32s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against GRVT. 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 GRVTbpFee GMXbpOrdersPrice spread, now +0.382%Rate

Funding earned: $11.66
Price spread: +0.382% → −0.012%: $39.43
Slippage, 4 orders: no order book: not counted
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: $30.1
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: GRVT: live order book, 6 min ago; GMX: 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 GRVT live order book, 6 min ago	0.75 bp	5.3 bp −$5	6.1 bp −$61	5977.7 bp −$597.8K	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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 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	−0.0904%	1h	93.685	+0.232%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.743	+0.294%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0151%	1h	93.587	+0.127%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0134%	8h	93.757	+0.309%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0088%	1h	93.740	+0.291%	$701K	$958K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.826	+0.383%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.776	+0.330%	$156K	$648K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.894	+0.456%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0046%	1h	93.773	+0.326%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0044%	4h	93.863	+0.423%	$44.5M	$54.8M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0005%	4h	93.859	+0.418%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.868	+0.428%	$129K	$31K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.870	+0.430%	$322.4M	$281.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.814	+0.370%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.825	+0.381%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.854	+0.413%	—	$53.7M	—	as long as short
Bullet HYPE-USD	+0.0056%	1h	93.817	+0.373%	$112K	$578K	20x	as long as short
MEXC HYPE_USDT	+0.0058%	4h	93.870	+0.430%	$88.1M	$82.8M	100x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.654	+0.199%	$5.1M	$30.1M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	+0.254%	$211K	$1.2M	10x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.878	+0.439%	$381.9M	$895.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0067%	8h	93.866	+0.426%	$115.5M	$310.0M	50x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.770	+0.323%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.901	+0.463%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.849	+0.407%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.843	+0.401%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.877	+0.438%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.806	+0.362%	$399K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.880	+0.441%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.828	+0.386%	$5.7M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.933	+0.497%	$2.05B	$671.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.876	+0.437%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.850	+0.409%	$46.5M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.912	+0.475%	$227.2M	$98.5M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	+0.152%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perplong	+0.0100%	4h	93.468	long leg	$7.5M	$48.0M	10x
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	+0.203%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.837	+0.395%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.902	+0.464%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.950	+0.516%	$470K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.783	+0.337%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.883	+0.444%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.790	+0.345%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.129%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.835	+0.392%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.850	+0.409%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.790	+0.345%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.923	+0.487%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.979	+0.547%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.904	+0.466%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.872	+0.432%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0332% / S −0.0156%	1h	93.825	+0.382%	$1.4M	—	100x
Deribit HYPE_USDC-PERPETUAL	+0.0389%	1h	93.893	+0.455%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0679%	1h	93.883	+0.444%	$21.0M	$29.9M	50x	as long as short