Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0121%/8h= −13.3% APRpaid last 24h +0.021%

Price spread now: GMX against KuCoin+0.049%7-day average +0.019% · you sell dearer than you buy

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.076%+$8 on $10k

Price spread, last 4 days (all we have)+0.014%+$1 · spread now +0.049%, 7d avg +0.019%

Together, before fees+0.090%+$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.030% dearer against KuCoin than usual: you sell high and buy low (spread +0.049% now, against its 7-day average of +0.019%): +$3 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 20 hours. Mind the row above: over the last 3 days funding on this pair paid +0.076%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin HYPEUSDTM	94.348	0.0100	pay 0.0050% / 4h	38m 57s	$46.8M	$18.9M	75x
Short	GMX HYPE/USD [WBTC.b-USDC]	94.395	L +0.0150% / S +0.0021%	pay 0.0003% / 1h	38m 57s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now +0.049%Rate

Funding earned: −$25.49
Price spread: +0.049% → +0.019%: $3.05
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$46.44
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 10 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 KuCoin live order book, 10 min ago	0.48 bp	9.8 bp −$10	12.8 bp −$128	doesn't fit	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 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	−0.1536%	1h	94.127	−0.234%	$201K	$252K	7x	as long as short
Bluefin HYPE-PERP	−0.0375%	1h	94.346	−0.002%	$80K	$154K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0199%	1h	94.210	−0.146%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0178%	1h	94.371	+0.025%	$112K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0145%	1h	94.442	+0.099%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.334	−0.015%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.383	+0.037%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.271	−0.082%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0015%	8h	94.330	−0.019%	$317.2M	$289.3M	75x	as long as short
BingX HYPE-USDT	−0.0012%	4h	94.316	−0.034%	—	$53.1M	—	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	−0.0008%	1h	94.322	−0.028%	$16.5M	$7.5M	10x	as long as short
Orderly PERP_HYPE_USDC	0.0000%	4h	94.324	−0.025%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.308	−0.043%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.433	+0.090%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.440	+0.098%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.367	+0.020%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.342	−0.006%	$123K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.309	−0.041%	$226.7M	$99.7M	75x	as long as short
Lighter HYPE	+0.0040%	1h	94.362	+0.015%	$16.3M	$64.1M	20x	as long as short
Phemex HYPEUSDT	+0.0045%	8h	94.331	−0.018%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	94.279	−0.074%	$337K	$156K	20x	as long as short
Polymarket Perps HYPE-USD	+0.0062%	1h	94.386	+0.040%	$495K	$2.8M	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.360	+0.013%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.335	−0.014%	$117.6M	$324.7M	50x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.370	+0.024%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.352	+0.004%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.322	−0.028%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.330	−0.019%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.367	+0.020%	$7.4M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.430	+0.087%	$2.08B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.346	−0.002%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.300	−0.051%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.340	−0.008%	$378.1M	$934.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	−0.072%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.316	−0.034%	$49.7M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.319	−0.031%	$90.7M	$82.7M	100x	as long as short
KuCoin HYPEUSDTMlong	+0.0100%	4h	94.348	long leg	$46.8M	$18.9M	75x
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.306	−0.045%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.327	−0.023%	$29.5M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.408	+0.064%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.340	−0.008%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.414	+0.070%	$683K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.413	+0.069%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.340	−0.008%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.479	+0.139%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.431	+0.088%	—	$190K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.281	−0.072%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.369	+0.022%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0150% / S +0.0021%	1h	94.395	+0.049%	$1.4M	—	100x
Deribit HYPE_USDC-PERPETUAL	+0.0163%	1h	94.428	+0.085%	$7.4M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.280	−0.072%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.408	+0.064%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.332	−0.017%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.349	+0.001%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.373	+0.026%	$17.1M	$12.4M	75x	as long as short