Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0284%/8h= +31.1% APRpaid last 24h +0.022%

Price spread now: GMX against Phemex+0.072%7-day average +0.004% · you sell dearer than you buy

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.066%+$7 on $10k

Price spread, last 3 days (all we have)+0.005%$0 · spread now +0.072%, 7d avg +0.004%

Together, before fees+0.071%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and GMX is 0.067% dearer against Phemex than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.004%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.066% in total (about 7.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.855	−0.0129	get 0.0129% / 8h	6h 25m	$12.7M	$2.7M	50x
Short	GMX HYPE/USD [WBTC.b-USDC]	93.922	L +0.0332% / S −0.0156%	get 0.0019% / 1h	25m 08s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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 PhemexbpFee GMXbpOrdersPrice spread, now +0.072%Rate

Funding earned: $59.67
Price spread: +0.072% → +0.004%: $6.72
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $42.38
Costs to cover: 0.240%
Break-even: 2.0 days

Slippage unknown: Phemex: live order book, 4 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 Phemex live order book, 4 min ago	2.51 bp	22.8 bp −$23	37.4 bp −$374	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 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	−0.0968%	1h	93.788	−0.071%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.740	−0.123%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0135%	1h	93.774	−0.086%	$22K	$21K	10x	as long as short
Phemex HYPEUSDTlong	−0.0129%	8h	93.855	long leg	$12.7M	$2.7M	50x
Hotstuff HYPE-PERP	−0.0080%	1h	93.874	+0.020%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0077%	1h	93.860	+0.005%	$703K	$929K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.891	+0.038%	$157K	$646K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.884	+0.031%	$85K	$350K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0041%	1h	93.842	−0.014%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0028%	4h	93.883	+0.030%	$44.4M	$55.0M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0002%	4h	93.873	+0.019%	—	$53.7M	—	as long as short
Aster HYPEUSDT	−0.0001%	4h	93.912	+0.061%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.860	+0.005%	$129K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.907	+0.055%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.927	+0.076%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0005%	8h	93.861	+0.006%	$322.4M	$281.2M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.904	+0.052%	$213K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.879	+0.026%	$87.9M	$82.9M	100x	as long as short
Binance HYPEUSDT	+0.0068%	4h	93.866	+0.012%	$382.1M	$893.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0069%	8h	93.868	+0.014%	$115.4M	$308.8M	50x	as long as short
Bullet HYPE-USD	+0.0074%	1h	93.914	+0.062%	$112K	$578K	20x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	93.907	+0.055%	$5.1M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.905	+0.053%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.933	+0.083%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.928	+0.078%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.866	+0.012%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.922	+0.072%	$400K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.860	+0.005%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.820	−0.037%	$5.7M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.975	+0.128%	$2.05B	$672.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.889	+0.036%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.912	+0.061%	$46.5M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.903	+0.051%	$227.5M	$98.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.910	+0.058%	$31.1M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.889	+0.036%	$7.6M	$47.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.834	−0.022%	$339K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.920	+0.069%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.922	+0.071%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.921	+0.070%	$474K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.898	+0.046%	$80K	$172K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.891	+0.038%	$16.3M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.949	+0.100%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.904	+0.052%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.880	+0.027%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.890	+0.037%	$18.3M	$44.3M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.960	+0.112%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.760	−0.101%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.936	+0.086%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0212%	4h	94.019	+0.175%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.886	+0.033%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0274%	8h	93.918	+0.067%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0332% / S −0.0156%	1h	93.922	+0.072%	$1.4M	—	100x
Deribit HYPE_USDC-PERPETUAL	+0.0495%	1h	94.008	+0.163%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0678%	1h	94.001	+0.155%	$21.0M	$29.8M	50x	as long as short