Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0065%/8h= +7.1% APRpaid last 24h +0.014%

Price spread now: GMX against Variational Omni+0.018%7-day average +0.041% · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.058%+$6 on $10k

Price spread, last 3 days (all we have)+0.355%+$36 · spread now +0.018%, 7d avg +0.041%

Together, before fees+0.414%+ Points / potential airdropVariational Omni: Active · farm board+$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.023% cheaper against Variational Omni than usual: you would sell low and buy high (spread +0.018% now, against its 7-day average of +0.041%). If the spread goes back, that is −$2 on $10k: about 29 hours of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni HYPE	93.656	0.0100	pay 0.0100% / 8h	3h 16m	$29.0M	$49.6M	—
Short	GMX HYPE/USD [WBTC.b-USDC]	93.673	L +0.0339% / S −0.0165%	get 0.0021% / 1h	16m 33s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now +0.018%Rate

Funding earned: $13.57
Price spread: +0.018% → +0.041%: −$2.33
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$0.76
Costs to cover: 0.120%
Break-even: 7.4 days

Slippage unknown: Variational Omni: RFQ quote, 3 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 Variational Omni RFQ quote, 3 min ago	0.45 bp	doesn't fit	5.5 bp −$55	21.7 bp −$2,169	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	−0.1424%	1h	93.658	+0.002%	$198K	$239K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.677	+0.022%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0030%	1h	93.687	+0.032%	$22K	$22K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.713	+0.060%	$128K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.730	+0.079%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.693	+0.039%	$24K	$349K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0005%	1h	93.689	+0.035%	$44K	—	150x	as long as short
Gate HYPE_USDT	+0.0010%	4h	93.652	−0.005%	$44.3M	$56.7M	75x	as long as short
01 Exchange HYPEUSD	+0.0016%	1h	93.678	+0.023%	$89K	$342K	20x	as long as short
Aster HYPEUSDT	+0.0024%	4h	93.659	+0.003%	$9.0M	$36.9M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0055%	8h	93.640	−0.018%	$326.7M	$288.7M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0066%	1h	93.750	+0.099%	$18.6M	$24.2M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0074%	1h	93.600	−0.060%	$702K	$954K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0085%	4h	93.647	−0.010%	$179K	$521K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.777	+0.129%	$216K	$1.1M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.720	+0.068%	$18.8M	$58.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.705	+0.052%	$3.1M	$12.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.660	+0.004%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.700	+0.047%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.677	+0.021%	$5.9M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.690	+0.036%	$10.1M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.663	+0.007%	$387.8M	$888.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.629	−0.029%	$115.1M	$318.0M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.650	−0.007%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.688	+0.034%	$205K	$10K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.659	+0.003%	$91.5M	$83.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.670	+0.015%	$46.5M	$19.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.662	+0.006%	$227.8M	$103.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.664	+0.008%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.683	+0.028%	$8.0M	$11.6M	20x	as long as short
Variational Omni HYPElong	+0.0100%	8h	93.656	long leg	$29.0M	$49.6M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.720	+0.068%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.693	+0.039%	$397K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.779	+0.131%	$678K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.715	+0.062%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.699	+0.045%	$505K	$2.6M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.644	−0.013%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.656	0.000%	$76K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.604	−0.056%	$16.4M	$7.0M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.724	+0.072%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.619	−0.040%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.629	−0.029%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0101%	8h	93.696	+0.042%	$340K	$172K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.656	−0.001%	$18.3M	$40.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.661	+0.005%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.677	+0.023%	$5.1M	$29.3M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.690	+0.036%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0209%	1h	93.725	+0.073%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.663	+0.007%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0254%	1h	94.110	+0.484%	$31K	$182K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0339% / S −0.0165%	1h	93.673	+0.018%	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	93.546	−0.118%	$17.1M	$12.5M	75x	as long as short
Hyperliquid HYPE	+0.0409%	1h	93.770	+0.121%	$2.05B	$669.0M	10x	as long as short
RISEx HYPE/USDC	+0.0422%	1h	93.723	+0.071%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0499%	4h	93.919	+0.280%	$1.5M	$7.6M	75x	as long as short