Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0292%/8h= −32.0% APRpaid last 24h −0.082%

Price spread now: Aster against GMX+0.006%7-day average −0.022% · you sell dearer than you buy

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

Long on GMX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.214%−$21 on $10k

Price spread, last 4 days (all we have)−0.060%−$6 · spread now +0.006%, 7d avg −0.022%

Together, before fees−0.274%+ Points / potential airdropAster: Stage 5 · farm board−$27 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.028% dearer against GMX than usual: you sell high and buy low (spread +0.006% now, against its 7-day average of −0.022%): +$3 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 8 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	92.766	L +0.0331% / S −0.0154%	pay 0.0041% / 1h	21m 05s	$1.4M	—	100x
Short	Aster HYPEUSDT	92.772	0.0039	get 0.0019% / 4h	21m 05s	$8.7M	$36.3M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against GMX. 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 GMXbpFee AsterbpOrdersPrice spread, now +0.006%Rate

Funding earned: −$61.3
Price spread: +0.006% → −0.022%: $2.84
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$78.46
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Aster: live order book, 3 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 Aster live order book, 3 min ago	0.27 bp	4.4 bp −$4	5.2 bp −$52	15.3 bp −$1,530	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
Arcus HYPE-USD	−0.0948%	1h	92.659	−0.116%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0240%	1h	92.701	−0.070%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0227%	1h	92.666	−0.108%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.756	−0.011%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.738	−0.031%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	92.767	+0.001%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.004%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.755	−0.012%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.773	+0.008%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	92.718	−0.052%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0030%	1h	92.750	−0.018%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0035%	1h	92.680	−0.093%	$697K	$1.1M	10x	as long as short
Aster HYPEUSDTshort	+0.0039%	4h	92.772	+0.006%	$8.7M	$36.3M	300x
BingX HYPE-USDT	+0.0040%	4h	92.776	+0.010%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.123%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0049%	8h	92.770	+0.004%	$316.8M	$281.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0087%	8h	92.780	+0.015%	$113.7M	$304.4M	50x	as long as short
Gate HYPE_USDT	+0.0088%	4h	92.767	+0.001%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.766	0.000%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.784	+0.020%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.797	+0.033%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.733	−0.036%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.660	−0.115%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.746	−0.021%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.815	+0.053%	$2.02B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.775	+0.009%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.782	+0.017%	$372.6M	$904.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.773	+0.007%	$87.6M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.785	+0.020%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.771	+0.005%	$224.6M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.769	+0.003%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.149%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	−0.064%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.679	−0.094%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.729	−0.040%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.803	+0.040%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.770	+0.004%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.733	−0.036%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.744	−0.024%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.714	−0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.778	+0.013%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.144%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.070%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.751	−0.017%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.773	+0.008%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	−0.108%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.252%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.780	+0.015%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0240%	8h	92.796	+0.032%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.754	−0.014%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0331% / S −0.0154%	1h	92.766	long leg	$1.4M	—	100x
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.840	+0.080%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.771	+0.005%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0472%	1h	92.865	+0.106%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.782	+0.017%	$3.2M	$6.4M	20x	as long as short