Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0009%/8h= +1.0% APRpaid last 24h −0.006%

Price spread now: BloFin against GMX−0.039%51s7-day average −0.007% · you buy dearer than you sell

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.033%+$3 on $10k

Price spread, last 4 days (all we have)−0.128%−$13 · spread now −0.039%, 7d avg −0.007%

Together, before fees−0.094%−$9 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.032% cheaper against GMX than usual: you would sell low and buy high (spread −0.039% now, against its 7-day average of −0.007%). If the spread goes back, that is −$3 on $10k: about 11 days of funding at the current rate ($0 a day). At the pace of the last 3 days (+0.033% in total) that is about 3.2 days. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	92.903	L +0.0331% / S −0.0154%	pay 0.0041% / 1h	46m 08s	$1.4M	—	100x
Short	BloFin HYPE-USDT	92.867	0.0340	get 0.0170% / 4h	3h 46m	$16.7M	$11.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against GMX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now −0.039%Rate

Funding earned: $1.97
Price spread: −0.039% → −0.007%: −$3.24
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$25.27
Costs to cover: 0.240%
Break-even: 96.7 days

Slippage unknown: GMX: no order-book sample; BloFin: 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 BloFin live order book, 3 min ago	0.11 bp	6.5 bp −$7	9.1 bp −$91	17.1 bp −$1,707	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
Hibachi HYPE/USDT-P	−0.0824%	1h	92.732	−0.185%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	92.889	−0.015%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.814	−0.096%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.848	−0.060%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0062%	4h	92.892	−0.012%	$158K	$661K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.854	−0.053%	$127K	$29K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.932	+0.031%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.876	−0.029%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.916	+0.013%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0023%	1h	92.866	−0.040%	$112K	$578K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	93.017	+0.122%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0034%	8h	92.864	−0.042%	$316.0M	$282.4M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0039%	1h	92.800	−0.111%	$698K	$1.1M	10x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	92.922	+0.020%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.898	−0.006%	$87K	$362K	20x	as long as short
Gate HYPE_USDT	+0.0074%	4h	92.885	−0.020%	$44.7M	$53.8M	75x	as long as short
Bitget HYPEUSDT	+0.0076%	4h	92.884	−0.021%	$225.0M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.844	−0.064%	$69K	$1.1M	50x	as long as short
Aster HYPEUSDT	+0.0090%	4h	92.883	−0.022%	$8.7M	$36.1M	300x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	92.897	−0.006%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.916	+0.013%	$16.1M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.909	+0.006%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.869	−0.037%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.840	−0.068%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.840	−0.069%	$7.4M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.930	+0.029%	$2.03B	$665.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.869	−0.037%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.900	−0.003%	$373.6M	$904.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.870	−0.036%	$113.9M	$304.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	+0.041%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.911	+0.008%	$87.4M	$80.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.897	−0.007%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.879	−0.026%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.900	−0.004%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.879	−0.027%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.944	+0.044%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.890	−0.014%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.889	−0.016%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.925	+0.024%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.910	+0.007%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.891	−0.013%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.884	−0.021%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.880	−0.025%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.908	+0.005%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.886	−0.018%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.919	+0.017%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.930	+0.029%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0176%	4h	93.064	+0.173%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.962	+0.063%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.265%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.879	−0.027%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0331% / S −0.0154%	1h	92.903	long leg	$1.4M	—	100x
BloFin HYPE-USDTshort	+0.0340%	4h	92.867	−0.039%	$16.7M	$11.6M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0439%	1h	93.004	+0.108%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.907	+0.004%	$3.1M	$6.4M	20x	as long as short