Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0320%/8h= −35.0% APRpaid last 24h −0.084%

Price spread now: Bybit against GMX+0.279%7-day average −0.040% · you sell dearer than you buy

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.212%−$21 on $10k

Price spread, last 3 days (all we have)−0.362%−$36 · spread now +0.279%, 7d avg −0.040%

Together, before fees−0.574%−$57 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.319% dearer against GMX than usual: you sell high and buy low (spread +0.279% now, against its 7-day average of −0.040%): +$32 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	92.978	L +0.0331% / S −0.0156%	pay 0.0041% / 1h	56m 36s	$1.4M	—	100x
Short	Bybit HYPEUSDT	93.238	0.0011	get 0.0011% / 8h	5h 56m	$320.0M	$275.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.279%Rate

Funding earned: −$67.11
Price spread: +0.279% → −0.040%: $31.91
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$58.2
Costs to cover: 0.230%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Bybit: 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 Bybit live order book, 3 min ago	0.54 bp	6.0 bp −$6	10.0 bp −$100	16.7 bp −$1,665	33.9 bp −$17.0K

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	−0.1136%	1h	93.001	+0.025%	$195K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.118	+0.150%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0443%	1h	92.909	−0.074%	$79K	$170K	20x	as long as short
Bullet HYPE-USD	−0.0165%	1h	92.952	−0.028%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.260	+0.303%	$85K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.220	+0.260%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0051%	4h	92.922	−0.060%	$155K	$639K	20x	as long as short
Phemex HYPEUSDT	−0.0015%	8h	93.013	+0.037%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0012%	4h	93.065	+0.094%	$8.8M	$35.3M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.190	+0.227%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.994	+0.017%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	92.969	−0.009%	$25K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0006%	1h	92.990	+0.013%	$696K	$905K	10x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.249	+0.291%	—	$53.2M	—	as long as short
Bybit HYPEUSDTshort	+0.0011%	8h	93.238	+0.279%	$320.0M	$275.2M	75x
Aftermath Perps HYPEUSD	+0.0013%	1h	93.273	+0.317%	$22K	$21K	10x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.212	+0.251%	$44.4M	$54.1M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.056	+0.084%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	93.264	+0.307%	$87.7M	$79.8M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.259	+0.302%	$114.4M	$300.8M	50x	as long as short
Binance HYPEUSDT	+0.0077%	4h	93.157	+0.192%	$378.8M	$874.1M	75x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.256	+0.298%	$5.0M	$30.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.223	+0.263%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.187	+0.225%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.997	+0.020%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.301	+0.348%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.240	+0.282%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.987	+0.009%	$5.7M	$43.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.250	+0.292%	$2.04B	$659.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.206	+0.245%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.384%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.220	+0.260%	$46.0M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.250	+0.292%	$225.6M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.982	+0.004%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	+0.259%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	+0.255%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.222	+0.262%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.114	+0.146%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.057	+0.085%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.001	+0.025%	$473K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.929	−0.052%	$16.1M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.050	+0.077%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.956	−0.024%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.221	+0.262%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.939	−0.042%	$395K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.070	+0.099%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0210%	4h	93.150	+0.185%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	92.952	−0.028%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.031	+0.057%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0331% / S −0.0156%	1h	92.978	long leg	$1.4M	—	100x
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	93.043	+0.070%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.352	+0.403%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	92.900	−0.084%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0688%	1h	93.030	+0.056%	$20.7M	$29.9M	50x	as long as short