Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0253%/8h= −27.7% APRpaid last 24h −0.094%

Price spread now: Gate against GMX−0.064%7-day average −0.036% · you buy dearer than you sell

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

Long on GMX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.218%−$22 on $10k

Price spread, last 3 days (all we have)−0.007%−$1 · spread now −0.064%, 7d avg −0.036%

Together, before fees−0.224%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Gate is 0.029% cheaper against GMX than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.036%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	93.549	L +0.0337% / S −0.0163%	pay 0.0042% / 1h	25m 53s	$1.4M	—	100x
Short	Gate HYPE_USDT	93.489	0.0084	get 0.0042% / 4h	25m 53s	$43.9M	$59.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.064%Rate

Funding earned: −$53.17
Price spread: −0.064% → −0.036%: −$2.86
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$83.03
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Gate: 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 Gate live order book, 3 min ago	0.59 bp	9.8 bp −$10	16.8 bp −$168	32.6 bp −$3,256	54.5 bp −$27.3K

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	−0.0904%	1h	93.545	−0.005%	$198K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0376%	1h	93.683	+0.143%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.480	−0.074%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.592	+0.046%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0070%	1h	93.550	+0.001%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.525	−0.026%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.462	−0.094%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	+0.121%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.577	+0.030%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.540	−0.010%	$166K	$583K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.554	+0.005%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	+0.147%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.521	−0.030%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.452	−0.104%	$321.1M	$283.3M	75x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.507	−0.045%	$382.1M	$895.7M	75x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.482	−0.072%	$87.5M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	+0.092%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.537	−0.013%	$12.7M	$2.6M	50x	as long as short
Gate HYPE_USDTshort	+0.0084%	4h	93.489	−0.064%	$43.9M	$59.5M	75x
Bullet HYPE-USD	+0.0090%	1h	93.531	−0.020%	$113K	$577K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.574	+0.026%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.539	−0.011%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.545	−0.005%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.527	−0.024%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.597	+0.051%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.540	−0.010%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.605	+0.060%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.610	+0.065%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.434	−0.123%	$115.1M	$319.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	+0.081%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.492	−0.061%	$46.3M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.496	−0.057%	$226.5M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.500	−0.053%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.521	−0.030%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	+0.027%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.088%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.646	+0.103%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.611	+0.066%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.603	+0.058%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.560	+0.011%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.510	−0.042%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.567	+0.019%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.511	−0.041%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.920%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.473	−0.081%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.660	+0.118%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.550	+0.001%	$4.9M	$5.7M	50x	as long as short
Hyperliquid HYPE	+0.0206%	1h	93.544	−0.006%	$2.03B	$676.5M	10x	as long as short
HTX HYPE-USDT	+0.0211%	4h	93.712	+0.174%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0229%	4h	93.600	+0.054%	$17.1M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.529	−0.022%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.601	+0.056%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0337% / S −0.0163%	1h	93.549	long leg	$1.4M	—	100x
Deribit HYPE_USDC-PERPETUAL	+0.0381%	1h	93.619	+0.074%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0580%	1h	93.608	+0.062%	$20.9M	$29.5M	50x	as long as short