Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0233%/8h= −25.6% APRpaid last 24h −0.071%

Price spread now: KuCoin against GMX−0.016%7-day average −0.022% · you buy dearer than you sell

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

Long on GMX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.189%−$19 on $10k

Price spread, last 3 days (all we have)−0.050%−$5 · spread now −0.016%, 7d avg −0.022%

Together, before fees−0.238%−$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.022%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	94.181	L +0.0333% / S −0.0155%	pay 0.0042% / 1h	24m 57s	$1.4M	—	100x
Short	KuCoin HYPEUSDTM	94.166	0.0100	get 0.0050% / 4h	3h 24m	$46.6M	$18.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.016%Rate

Funding earned: −$49.03
Price spread: −0.016% → −0.022%: $0.62
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$72.4
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; KuCoin: live order book, 4 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 KuCoin live order book, 4 min ago	0.05 bp	10.0 bp −$10	14.8 bp −$148	doesn't fit	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	−0.1360%	1h	94.120	−0.064%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.076	−0.111%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0219%	1h	94.155	−0.027%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0142%	1h	94.090	−0.096%	$711K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0131%	1h	94.204	+0.025%	$129K	$31K	5x	as long as short
Phemex HYPEUSDT	−0.0119%	8h	94.144	−0.039%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0106%	1h	94.136	−0.047%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.136	−0.047%	$86K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.161	−0.021%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	94.133	−0.051%	$160K	$645K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0016%	8h	94.140	−0.043%	$323.4M	$280.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.167	−0.015%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.166	−0.015%	$27K	—	150x	as long as short
Gate HYPE_USDT	+0.0014%	4h	94.163	−0.019%	$44.6M	$59.8M	75x	as long as short
Aster HYPEUSDT	+0.0020%	4h	94.172	−0.009%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.222	+0.044%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.125	−0.059%	$16.5M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0048%	4h	94.172	−0.009%	$89.3M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.167	−0.015%	$384.1M	$893.2M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	94.108	−0.077%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.165	−0.017%	$116.2M	$318.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.216	+0.037%	$19.2M	$59.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.196	+0.016%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.131	−0.053%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.178	−0.003%	$401K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.207	+0.028%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.130	−0.054%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.203	+0.023%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.262	+0.086%	$2.06B	$677.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.210	+0.031%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTMshort	+0.0100%	4h	94.166	−0.016%	$46.6M	$18.1M	75x
Bitget HYPEUSDT	+0.0100%	4h	94.186	+0.006%	$228.4M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.145	−0.038%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.184	+0.004%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.149	−0.033%	$31.5M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	−0.032%	$7.6M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.088	−0.098%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.130	−0.054%	$681K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.189	+0.009%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.172	−0.009%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.167	−0.015%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.214	+0.035%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.184	+0.004%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.032%	$205K	$2K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.146	−0.037%	$18.8M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.210	+0.031%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.328%	$31K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0206%	4h	94.153	−0.029%	$17.1M	$12.2M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.183	+0.002%	$2.8M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0225%	8h	94.235	+0.058%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.134	−0.050%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0333% / S −0.0155%	1h	94.181	long leg	$1.4M	—	100x
Deribit HYPE_USDC-PERPETUAL	+0.0398%	1h	94.264	+0.088%	$7.5M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0410%	4h	94.381	+0.213%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.268	+0.093%	$21.0M	$29.7M	50x	as long as short