Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.063%

Price spread now: SunX against GMX+0.137%65s7-day average +0.050% · you sell dearer than you buy

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.201%−$20 on $10k

Price spread, last 4 days (all we have)−0.133%−$13 · spread now +0.137%, 7d avg +0.050%

Together, before fees−0.334%−$33 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.087% dearer against GMX than usual: you sell high and buy low (spread +0.137% now, against its 7-day average of +0.050%): +$9 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.6 days. At the pace of the last 3 days (−0.201% in total) that is about 36 hours. The two prices were read 65 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]	93.597	L +0.0151% / S +0.0022%	pay 0.0019% / 1h	27m 25s	$1.4M	—	100x
Short	SunX HYPE-USDT	93.725	0.0100	get 0.0050% / 4h	1h 27m	$32K	$1.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.137%Rate

Funding earned: −$10.8
Price spread: +0.137% → +0.050%: $8.68
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$22.12
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 8 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 SunX live order book, 8 min ago	19.38 bp	33.1 bp −$33	doesn't fit	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	−0.0992%	1h	93.495	−0.109%	$198K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0189%	1h	93.552	−0.048%	$22K	$21K	10x	as long as short
BingX HYPE-USDT	−0.0100%	4h	93.656	+0.063%	—	$53.5M	—	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.616	+0.020%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0079%	1h	93.520	−0.082%	$703K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0070%	1h	93.656	+0.063%	$111K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.704	+0.114%	$86K	$368K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	93.634	+0.040%	$145K	$683K	20x	as long as short
Bluefin HYPE-PERP	−0.0003%	1h	93.644	+0.050%	$79K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.682	+0.090%	$128K	$26K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	0.0000%	8h	93.640	+0.046%	$316.0M	$287.3M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.667	+0.075%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.580	−0.018%	$83K	—	150x	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.315%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	93.623	+0.028%	$208K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	93.671	+0.079%	$225.7M	$99.4M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.687	+0.096%	$335K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.632	+0.037%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0093%	8h	93.566	−0.033%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	93.551	−0.049%	$5.0M	$30.5M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.651	+0.058%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.667	+0.075%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.667	+0.075%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.620	+0.025%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.643	+0.049%	$7.5M	$50.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.745	+0.158%	$2.05B	$682.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.665	+0.072%	$8.8M	$36.9M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.681	+0.090%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.673	+0.081%	$374.8M	$928.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.636	+0.042%	$115.6M	$314.6M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.653	+0.060%	$48.7M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.656	+0.063%	$90.3M	$84.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.666	+0.074%	$46.4M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.593	−0.004%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.158%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.492	−0.112%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.566	−0.033%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.579	−0.019%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.700	+0.110%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.672	+0.080%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDTshort	+0.0100%	4h	93.725	+0.137%	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.666	+0.074%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.691	+0.101%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.169%	$216K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.635	+0.040%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.670	+0.078%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	93.630	+0.035%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.660	+0.067%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0151% / S +0.0022%	1h	93.597	long leg	$1.4M	—	100x
Injective HYPE/USDC PERP	+0.0205%	1h	93.540	−0.061%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0230%	1h	93.754	+0.168%	$7.4M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.535	−0.066%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.572	−0.027%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.742	+0.155%	$20.9M	$29.5M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.700	+0.110%	$3.2M	$6.3M	20x	as long as short