Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h −0.024%

Price spread now: GMX against HTX−0.139%7-day average −0.037% · you buy dearer than you sell

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

Long on HTX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.025%+$2 on $10k

Price spread, last 4 days (all we have)+0.542%+$54 · spread now −0.139%, 7d avg −0.037%

Together, before fees+0.567%+$57 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.103% cheaper against HTX than usual: you would sell low and buy high (spread −0.139% now, against its 7-day average of −0.037%). If the spread goes back, that is −$10 on $10k: about 6.1 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.025% in total) that is about 14 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	94.400	0.0100	pay 0.0050% / 4h	3h 29m	$1.4M	$6.9M	75x
Short	GMX HYPE/USD [WBTC.b-USDC]	94.269	L +0.0330% / S −0.0156%	get 0.0019% / 1h	29m 39s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against HTX. 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 HTXbpFee GMXbpOrdersPrice spread, now −0.139%Rate

Funding earned: $11.69
Price spread: −0.139% → −0.037%: −$10.25
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$22.56
Costs to cover: 0.240%
Break-even: 20.5 days

Slippage unknown: HTX: live order book, 4 min ago; GMX: no order-book sample. 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 HTX live order book, 4 min ago	0.05 bp	9.2 bp −$9	17.7 bp −$177	64.1 bp −$6,408	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	−0.0816%	1h	94.297	−0.109%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0613%	1h	94.161	−0.253%	$79K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0294%	1h	94.498	+0.104%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0263%	1h	94.207	−0.205%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0187%	1h	94.210	−0.201%	$701K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.223	−0.188%	$89K	$366K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.232	−0.178%	$1.0M	$3.4M	10x	as long as short
Gate HYPE_USDT	−0.0106%	4h	94.242	−0.167%	$51.5M	$55.3M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.253	−0.156%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.202	−0.210%	$18.8M	$35.4M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0040%	8h	94.260	−0.148%	$317.5M	$294.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.183	−0.230%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.298	−0.108%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.352	−0.051%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.232	−0.178%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.247	−0.162%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.289	−0.118%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.254%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.230	−0.180%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.262	−0.146%	$226.8M	$98.3M	75x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.294	−0.112%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	94.254	−0.154%	$337K	$39K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0046%	8h	94.257	−0.151%	$117.6M	$327.1M	50x	as long as short
SoDEX HYPE-USD	+0.0049%	1h	94.240	−0.169%	$2.1M	$2.0M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0052%	1h	94.188	−0.225%	$7.5M	$10.4M	20x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	94.360	−0.043%	$5.0M	$30.9M	30x	as long as short
Phemex HYPEUSDT	+0.0082%	8h	94.264	−0.144%	$12.9M	$2.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.248	−0.161%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.260	−0.148%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.232	−0.178%	$148K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.250	−0.159%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.238	−0.171%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.344	−0.059%	$2.07B	$689.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.246	−0.163%	$9.5M	$38.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.294	−0.112%	$10.1M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.260	−0.148%	$379.6M	$932.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.564	+0.174%	$220K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.268	−0.140%	$92.9M	$86.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.249	−0.160%	$47.0M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.262	−0.146%	—	$53.7M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	−0.075%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.643	+0.257%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.293	−0.113%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.294	−0.112%	$693K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.316	−0.089%	$497K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.334	−0.070%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	94.400	long leg	$1.4M	$6.9M	75x
Extended HYPE-USD	+0.0104%	1h	94.233	−0.176%	$18.2M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.279	−0.128%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.302	−0.104%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.816%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0164%	1h	94.286	−0.121%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.166	−0.248%	$82K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0330% / S −0.0156%	1h	94.269	−0.139%	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	94.295	−0.111%	$17.2M	$12.5M	75x	as long as short