Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC+0.0156%/8h= +17.0% APRpaid last 24h +0.034%

Price spread now: GMX against Perpl−0.011%7-day average +0.014% · you buy dearer than you sell

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

Long on Perpl Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.141%+$14 on $10k

Price spread, last 3 days (all we have)+0.051%+$5 · spread now −0.011%, 7d avg +0.014%

Together, before fees+0.193%+ Points / potential airdropPerpl: Active · farm board+$19 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.024% cheaper against Perpl than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.014%). If the spread goes back, that is −$2 on $10k: about 12 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Perpl HYPE	93.224	0	get 0.0000% / 43m	0m 40s	$22K	$321K	10x
Short	GMX HYPE/USD [WBTC.b-USDC]	93.214	L +0.0331% / S −0.0156%	get 0.0019% / 1h	55m 40s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Perpl. 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 PerplbpFee GMXbpOrdersPrice spread, now −0.011%Rate

Funding earned: $32.66
Price spread: −0.011% → +0.014%: −$2.42
Slippage, 4 orders: no order book: not counted
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Fee GMX: 6 bp × 2 orders: −$12
Net: $4.44
Costs to cover: 0.258%
Break-even: 6.0 days

Slippage unknown: Perpl: no order-book sample; 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 Perpl no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Perpl and 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	−0.238%	$195K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.891	−0.357%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0323%	1h	93.126	−0.105%	$79K	$170K	20x	as long as short
ApeX Omni HYPEUSDT	−0.0172%	1h	93.008	−0.231%	$336K	$1.0M	50x	as long as short
Bullet HYPE-USD	−0.0107%	1h	93.171	−0.056%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.000	−0.240%	$84K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.041	−0.196%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0050%	4h	93.139	−0.091%	$155K	$639K	20x	as long as short
Phemex HYPEUSDT	−0.0038%	8h	93.176	−0.051%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0004%	4h	93.043	−0.194%	$8.8M	$35.3M	300x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.063	−0.172%	$128K	$31K	5x	as long as short
Perpl HYPElong	0.0000%	43m	93.224	long leg	$22K	$321K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.174	−0.054%	$25K	—	150x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.000	−0.240%	—	$53.2M	—	as long as short
Aftermath Perps HYPEUSD	+0.0017%	1h	93.247	+0.025%	$22K	$21K	10x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	92.980	−0.261%	$320.2M	$275.7M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.004	−0.236%	$44.3M	$54.2M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	93.000	−0.240%	$696K	$906K	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.056	−0.180%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.998	−0.242%	$87.6M	$79.8M	100x	as long as short
Binance HYPEUSDT	+0.0077%	4h	92.982	−0.259%	$378.1M	$872.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	92.981	−0.260%	$114.1M	$299.8M	50x	as long as short
edgeX HYPEUSDC	+0.0091%	4h	92.963	−0.280%	$5.0M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.027	−0.210%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.020	−0.218%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.986	−0.255%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.041	−0.196%	$338K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.990	−0.251%	$38K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.180	−0.047%	$5.7M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.098	−0.135%	$2.03B	$659.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.035	−0.202%	$10.0M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.022	−0.216%	$45.9M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.985	−0.256%	$225.0M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.096	−0.137%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.170	−0.058%	$31.0M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.978	−0.263%	$7.5M	$46.3M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.114	−0.118%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.229	+0.005%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.248	+0.026%	$474K	$2.4M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.135	−0.095%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.272	+0.052%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.158	−0.070%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.998	−0.242%	$202K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.975	−0.267%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.145	−0.084%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.220	−0.004%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0214%	4h	93.350	+0.136%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.204	−0.021%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0273%	8h	93.333	+0.117%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0331% / S −0.0156%	1h	93.214	−0.011%	$1.4M	—	100x
Deribit HYPE_USDC-PERPETUAL	+0.0437%	1h	93.255	+0.034%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.090	−0.144%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	92.900	−0.347%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.236	+0.013%	$20.8M	$29.9M	50x	as long as short