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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 23:00 UTC+0.0059%/8h= +6.5% APRpaid last 24h +0.014%
Price spread now: GMX against Phemex−0.019%7-day average +0.005% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Long on PhemexShort on GMX
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.062%+$6 on $10k
Price spread, last 3 days (all we have)+0.146%+$15 · spread now −0.019%, 7d avg +0.005%
Together, before fees+0.208%+$21 on $10k · with fees, hour by hour
Funding pays, the price is against you. GMX is 0.024% cheaper against Phemex than usual: you would sell low and buy high (spread −0.019% now, against its 7-day average of +0.005%). If the spread goes back, that is −$2 on $10k: about 33 hours of funding at the current rate (+$2 a day).
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex HYPEUSDT93.2110.0100pay 0.0100% / 8h1h 46m$12.7M$2.6M50x
ShortGMX HYPE/USD [WBTC.b-USDC]93.193L +0.0340% / S −0.0159%get 0.0020% / 1h46m 38s$1.5M—100x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

GMX against Phemex. 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

Funding earned
$12.38
Price spread: −0.019% → +0.005%
−$2.41
Slippage, 4 orders
no order book: not counted
Fee Phemex: 6 bp × 2 orders
−$12
Fee GMX: 6 bp × 2 orders
−$12
Net
−$14.03
Costs to cover
0.240%
Break-even
14.9 days
Slippage unknown: Phemex: live order book, 2 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
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 2 min ago0.86 bp22.5 bp −$2337.1 bp −$371doesn't fitdoesn'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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aftermath Perps HYPEUSD−0.0320%1h93.105−0.114%$22K$22K10xas long as short
Arcus HYPE-USD−0.0131%1h93.200−0.012%$1.2M$4.0M10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.221+0.011%$3K$33125xas long as short
Hibachi HYPE/USDT-P−0.0080%1h93.088−0.132%$197K$231K7xas long as short
Ondo Perps HYPE-USD.P−0.0027%1h93.120−0.098%$699K$925K10xas long as short
01 Exchange HYPEUSD−0.0008%1h93.260+0.053%$90K$362K20xas long as short
dYdX HYPE-USD0.0000%1h93.264+0.056%$127K$32K5xas long as short
Kalshi KXHYPEPERP0.0000%8h93.266+0.059%$1.9M$5.3M2.3xas long as short
Perpl HYPE0.0000%43m93.203−0.009%$23K$331K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0001%1h93.200−0.012%$20K—150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT+0.0011%4h93.269+0.062%$8.9M$36.0M300xas long as short
Derive HYPE-PERP+0.0016%1h93.141−0.076%$16.3M$7.1M10xas long as short
Popdex HYPEUSDT+0.0016%1h93.227+0.017%$57K$1.2M50xas long as short
Bybit HYPEUSDT+0.0031%8h93.224+0.014%$324.0M$286.8M75xas long as short
Phoenix HYPE+0.0034%1h93.178−0.035%$216K$1.2M10xas long as short
Orderly PERP_HYPE_USDC+0.0039%4h93.189−0.024%$169K$520K20xas long as short
Gate HYPE_USDT+0.0064%4h93.245+0.036%$43.7M$57.6M75xas long as short
Bullet HYPE-USD+0.0083%1h93.144−0.071%$112K$579K20xas long as short
Lighter HYPE+0.0096%1h93.277+0.071%$18.5M$58.6M20xas long as short
Lighter RH HYPE+0.0096%1h93.262+0.055%$3.0M$12.1M20xas long as short
MEXC HYPE_USDT+0.0098%4h93.235+0.026%$90.4M$81.5M100xas long as short
Binance HYPEUSDT+0.0098%4h93.246+0.038%$383.7M$892.2M75xas long as short
Paradex HYPE-USD-PERP+0.0099%8h93.259+0.051%$339K$170K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.230+0.020%$40K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.189−0.023%$5.9M$44.1M10xas long as short
Hyperliquid HYPE+0.0100%1h93.285+0.079%$2.03B$671.5M10xas long as short
Pacifica HYPE+0.0100%1h93.252+0.044%$10.0M$14.3M20xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.221+0.011%$114.1M$314.4M50xas long as short
Bulk HYPE-USD+0.0100%1h92.884−0.351%$203K$10K10xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.256+0.048%$47.2M$19.1M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.238+0.029%$226.0M$102.7M75xas long as short
BingX HYPE-USDT+0.0100%4h93.221+0.011%—$54.0M—as long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.259+0.051%$7.9M$11.7M20xas long as short
Variational Omni HYPE+0.0100%8h92.887−0.347%$28.9M$50.5M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h92.983−0.245%$7.5M$45.3M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.003−0.223%$411K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.000−0.226%$673K$2.5M20xas long as short
Vest HYPE-PERP+0.0100%1h93.205−0.006%—$454K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.245+0.036%$493K$2.6M20xas long as short
SunX HYPE-USDT+0.0100%4h93.248+0.040%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.189−0.024%$2.0M$2.0M10xas long as short
Phemex HYPEUSDTlong+0.0100%8h93.211long leg$12.7M$2.6M50x
Extended HYPE-USD+0.0104%1h93.2110.000%$18.3M$42.2M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.190−0.022%$396K$318K20xas long as short
edgeX HYPEUSDC+0.0108%4h92.923−0.309%$5.0M$29.5M30xas long as short
Coinbase International HYPE-PERP-INTX+0.0176%1h93.170−0.044%$4.9M$5.7M50xas long as short
Injective HYPE/USDC PERP+0.0239%1h93.170−0.044%$30K$338K12xas long as short
Reya HYPERUSDPERP+0.0246%1h93.183−0.030%$78K$158K15xas long as short
RISEx HYPE/USDC+0.0280%1h93.295+0.090%$2.8M$6.8M20xas long as short
HTX HYPE-USDT+0.0285%4h93.308+0.104%$1.5M$7.7M75xas long as short
Bluefin HYPE-PERP+0.0304%1h93.207−0.004%$76K$168K20xas long as short
BloFin HYPE-USDT+0.0338%4h93.191−0.021%$17.0M$12.5M75xas long as short
GMX HYPE/USD [WBTC.b-USDC]shortL +0.0340% / S −0.0159%1h93.193−0.019%$1.5M—100x
Deribit HYPE_USDC-PERPETUAL+0.0394%1h93.291+0.086%$7.4M$4.6M50xas long as short
Kraken Futures PF_HYPEUSD+0.0466%1h93.304+0.100%$20.8M$28.6M50xas long as short