Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0055%/8h= +6.1% APRpaid last 24h +0.016%

Price spread now: GMX against Variational Omni+0.125%215s7-day average +0.042% · you sell dearer than you buy

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

Long on Variational Omni Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.060%+$6 on $10k

Price spread, last 4 days (all we have)+0.249%+$25 · spread now +0.125%, 7d avg +0.042%

Together, before fees+0.309%+ Points / potential airdropVariational Omni: Active · farm board+$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and GMX is 0.082% dearer against Variational Omni than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.042%. The two prices were read 215 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	Variational Omni HYPE	94.987	0.0100	pay 0.0100% / 8h	6h 57m	$30.1M	$55.7M	—
Short	GMX HYPE/USD [WBTC.b-USDC]	95.106	L +0.0330% / S −0.0155%	get 0.0019% / 1h	57m 48s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now +0.125%Rate

Funding earned: $11.64
Price spread: +0.125% → +0.042%: $8.25
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: $7.89
Costs to cover: 0.120%
Break-even: 2.3 days

Slippage unknown: Variational Omni: RFQ quote, 1 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 Variational Omni RFQ quote, 1 min ago	0.48 bp	doesn't fit	7.0 bp −$70	26.5 bp −$2,650	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 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	−0.1064%	1h	94.977	−0.011%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0785%	1h	94.953	−0.036%	$79K	$147K	20x	as long as short
Bullet HYPE-USD	−0.0486%	1h	94.997	+0.010%	$112K	$580K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0376%	1h	94.986	−0.002%	$18.8M	$35.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0268%	1h	95.020	+0.034%	$695K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0256%	1h	94.999	+0.012%	$90K	$356K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0202%	1h	95.154	+0.176%	$22K	$19K	10x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.985	−0.003%	$1.0M	$3.1M	10x	as long as short
Phemex HYPEUSDT	−0.0142%	8h	95.003	+0.016%	$13.0M	$2.8M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.045	+0.061%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0078%	4h	94.939	−0.051%	$53.2M	$53.7M	75x	as long as short
Polymarket Perps HYPE-USD	−0.0048%	1h	95.028	+0.043%	$499K	$2.6M	20x	as long as short
Vest HYPE-PERP	−0.0044%	1h	95.073	+0.090%	—	$88K	5x	as long as short
Lighter RH HYPE	−0.0032%	1h	94.979	−0.009%	$3.2M	$9.8M	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	95.000	+0.013%	$4.7M	$5.7M	50x	as long as short
SoDEX HYPE-USD	−0.0012%	1h	94.975	−0.013%	$2.1M	$1.4M	10x	as long as short
Bybit HYPEUSDT	−0.0008%	8h	94.960	−0.029%	$319.2M	$281.9M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.966	−0.023%	$148K	$669K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.003	+0.016%	$130K	$93K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.103	+0.122%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.019	+0.034%	$19K	$271K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.119%	$86K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	94.950	−0.039%	—	$50.3M	—	as long as short
Phoenix HYPE	+0.0008%	1h	95.157	+0.179%	$203K	$1.0M	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0013%	1h	94.899	−0.093%	$7.3M	$10.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0026%	8h	94.937	−0.053%	$118.6M	$320.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0034%	1h	95.079	+0.096%	$7.5M	$4.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0039%	8h	95.036	+0.051%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.952	−0.037%	$228.2M	$93.4M	75x	as long as short
Aster HYPEUSDT	+0.0066%	4h	94.940	−0.050%	$9.0M	$36.4M	300x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	95.022	+0.036%	$5.0M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.993	+0.006%	$16.2M	$60.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.995	+0.008%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.010	+0.024%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.001	+0.014%	$7.3M	$55.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.107	+0.126%	$2.10B	$676.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.047	+0.063%	$10.2M	$14.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.955	−0.034%	$381.6M	$908.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	+0.198%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.952	−0.037%	$86.6M	$85.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.919	−0.072%	$47.4M	$18.3M	75x	as long as short
Variational Omni HYPElong	+0.0100%	8h	94.987	long leg	$30.1M	$55.7M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.063	+0.080%	$7.7M	$43.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.023	+0.037%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.051	+0.067%	$691K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.870	−0.124%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.126	+0.146%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.929	−0.062%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.979	−0.008%	$401K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	95.038	+0.053%	$3.2M	$6.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.988	+0.001%	$85K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0330% / S −0.0155%	1h	95.106	+0.125%	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	95.006	+0.020%	$17.2M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.519%	$31K	$335K	12x	as long as short