Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0122%/8h= +13.4% APRpaid last 24h +0.046%

Price spread now: GMX against Bybit−0.018%191s7-day average +0.037% · you buy dearer than you sell

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

Long on Bybit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.108%+$11 on $10k

Price spread, last 4 days (all we have)+0.124%+$12 · spread now −0.018%, 7d avg +0.037%

Together, before fees+0.232%+$23 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.055% cheaper against Bybit than usual: you would sell low and buy high (spread −0.018% now, against its 7-day average of +0.037%). If the spread goes back, that is −$6 on $10k: about 36 hours of funding at the current rate (+$4 a day). The two prices were read 191 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	Bybit HYPEUSDT	95.070	0.0033	pay 0.0033% / 8h	5h 08m	$320.8M	$262.9M	75x
Short	GMX HYPE/USD [WBTC.b-USDC]	95.052	L +0.0331% / S −0.0155%	get 0.0019% / 1h	8m 15s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Bybit. 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 BybitbpFee GMXbpOrdersPrice spread, now −0.018%Rate

Funding earned: $25.66
Price spread: −0.018% → +0.037%: −$5.51
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$2.85
Costs to cover: 0.230%
Break-even: 7.8 days

Slippage unknown: Bybit: 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 Bybit live order book, 4 min ago	0.53 bp	6.0 bp −$6	7.0 bp −$70	15.0 bp −$1,501	47.5 bp −$23.7K
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 exchanges

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
Phemex HYPEUSDT	−0.0274%	8h	95.130	+0.063%	$13.0M	$2.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0252%	1h	95.072	+0.002%	$18.4M	$34.9M	50x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.142	+0.076%	$1.1M	$2.7M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0126%	1h	95.172	+0.107%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0106%	1h	94.950	−0.126%	$680K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.104	+0.036%	$100K	$349K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.054	−0.017%	$3K	$421	25x	as long as short
Aster HYPEUSDT	−0.0079%	4h	95.050	−0.021%	$9.7M	$34.3M	300x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	95.052	−0.019%	$148K	$642K	20x	as long as short
Gate HYPE_USDT	−0.0062%	4h	95.073	+0.003%	$55.6M	$54.0M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bluefin HYPE-PERP	−0.0060%	1h	95.070	0.000%	$79K	$132K	20x	as long as short
Bullet HYPE-USD	−0.0058%	1h	95.079	+0.010%	$113K	$583K	20x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.110	+0.042%	$4.8M	$5.5M	50x	as long as short
OKX HYPE-USDT-SWAP	−0.0031%	8h	95.043	−0.028%	$119.1M	$303.2M	50x	as long as short
Bitget HYPEUSDT	−0.0024%	4h	95.082	+0.013%	$230.3M	$86.2M	75x	as long as short
Phoenix HYPE	−0.0008%	1h	95.181	+0.117%	$198K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	95.022	−0.051%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.032%	$99K	—	150x	as long as short
Lighter HYPE	+0.0016%	1h	95.060	−0.010%	$16.6M	$58.9M	20x	as long as short
Bybit HYPEUSDTlong	+0.0033%	8h	95.070	long leg	$320.8M	$262.9M	75x
Binance HYPEUSDT	+0.0045%	4h	95.105	+0.037%	$382.8M	$848.7M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	95.067	−0.003%	$90.5M	$84.8M	100x	as long as short
edgeX HYPEUSDC	+0.0046%	4h	95.146	+0.080%	$5.1M	$27.9M	30x	as long as short
BingX HYPE-USDT	+0.0052%	4h	95.066	−0.004%	—	$49.1M	—	as long as short
Popdex HYPEUSDT	+0.0056%	1h	95.081	+0.012%	$274K	$999K	50x	as long as short
dYdX HYPE-USD	+0.0066%	1h	95.118	+0.050%	$128K	$96K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0089%	8h	95.129	+0.062%	$339K	$30K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	95.188	+0.124%	$324K	$926K	50x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.087	+0.018%	$3.2M	$10.4M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	95.066	−0.004%	$402K	$125K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.100	+0.032%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.115	+0.047%	$7.3M	$50.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.142	+0.076%	$10.3M	$13.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.233	+0.171%	$229K	$20K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.063	−0.007%	$47.6M	$17.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.029	−0.043%	$6.9M	$12.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.971	−0.104%	$29.7M	$52.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.037	−0.035%	$7.7M	$40.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.079	+0.009%	$692K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.148	+0.082%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.120	+0.053%	$504K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.147	+0.081%	$32K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.058	−0.013%	$2.1M	$335K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.184	+0.120%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.039	−0.033%	$18.3M	$38.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	95.202	+0.139%	$1.8M	$5.0M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.103	+0.035%	$3.1M	$5.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0139%	1h	95.151	+0.085%	$7.5M	$4.2M	50x	as long as short
Hyperliquid HYPE	+0.0151%	1h	95.187	+0.123%	$2.11B	$643.7M	10x	as long as short
BloFin HYPE-USDT	+0.0194%	4h	95.035	−0.037%	$17.5M	$11.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	95.028	−0.044%	$85K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0331% / S −0.0155%	1h	95.052	−0.018%	$1.4M	—	100x
Hibachi HYPE/USDT-P	+0.0704%	1h	95.101	+0.033%	$216K	$278K	7x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.600	+0.557%	$31K	$334K	12x	as long as short