Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0074%/8h= +8.2% APRpaid last 24h +0.024%

Price spread now: GMX against edgeX+0.136%7-day average +0.018% · you sell dearer than you buy

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

Long on edgeX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.066%+$7 on $10k

Price spread, last 4 days (all we have)−0.023%−$2 · spread now +0.136%, 7d avg +0.018%

Together, before fees+0.044%+ Points / potential airdropedgeX: Active · farm board+$4 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 0.119% dearer against edgeX than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.018%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX HYPEUSDC	94.269	0.0081	pay 0.0041% / 4h	3h 26m	$5.0M	$31.0M	30x
Short	GMX HYPE/USD [WBTC.b-USDC]	94.397	L +0.0330% / S −0.0156%	get 0.0019% / 1h	26m 28s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against edgeX. 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 edgeXbpFee GMXbpOrdersPrice spread, now +0.136%Rate

Funding earned: $15.64
Price spread: +0.136% → +0.018%: $11.85
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: $6.49
Costs to cover: 0.210%
Break-even: 4.1 days

Slippage unknown: edgeX: live order book, 3 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 edgeX live order book, 3 min ago	0.32 bp	4.8 bp −$5	5.1 bp −$51	175.4 bp −$17.5K	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	−0.0792%	1h	94.302	+0.036%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0596%	1h	94.304	+0.038%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	94.397	+0.136%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0260%	1h	94.294	+0.027%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0186%	1h	94.300	+0.033%	$702K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.325	+0.060%	$90K	$365K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.287	+0.020%	$1.0M	$3.4M	10x	as long as short
Gate HYPE_USDT	−0.0102%	4h	94.299	+0.032%	$51.6M	$55.4M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.344	+0.080%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.347	+0.083%	$18.8M	$35.5M	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	−0.0032%	8h	94.300	+0.033%	$318.0M	$293.7M	75x	as long as short
Phemex HYPEUSDT	−0.0019%	8h	94.321	+0.056%	$12.9M	$2.9M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0010%	4h	94.322	+0.057%	$147K	$678K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.385	+0.124%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.442	+0.184%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.320	+0.054%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.257	−0.012%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.404	+0.144%	$210K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.115%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.440	+0.182%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.302	+0.035%	$226.9M	$97.9M	75x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.390	+0.129%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0040%	8h	94.317	+0.051%	$337K	$39K	20x	as long as short
Backpack HYPE_USDC_PERP	+0.0043%	1h	94.293	+0.026%	$7.5M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0044%	8h	94.310	+0.044%	$117.7M	$326.9M	50x	as long as short
SoDEX HYPE-USD	+0.0048%	1h	94.346	+0.082%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDClong	+0.0081%	4h	94.269	long leg	$5.0M	$31.0M	30x
Lighter HYPE	+0.0096%	1h	94.300	+0.034%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.300	+0.033%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.319	+0.053%	$149K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.320	+0.055%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.288	+0.021%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.403	+0.143%	$2.07B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.325	+0.060%	$9.6M	$38.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.334	+0.069%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.315	+0.050%	$379.4M	$930.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.058%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.314	+0.048%	$93.1M	$86.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.304	+0.038%	$47.1M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.300	+0.033%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	+0.065%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.308	+0.042%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.315	+0.049%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.356	+0.093%	$688K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.406	+0.146%	$498K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.389	+0.128%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.511	+0.257%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.248	−0.022%	$18.2M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.382	+0.120%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.331	+0.066%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.956%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0227%	1h	94.438	+0.180%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.297	+0.031%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0330% / S −0.0156%	1h	94.397	+0.136%	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	94.344	+0.080%	$17.3M	$12.5M	75x	as long as short