Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0431%/8h= −47.2% APRpaid last 24h −0.087%

Price spread now: Aster against GMX−0.117%7-day average −0.022% · you buy dearer than you sell

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

Long on GMX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.232%−$23 on $10k

Price spread, last 4 days (all we have)+0.072%+$7 · spread now −0.117%, 7d avg −0.022%

Together, before fees−0.160%+ Points / potential airdropAster: Stage 5 · farm board−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Aster is 0.094% cheaper against GMX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.022%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	94.889	L +0.0330% / S −0.0155%	pay 0.0041% / 1h	50m 24s	$1.4M	—	100x
Short	Aster HYPEUSDT	94.779	−0.0101	pay 0.0050% / 4h	50m 24s	$9.0M	$34.3M	300x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against GMX. 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 GMXbpFee AsterbpOrdersPrice spread, now −0.117%Rate

Funding earned: −$90.45
Price spread: −0.117% → −0.022%: −$9.43
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$119.88
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Aster: live order book, 2 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Aster live order book, 2 min ago	0.53 bp	4.5 bp −$5	4.7 bp −$47	11.0 bp −$1,104	doesn't fit

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 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
Kraken Futures PF_HYPEUSD	−0.0282%	1h	94.771	−0.125%	$18.3M	$32.6M	50x	as long as short
Phemex HYPEUSDT	−0.0261%	8h	94.756	−0.141%	$12.9M	$2.2M	50x	as long as short
Bluefin HYPE-PERP	−0.0225%	1h	94.740	−0.158%	$78K	$130K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0221%	1h	94.670	−0.231%	$677K	$1.3M	10x	as long as short
Lighter HYPE	−0.0128%	1h	94.710	−0.189%	$16.5M	$55.2M	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.817	−0.076%	$102K	$349K	20x	as long as short
Aster HYPEUSDTshort	−0.0101%	4h	94.779	−0.117%	$9.0M	$34.3M	300x
Gate HYPE_USDT	−0.0084%	4h	94.865	−0.026%	$55.9M	$52.6M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.894	+0.005%	$3K	$421	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0074%	4h	94.736	−0.162%	$147K	$642K	20x	as long as short

Show all 55 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0064%	1h	94.750	−0.147%	$4.7M	$5.4M	50x	as long as short
Aftermath Perps HYPEUSD	−0.0058%	1h	94.996	+0.112%	$22K	$17K	10x	as long as short
OKX HYPE-USDT-SWAP	−0.0042%	8h	94.771	−0.125%	$119.1M	$302.5M	50x	as long as short
Bitget HYPEUSDT	−0.0028%	4h	94.785	−0.110%	$229.5M	$85.8M	75x	as long as short
Phoenix HYPE	−0.0017%	1h	94.936	+0.049%	$198K	$1.1M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0010%	1h	95.003	+0.120%	$323K	$925K	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.770	−0.125%	$128K	$96K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.808	−0.086%	$24K	$249K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.890	0.000%	$99K	—	150x	as long as short
Bullet HYPE-USD	+0.0008%	1h	94.864	−0.027%	$114K	$585K	20x	as long as short
Derive HYPE-PERP	+0.0020%	1h	94.742	−0.155%	$16.3M	$7.0M	10x	as long as short
edgeX HYPEUSDC	+0.0025%	4h	94.997	+0.114%	$5.0M	$27.9M	30x	as long as short
Bybit HYPEUSDT	+0.0027%	8h	94.765	−0.131%	$319.9M	$262.1M	75x	as long as short
Binance HYPEUSDT	+0.0029%	4h	94.862	−0.029%	$382.5M	$848.3M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	94.815	−0.078%	$274K	$998K	50x	as long as short
MEXC HYPE_USDT	+0.0032%	4h	94.834	−0.058%	$89.4M	$82.3M	100x	as long as short
BingX HYPE-USDT	+0.0036%	4h	94.861	−0.030%	—	$49.6M	—	as long as short
SoDEX HYPE-USD	+0.0040%	1h	94.760	−0.136%	$2.1M	$335K	10x	as long as short
Backpack HYPE_USDC_PERP	+0.0054%	1h	94.750	−0.147%	$6.8M	$12.3M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0056%	1h	94.824	−0.069%	$7.5M	$4.2M	50x	as long as short
KuCoin HYPEUSDTM	+0.0086%	4h	94.811	−0.083%	$47.3M	$17.7M	75x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.905	+0.016%	$401K	$125K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	94.733	−0.165%	$338K	$30K	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.741	−0.156%	$3.2M	$9.8M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.720	−0.179%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.820	−0.073%	$7.2M	$50.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.938	+0.051%	$2.10B	$639.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.767	−0.129%	$10.2M	$12.9M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	94.799	−0.095%	$1.0M	$2.8M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.036	+0.155%	$228K	$20K	10x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.740	−0.158%	$30.0M	$52.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.002	+0.119%	$7.7M	$41.1M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.852	−0.039%	$690K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.875	−0.015%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.848	−0.044%	$497K	$2.4M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.800	−0.094%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.850	−0.042%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.734	−0.164%	$18.2M	$37.4M	50x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	94.872	−0.018%	$1.8M	$5.1M	2.3x	as long as short
BloFin HYPE-USDT	+0.0135%	4h	94.728	−0.170%	$17.5M	$11.5M	75x	as long as short
RISEx HYPE/USDC	+0.0138%	1h	94.816	−0.077%	$3.1M	$5.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	94.796	−0.098%	$84K	$90K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0330% / S −0.0155%	1h	94.889	long leg	$1.4M	—	100x
Hibachi HYPE/USDT-P	+0.1000%	1h	94.840	−0.052%	$214K	$277K	7x	as long as short
Injective HYPE/USDC PERP	+0.1234%	1h	95.420	+0.559%	$31K	$334K	12x	as long as short