Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h −0.073%

Price spread now: Binance against GMX−0.088%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 GMX Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.210%−$21 on $10k

Price spread, last 4 days (all we have)+0.055%+$6 · spread now −0.088%, 7d avg −0.005%

Together, before fees−0.155%−$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Binance is 0.083% cheaper against GMX than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.005%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	94.220	L +0.0151% / S +0.0022%	pay 0.0019% / 1h	4m 58s	$1.4M	—	100x
Short	Binance HYPEUSDT	94.137	0.0100	get 0.0050% / 4h	1h 04m	$376.7M	$931.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against GMX. 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 GMXbpFee BinancebpOrdersPrice spread, now −0.088%Rate

Funding earned: −$10.68
Price spread: −0.088% → −0.005%: −$8.3
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Binance: 5 bp × 2 orders: −$10
Net: −$40.98
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Binance: live order book, 9 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 Binance live order book, 9 min ago	0.05 bp	6.2 bp −$6	8.5 bp −$85	16.6 bp −$1,663	36.1 bp −$18.1K

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	−0.1096%	1h	94.278	+0.061%	$201K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0158%	1h	94.294	+0.079%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0099%	1h	94.130	−0.095%	$710K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.373	+0.163%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0070%	1h	94.180	−0.043%	$111K	$578K	20x	as long as short
Bluefin HYPE-PERP	−0.0060%	1h	94.120	−0.106%	$80K	$155K	20x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	94.170	−0.053%	$87K	$366K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.127	−0.099%	$146K	$685K	20x	as long as short
Bybit HYPEUSDT	−0.0006%	8h	94.130	−0.095%	$317.1M	$289.5M	75x	as long as short
BingX HYPE-USDT	−0.0004%	4h	94.149	−0.075%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.178	−0.044%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.255	+0.037%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.421	+0.213%	$19K	$287K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.195	−0.027%	$117K	—	150x	as long as short
Derive HYPE-PERP	+0.0003%	1h	94.317	+0.103%	$16.4M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0017%	1h	94.223	+0.003%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.130	−0.095%	$226.6M	$99.9M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.191	−0.031%	$12.8M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0066%	8h	94.252	+0.034%	$337K	$156K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.142	−0.083%	$1.0M	$3.5M	10x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	94.169	−0.054%	$5.0M	$30.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0093%	8h	94.138	−0.087%	$117.0M	$320.9M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.162	−0.062%	$16.3M	$64.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.164	−0.059%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.145	−0.079%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.190	−0.032%	$15K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.144	−0.080%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.259	+0.042%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.151	−0.073%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.212	−0.008%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDTshort	+0.0100%	4h	94.137	−0.088%	$376.7M	$931.6M	75x
Bulk HYPE-USD	+0.0100%	1h	94.183	−0.039%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.149	−0.075%	$49.3M	$57.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.154	−0.070%	$89.8M	$85.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.169	−0.054%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.153	−0.071%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.239	+0.020%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.264	+0.047%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.207	−0.014%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.384	+0.174%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.257	+0.039%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.180	−0.042%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.199	−0.022%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.154	−0.070%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.315	+0.101%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.110	−0.117%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.193	−0.028%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.190	−0.032%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0151% / S +0.0022%	1h	94.220	long leg	$1.4M	—	100x
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.350%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0206%	1h	94.253	+0.035%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.133	−0.093%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.149	−0.075%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.216	−0.005%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.194	−0.027%	$3.2M	$6.4M	20x	as long as short