Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0303%/8h= −33.1% APRpaid last 24h −0.100%

Price spread now: Bybit against GMX−0.295%7-day average −0.037% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.249%−$25 on $10k

Price spread, last 4 days (all we have)+0.188%+$19 · spread now −0.295%, 7d avg −0.037%

Together, before fees−0.060%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.258% cheaper against GMX than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.037%). 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	49m 42s	$1.4M	—	100x
Short	Bybit HYPEUSDT	94.610	0.0027	get 0.0027% / 8h	4h 49m	$319.4M	$263.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.295%Rate

Funding earned: −$63.57
Price spread: −0.295% → −0.037%: −$25.78
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$112.35
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: 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 Bybit live order book, 2 min ago	0.53 bp	6.0 bp −$6	7.4 bp −$74	14.9 bp −$1,486	31.0 bp −$15.5K

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	94.758	−0.139%	$18.3M	$32.6M	50x	as long as short
Phemex HYPEUSDT	−0.0253%	8h	94.736	−0.162%	$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	−0.0144%	1h	94.540	−0.368%	$16.5M	$55.3M	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.682	−0.219%	$102K	$351K	20x	as long as short
Aster HYPEUSDT	−0.0103%	4h	94.601	−0.304%	$9.0M	$34.6M	300x	as long as short
Gate HYPE_USDT	−0.0082%	4h	94.632	−0.271%	$55.8M	$52.7M	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	94.790	−0.105%	$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	94.600	−0.305%	$118.9M	$302.9M	50x	as long as short
Bitget HYPEUSDT	−0.0028%	4h	94.600	−0.305%	$229.0M	$86.0M	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	94.572	−0.335%	$127K	$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
Lighter RH HYPE	+0.0016%	1h	94.573	−0.334%	$3.2M	$9.8M	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 HYPEUSDTshort	+0.0027%	8h	94.610	−0.295%	$319.4M	$263.0M	75x
MEXC HYPE_USDT	+0.0028%	4h	94.598	−0.307%	$88.6M	$82.5M	100x	as long as short
Binance HYPEUSDT	+0.0029%	4h	94.593	−0.312%	$381.4M	$850.0M	75x	as long as short
BingX HYPE-USDT	+0.0034%	4h	94.593	−0.312%	—	$49.7M	—	as long as short
Popdex HYPEUSDT	+0.0040%	1h	94.685	−0.215%	$273K	$998K	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0045%	1h	94.858	−0.033%	$7.5M	$4.2M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0055%	1h	94.731	−0.167%	$6.8M	$12.3M	20x	as long as short
SoDEX HYPE-USD	+0.0063%	1h	94.799	−0.095%	$2.1M	$335K	10x	as long as short
KuCoin HYPEUSDTM	+0.0084%	4h	94.538	−0.370%	$47.2M	$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	94.598	−0.307%	$338K	$30K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	94.600	−0.305%	$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	94.661	−0.241%	$2.10B	$642.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.627	−0.277%	$10.2M	$12.8M	20x	as long as short
Arcus HYPE-USD	+0.0100%	1h	94.630	−0.273%	$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	94.928	+0.041%	$32K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.853	−0.038%	$1.4M	$5.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.573	−0.334%	$18.2M	$37.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0118%	8h	94.826	−0.067%	$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	94.642	−0.260%	$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