Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h −0.023%

Price spread now: HTX against GMX+0.129%7-day average +0.026% · you sell dearer than you buy

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

Long on GMX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.141%−$14 on $10k

Price spread, last 3 days (all we have)−0.239%−$24 · spread now +0.129%, 7d avg +0.026%

Together, before fees−0.380%−$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and HTX is 0.102% dearer against GMX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.026%. Mind the row above: over the last 3 days funding on this pair cost −0.141%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	93.430	L +0.0331% / S −0.0156%	pay 0.0041% / 1h	0m 32s	$1.4M	—	100x
Short	HTX HYPE-USDT	93.550	0.0352	get 0.0176% / 4h	3h 00m	$1.5M	$6.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.129%Rate

Funding earned: $4.44
Price spread: +0.129% → +0.026%: $10.24
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$9.33
Costs to cover: 0.240%
Break-even: 21.7 days

Slippage unknown: GMX: no order-book sample; HTX: live order book, 4 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 HTX live order book, 4 min ago	1.76 bp	12.3 bp −$12	20.4 bp −$204	71.7 bp −$7,166	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 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	−0.1104%	1h	93.469	+0.042%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.276	−0.165%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0180%	1h	93.772	+0.366%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0098%	1h	93.330	−0.107%	$705K	$961K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.405	−0.027%	$85K	$360K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.417	−0.014%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0075%	1h	93.429	−0.001%	$128K	$31K	5x	as long as short
Gate HYPE_USDT	−0.0058%	4h	93.373	−0.061%	$44.2M	$60.7M	75x	as long as short
Bullet HYPE-USD	−0.0042%	1h	93.405	−0.026%	$112K	$579K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0041%	4h	93.363	−0.072%	$158K	$647K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0015%	4h	93.429	−0.001%	$8.9M	$36.1M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.436	+0.007%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.436	+0.006%	$27K	—	150x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.343	−0.093%	$16.3M	$7.5M	10x	as long as short
Bybit HYPEUSDT	+0.0024%	8h	93.390	−0.043%	$320.9M	$279.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.887	+0.489%	$213K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	93.403	−0.029%	$12.7M	$2.6M	50x	as long as short
Binance HYPEUSDT	+0.0042%	4h	93.402	−0.030%	$380.7M	$898.3M	75x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.409	−0.022%	$87.4M	$83.7M	100x	as long as short
edgeX HYPEUSDC	+0.0060%	4h	93.655	+0.241%	$5.1M	$29.7M	30x	as long as short
Bluefin HYPE-PERP	+0.0063%	1h	93.370	−0.064%	$76K	$170K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.405	−0.027%	$115.3M	$313.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.461	+0.033%	$18.8M	$60.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.417	−0.014%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.395	−0.037%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.376	−0.058%	$397K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.449	+0.021%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.390	−0.043%	$34K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.436	+0.006%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.477	+0.051%	$2.04B	$670.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.437	+0.008%	$10.0M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.415	−0.016%	$46.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.413	−0.018%	$226.1M	$100.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.404	−0.028%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.302	−0.137%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.379	−0.055%	$30.9M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.861	+0.461%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.599	+0.181%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.537	+0.115%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.441	+0.012%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.441	+0.012%	$472K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.445	+0.016%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.384	−0.049%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.497%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.351	−0.084%	$18.3M	$44.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.420	−0.010%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0182%	4h	93.420	−0.010%	$17.0M	$12.0M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.370	−0.064%	$30K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.418	−0.013%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0248%	8h	93.507	+0.083%	$1.9M	$5.2M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.399	−0.033%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0331% / S −0.0156%	1h	93.430	long leg	$1.4M	—	100x
HTX HYPE-USDTshort	+0.0352%	4h	93.550	+0.129%	$1.5M	$6.0M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0585%	1h	93.493	+0.068%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0676%	1h	93.440	+0.011%	$20.8M	$29.8M	50x	as long as short