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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 01:00 UTC−0.0271%/8h= −29.7% APRnext payment −$0.34 per $10,000 · paid last 24h −0.049%
Price spread now: Phoenix against GMX+0.317%65s7-day average +0.067% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on GMXShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)−0.084%−$8 on $10k
Price spread, last 3 days (all we have)−0.329%−$33 · spread now +0.317%, 7d avg +0.067%
Together, before fees−0.413%−$41 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Phoenix is 0.250% dearer against GMX than usual: you sell high and buy low (spread +0.317% now, against its 7-day average of +0.067%): +$25 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 3.1 days. At the pace of the last 3 days (−0.084% in total) that is about 9.6 days. The two prices were read 65 seconds apart, so part of this spread may be the market moving, not a spread.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.084% in total (about -9.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.34 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongGMX HYPE/USD [WBTC.b-USDC]93.023L +0.0331% / S −0.0156%pay 0.0041% / 1h57m 58s$1.4M—100x
ShortPhoenix HYPE93.3180.0060get 0.0007% / 1h57m 58s$210K$1.2M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix 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

Funding earned
−$56.88
Price spread: +0.317% → +0.067%
$24.96
Slippage, 4 orders
no order book: not counted
Fee GMX: 6 bp × 2 orders
−$12
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$50.92
Costs to cover
0.190%
Break-even
from the start
Slippage unknown: GMX: no order-book sample; Phoenix: live order book, 5 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy GMX no order-book sample—————
Sell Phoenix live order book, 5 min ago1.18 bp5.7 bp −$69.4 bp −$94131.2 bp −$13.1Kdoesn'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 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1136%1h93.123+0.108%$196K$226K7xas long as short
Arcus HYPE-USD−0.0899%1h92.959−0.069%$1.2M$3.8M10xas long as short
Bluefin HYPE-PERP−0.0415%1h92.961−0.067%$79K$170K20xas long as short
Ondo Perps HYPE-USD.P−0.0313%1h93.040+0.018%$698K$902K10xas long as short
01 Exchange HYPEUSD−0.0096%1h93.078+0.059%$84K$346K20xas long as short
Bullet HYPE-USD−0.0095%1h93.007−0.017%$112K$578K20xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.198+0.188%$3K$33125xas long as short
Orderly PERP_HYPE_USDC−0.0052%4h92.992−0.034%$155K$639K20xas long as short
Phemex HYPEUSDT−0.0023%8h93.039+0.017%$12.6M$2.7M50xas long as short
Aster HYPEUSDT−0.0005%4h92.971−0.056%$8.8M$35.4M300xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
dYdX HYPE-USD0.0000%1h93.100+0.082%$128K$31K5xas long as short
Perpl HYPE0.0000%43m93.092+0.074%$22K$321K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.025+0.002%$25K—150xas long as short
Bybit HYPEUSDT+0.0009%8h92.960−0.068%$319.0M$275.7M75xas long as short
Gate HYPE_USDT+0.0012%4h92.971−0.056%$44.3M$54.1M75xas long as short
BingX HYPE-USDT+0.0012%4h92.972−0.055%—$53.1M—as long as short
Aftermath Perps HYPEUSD+0.0013%1h93.325+0.325%$22K$21K10xas long as short
Phoenix HYPEshort+0.0060%1h93.318+0.317%$210K$1.2M10x
OKX HYPE-USDT-SWAP+0.0076%8h92.971−0.056%$114.1M$300.0M50xas long as short
MEXC HYPE_USDT+0.0078%4h92.981−0.045%$87.5M$79.7M100xas long as short
Binance HYPEUSDT+0.0078%4h92.961−0.067%$378.0M$874.1M75xas long as short
edgeX HYPEUSDC+0.0083%4h93.256+0.250%$5.0M$30.1M30xas long as short
Lighter HYPE+0.0096%1h93.042+0.020%$16.2M$61.1M20xas long as short
Lighter RH HYPE+0.0096%1h93.032+0.009%$3.1M$11.5M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.062+0.042%$67K$1.2M50xas long as short
Paradex HYPE-USD-PERP+0.0097%8h93.106+0.089%$338K$162K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.090+0.072%$12K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.005−0.019%$5.7M$43.5M10xas long as short
Hyperliquid HYPE+0.0100%1h93.098+0.080%$2.03B$658.7M10xas long as short
Pacifica HYPE+0.0100%1h93.105+0.088%$10.0M$14.6M20xas long as short
Bulk HYPE-USD+0.0100%1h93.335+0.335%$203K$10K10xas long as short
KuCoin HYPEUSDTM+0.0100%4h92.991−0.035%$46.0M$17.9M75xas long as short
Bitget HYPEUSDT+0.0100%4h92.957−0.071%$224.9M$96.8M75xas long as short
Backpack HYPE_USDC_PERP+0.0100%1h92.967−0.060%$7.3M$10.4M20xas long as short
Variational Omni HYPE+0.0100%8h93.219+0.210%$31.1M$54.3M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.419+0.425%$7.5M$46.9M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.263+0.258%$337K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.218+0.209%$665K$2.6M20xas long as short
Vest HYPE-PERP+0.0100%1h93.122+0.106%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.054+0.033%$473K$2.4M20xas long as short
Derive HYPE-PERP+0.0100%1h92.986−0.040%$16.1M$7.6M10xas long as short
SunX HYPE-USDT+0.0100%4h93.189+0.178%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.010−0.014%$2.0M$1.9M10xas long as short
Extended HYPE-USD+0.0104%1h92.945−0.084%$18.3M$43.5M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.002−0.023%$396K$170K20xas long as short
Coinbase International HYPE-PERP-INTX+0.0176%1h93.100+0.083%$4.9M$5.4M50xas long as short
HTX HYPE-USDT+0.0207%4h93.200+0.190%$1.4M$5.9M75xas long as short
Reya HYPERUSDPERP+0.0256%1h93.002−0.023%$79K$140K15xas long as short
Kalshi KXHYPEPERP+0.0276%8h93.073+0.054%$1.9M$4.8M2.3xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0298%1h93.093+0.075%$7.4M$4.4M50xas long as short
GMX HYPE/USD [WBTC.b-USDC]longL +0.0331% / S −0.0156%1h93.023long leg$1.4M—100x
RISEx HYPE/USDC+0.0510%1h93.157+0.144%$3.2M$6.7M20xas long as short
Injective HYPE/USDC PERP+0.0519%1h93.170+0.158%$30K$338K12xas long as short
Kraken Futures PF_HYPEUSD+0.0687%1h93.087+0.069%$20.7M$30.0M50xas long as short