Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0232%/8h= −25.4% APRpaid last 24h −0.063%

Price spread now: Variational Omni against GMX−0.188%7-day average −0.042% · you buy dearer than you sell

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.197%−$20 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now −0.188%, 7d avg −0.042%

Together, before fees−0.204%+ Points / potential airdropVariational Omni: Active · farm board−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Variational Omni is 0.146% cheaper against GMX than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.042%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX HYPE/USD [WBTC.b-USDC]	93.526	L +0.0332% / S −0.0154%	pay 0.0042% / 1h	35m 19s	$1.4M	—	100x
Short	Variational Omni HYPE	93.351	0.0100	get 0.0100% / 8h	2h 35m	$28.6M	$56.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.188%Rate

Funding earned: −$48.78
Price spread: −0.188% → −0.042%: −$14.58
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$75.36
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 4 min ago	0.43 bp	doesn't fit	8.8 bp −$88	20.7 bp −$2,074	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	−0.1664%	1h	93.244	−0.302%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0381%	1h	93.358	−0.180%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.469	−0.061%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	93.494	−0.035%	$112K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0022%	4h	93.508	−0.020%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.505	−0.023%	$88K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.465	−0.066%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.487	−0.042%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.534	+0.008%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.447	−0.085%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	93.496	−0.032%	$226.0M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.483	−0.046%	$317.7M	$283.7M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0022%	1h	93.430	−0.103%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.434	−0.099%	$209K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0033%	8h	93.518	−0.009%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.304	−0.238%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.500	−0.028%	$340K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.527	+0.001%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.528	+0.002%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.479	−0.051%	$76K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.450	−0.082%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.470	−0.060%	$8.0M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.516	−0.011%	$2.04B	$668.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.514	−0.013%	$8.7M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.504	−0.024%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.525	−0.001%	$374.7M	$913.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.491	−0.038%	$114.6M	$310.2M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.509	−0.019%	$46.8M	$54.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.514	−0.013%	$90.0M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.489	−0.040%	$46.2M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.513	−0.014%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.484	−0.045%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPEshort	+0.0100%	8h	93.351	−0.188%	$28.6M	$56.3M	—
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.365	−0.172%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.331	−0.209%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.336	−0.204%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.522	−0.004%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.512	−0.015%	$484K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.516	−0.011%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.496	−0.033%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.475	−0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.523	−0.004%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.600	+0.079%	$1.4M	$6.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.344	−0.195%	$215K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.488	−0.041%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.520	−0.007%	$395K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.541	+0.016%	$1.8M	$5.7M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.350	−0.189%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.500	−0.028%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.495	−0.034%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0332% / S −0.0154%	1h	93.526	long leg	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	93.516	−0.011%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.596	+0.074%	$20.9M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0509%	1h	93.608	+0.087%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.541	+0.016%	$3.2M	$6.2M	20x	as long as short