Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0055%/8h= +6.1% APRpaid last 24h −0.024%

Price spread now: GMX against HTX−0.108%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 HTX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.025%+$2 on $10k

Price spread, last 4 days (all we have)+0.511%+$51 · spread now −0.108%, 7d avg −0.037%

Together, before fees+0.536%+$54 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.072% cheaper against HTX than usual: you would sell low and buy high (spread −0.108% now, against its 7-day average of −0.037%). If the spread goes back, that is −$7 on $10k: about 4.3 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.025% in total) that is about 10 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX HYPE-USDT	95.209	0.0100	pay 0.0050% / 4h	3h 00m	$1.4M	$6.7M	75x
Short	GMX HYPE/USD [WBTC.b-USDC]	95.106	L +0.0330% / S −0.0155%	get 0.0019% / 1h	0m 22s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against HTX. 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 HTXbpFee GMXbpOrdersPrice spread, now −0.108%Rate

Funding earned: $11.64
Price spread: −0.108% → −0.037%: −$7.17
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$19.53
Costs to cover: 0.240%
Break-even: 18.7 days

Slippage unknown: HTX: live order book, 4 min ago; GMX: no order-book sample. 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 HTX live order book, 4 min ago	0.63 bp	10.4 bp −$10	19.5 bp −$195	69.3 bp −$6,933	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.1048%	1h	94.957	−0.265%	$211K	$265K	7x	as long as short
Bluefin HYPE-PERP	−0.0546%	1h	94.998	−0.222%	$79K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0212%	1h	95.177	−0.033%	$22K	$19K	10x	as long as short
Bullet HYPE-USD	−0.0208%	1h	95.077	−0.139%	$112K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0193%	8h	95.004	−0.215%	$13.0M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0157%	1h	95.020	−0.199%	$695K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.081	−0.134%	$91K	$354K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	95.044	−0.173%	$1.0M	$3.1M	10x	as long as short
dYdX HYPE-USD	−0.0098%	1h	95.080	−0.136%	$130K	$93K	5x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.043	−0.174%	$3K	$331	25x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0072%	4h	95.047	−0.170%	$53.1M	$57.1M	75x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.041	−0.176%	$18.8M	$35.7M	50x	as long as short
Vest HYPE-PERP	−0.0034%	1h	95.124	−0.090%	—	$88K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.040	−0.178%	$148K	$669K	20x	as long as short
Bybit HYPEUSDT	−0.0005%	8h	95.060	−0.156%	$319.7M	$283.2M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.123	−0.090%	$1.8M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	95.025	−0.193%	$19K	$272K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	−0.114%	$86K	—	150x	as long as short
BingX HYPE-USDT	+0.0004%	4h	95.067	−0.149%	—	$50.5M	—	as long as short
Phoenix HYPE	+0.0008%	1h	95.157	−0.055%	$203K	$1.2M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.060	−0.156%	$4.7M	$5.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0028%	8h	95.047	−0.170%	$118.7M	$321.5M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	95.054	−0.163%	$340K	$38K	20x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	95.074	−0.142%	$228.5M	$93.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0053%	1h	94.981	−0.239%	$7.4M	$10.2M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0066%	1h	95.115	−0.099%	$7.5M	$4.4M	50x	as long as short
SoDEX HYPE-USD	+0.0071%	1h	95.024	−0.194%	$2.1M	$1.6M	10x	as long as short
Aster HYPEUSDT	+0.0073%	4h	95.060	−0.156%	$9.0M	$36.4M	300x	as long as short
edgeX HYPEUSDC	+0.0096%	4h	95.176	−0.035%	$5.1M	$31.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.017	−0.202%	$16.2M	$64.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.029	−0.189%	$3.2M	$10.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	95.082	−0.133%	$266K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	95.050	−0.167%	$40K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.003	−0.216%	$7.3M	$55.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.210	+0.001%	$2.10B	$674.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.077	−0.138%	$10.2M	$14.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.065	−0.151%	$382.6M	$909.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	95.176	−0.035%	$222K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.068	−0.148%	$87.0M	$90.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.053	−0.164%	$47.5M	$18.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.987	−0.233%	$30.1M	$55.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.148	−0.064%	$7.7M	$43.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.146	−0.066%	$349K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.051	−0.166%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.102	−0.112%	$500K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.899	−0.326%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDTlong	+0.0100%	4h	95.209	long leg	$1.4M	$6.7M	75x
Extended HYPE-USD	+0.0104%	1h	95.039	−0.179%	$18.2M	$42.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.091	−0.124%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.114	−0.100%	$3.2M	$6.2M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.480	+0.285%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	95.018	−0.201%	$85K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0330% / S −0.0155%	1h	95.106	−0.108%	$1.4M	—	100x
BloFin HYPE-USDT	+0.0340%	4h	95.018	−0.201%	$17.2M	$12.2M	75x	as long as short