Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0103%/8h= +11.3% APRpaid last 24h +0.023%

Price spread now: GMX against MEXC+0.015%7-day average +0.008% · you sell dearer than you buy

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

Long on MEXC Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.070%+$7 on $10k

Price spread, last 3 days (all we have)+0.038%+$4 · spread now +0.015%, 7d avg +0.008%

Together, before fees+0.109%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.008%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC HYPE_USDT	93.829	0.0054	pay 0.0027% / 4h	3h 05m	$88.3M	$83.4M	100x
Short	GMX HYPE/USD [WBTC.b-USDC]	93.843	L +0.0333% / S −0.0157%	get 0.0020% / 1h	5m 15s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against MEXC. 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 MEXCbpFee GMXbpOrdersPrice spread, now +0.015%Rate

Funding earned: $21.72
Price spread: +0.015% → +0.008%: $0.68
Slippage, 4 orders: no order book: not counted
Fee MEXC: 2 bp × 2 orders: −$4
Fee GMX: 6 bp × 2 orders: −$12
Net: $6.4
Costs to cover: 0.160%
Break-even: 4.9 days

Slippage unknown: MEXC: 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 MEXC live order book, 4 min ago	0.27 bp	2.3 bp −$2	2.9 bp −$29	13.3 bp −$1,334	47.6 bp −$23.8K
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 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	−0.1112%	1h	93.814	−0.016%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.716	−0.120%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0198%	1h	93.898	+0.073%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0097%	1h	93.810	−0.020%	$710K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0082%	1h	93.836	+0.007%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.830	+0.001%	$85K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.842	+0.014%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0048%	1h	93.816	−0.014%	$113K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0047%	8h	93.811	−0.019%	$12.8M	$2.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0034%	4h	93.790	−0.042%	$159K	$643K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0022%	4h	93.814	−0.016%	$44.4M	$60.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.839	+0.011%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.852	+0.025%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0004%	4h	93.808	−0.022%	$8.9M	$36.0M	300x	as long as short
Derive HYPE-PERP	+0.0016%	1h	93.775	−0.057%	$16.4M	$7.6M	10x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.820	−0.010%	$322.8M	$278.8M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.045	+0.230%	$214K	$1.2M	10x	as long as short
MEXC HYPE_USDTlong	+0.0054%	4h	93.829	long leg	$88.3M	$83.4M	100x
Binance HYPEUSDT	+0.0054%	4h	93.835	+0.006%	$383.2M	$893.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0071%	8h	93.810	−0.020%	$116.0M	$314.4M	50x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	93.859	+0.032%	$5.1M	$29.7M	30x	as long as short
Bluefin HYPE-PERP	+0.0077%	1h	93.786	−0.046%	$76K	$170K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.867	+0.040%	$18.9M	$60.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.855	+0.028%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.830	+0.001%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.805	−0.026%	$399K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.880	+0.054%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.830	+0.001%	$31K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.843	+0.014%	$6.6M	$44.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.895	+0.070%	$2.05B	$668.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.850	+0.022%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.836	+0.007%	$46.6M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.814	−0.016%	$227.1M	$100.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.827	−0.002%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.792	−0.039%	$7.9M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.768	−0.065%	$31.3M	$53.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.999	+0.181%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.020	+0.204%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.866	+0.039%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.869	+0.043%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.861	+0.034%	$474K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.881	+0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.802	−0.029%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.894	+0.069%	$204K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.787	−0.045%	$18.4M	$45.1M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.870	+0.044%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.760	−0.074%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0218%	4h	93.919	+0.096%	$17.1M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.868	+0.042%	$2.7M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0244%	8h	93.896	+0.071%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.820	−0.010%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0333% / S −0.0157%	1h	93.843	+0.015%	$1.4M	—	100x
HTX HYPE-USDT	+0.0367%	4h	94.000	+0.182%	$1.5M	$5.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0400%	1h	93.903	+0.079%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0673%	1h	93.890	+0.065%	$20.9M	$29.7M	50x	as long as short