Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0198%/8h= +21.7% APRpaid last 24h +0.065%

Price spread now: GMX against Orderly+0.088%7-day average +0.022% · you sell dearer than you buy

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.137%+$14 on $10k

Price spread, last 4 days (all we have)+0.066%+$7 · spread now +0.088%, 7d avg +0.022%

Together, before fees+0.203%+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and GMX is 0.066% dearer against Orderly than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.022%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	95.115	−0.0043	get 0.0021% / 4h	1h 51m	$148K	$643K	20x
Short	GMX HYPE/USD [WBTC.b-USDC]	95.199	L +0.0330% / S −0.0155%	get 0.0019% / 1h	51m 37s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Orderly. 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 OrderlybpFee GMXbpOrdersPrice spread, now +0.088%Rate

Funding earned: $41.61
Price spread: +0.088% → +0.022%: $6.59
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: $30.19
Costs to cover: 0.180%
Break-even: 1.9 days

Slippage unknown: Orderly: no order-book sample; 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 Orderly no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Orderly and 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 exchanges

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	−0.1168%	1h	95.197	+0.086%	$213K	$261K	7x	as long as short
Phemex HYPEUSDT	−0.0274%	8h	95.208	+0.098%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.177	+0.065%	$18.5M	$35.2M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0183%	1h	95.090	−0.026%	$689K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.142	+0.028%	$1.1M	$2.4M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0125%	1h	95.236	+0.127%	$22K	$17K	10x	as long as short
Lighter HYPE	−0.0120%	1h	95.103	−0.013%	$16.3M	$57.5M	20x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	95.140	+0.026%	$92K	$337K	20x	as long as short
Bullet HYPE-USD	−0.0087%	1h	95.180	+0.068%	$114K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0082%	4h	95.146	+0.033%	$54.7M	$53.1M	75x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	+0.080%	$3K	$331	25x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.130	+0.016%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDClong	−0.0043%	4h	95.115	long leg	$148K	$643K	20x
Aster HYPEUSDT	−0.0040%	4h	95.112	−0.003%	$9.0M	$32.8M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0013%	8h	95.125	+0.011%	$119.1M	$302.7M	50x	as long as short
Phoenix HYPE	−0.0008%	1h	95.326	+0.222%	$201K	$1.1M	10x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	95.143	+0.029%	$274K	$1.0M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.169	+0.057%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.139	+0.026%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.192	+0.080%	$100K	—	150x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	95.155	+0.042%	$228.7M	$86.8M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0023%	1h	95.251	+0.143%	$7.5M	$4.3M	50x	as long as short
SoDEX HYPE-USD	+0.0025%	1h	95.155	+0.042%	$2.1M	$373K	10x	as long as short
Bybit HYPEUSDT	+0.0026%	8h	95.130	+0.016%	$320.4M	$265.9M	75x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	+0.162%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.125	+0.011%	$339K	$35K	20x	as long as short
Bluefin HYPE-PERP	+0.0079%	1h	95.172	+0.060%	$79K	$135K	20x	as long as short
MEXC HYPE_USDT	+0.0086%	4h	95.132	+0.018%	$90.2M	$83.1M	100x	as long as short
Binance HYPEUSDT	+0.0086%	4h	95.122	+0.008%	$382.4M	$852.4M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	95.253	+0.145%	$5.1M	$29.1M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.125	+0.011%	$3.3M	$10.0M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.120	+0.005%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.095	−0.021%	$7.4M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.227	+0.118%	$2.11B	$645.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.158	+0.045%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.105	−0.011%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.159	+0.046%	—	$49.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.206	+0.096%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.251	+0.143%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.290	+0.184%	$7.7M	$39.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.279	+0.172%	$347K	$882K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.216	+0.106%	$693K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	95.224	+0.114%	—	$80K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.187	+0.076%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.245	+0.137%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.284	+0.178%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.133	+0.019%	$18.4M	$39.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.173	+0.061%	$402K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0124%	8h	95.233	+0.124%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.199	+0.089%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.128	+0.014%	$85K	$96K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0330% / S −0.0155%	1h	95.199	+0.088%	$1.4M	—	100x
BloFin HYPE-USDT	+0.0336%	4h	95.165	+0.053%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.500	+0.405%	$31K	$334K	12x	as long as short