OP

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0329%/8h= −36.1% APRnext payment −$0.41 per $10,000 · paid last 24h −0.095%

Price spread now: GMX against Hyperliquid+0.031%7-day average — · you sell dearer than you buy

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

Long on Hyperliquid Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

The price spread pays, funding is against you. GMX is 0.031% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.031% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid OP	0.1268	0.0100	pay 0.0013% / 1h	56m 25s	$3.7M	$2.8M	5x
Short	GMX OP/USD [OP-USDC]	0.1268	L −0.1065% / S +0.0229%	pay 0.0029% / 1h	56m 25s	$13K	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Hyperliquid. 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 HyperliquidbpFee GMXbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$69.15
Price spread: +0.031% → 0.000%: $3.08
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: −$87.07
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 5 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 Hyperliquid live order book, 5 min ago	0.39 bp	12.0 bp −$12	doesn't fit	doesn't fit	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.

OP on 30 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
Injective OP/USDC PERP	−0.1568%	1h	0.1265	−0.221%	$35K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]short	L −0.1065% / S +0.0229%	1h	0.1268	+0.031%	$13K	—	100x
dYdX OP-USD	0.0000%	1h	0.1267	−0.081%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1269	+0.095%	$42K	$139K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1268	+0.054%	—	—	150x	as long as short
Coinbase International OP-PERP-INTX	+0.0032%	1h	0.1262	−0.457%	$24K	$63K	50x	as long as short
Orderly PERP_OP_USDC	+0.0055%	8h	0.1269	+0.095%	$6K	$45K	10x	as long as short
Kraken Futures PF_OPUSD	+0.0057%	1h	0.1269	+0.122%	$785K	$549K	20x	as long as short
Variational Omni OP	+0.0057%	8h	0.1270	+0.152%	$225K	$48K	—	as long as short
OKX OP-USDT-SWAP	+0.0071%	8h	0.1266	−0.110%	$6.2M	$28.5M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter OP	+0.0096%	1h	0.1268	−0.024%	$278K	$941K	15x	as long as short
Hyperliquid OPlong	+0.0100%	1h	0.1268	long leg	$3.7M	$2.8M	5x
Aster OPUSDT	+0.0100%	8h	0.1267	−0.035%	$212K	$219K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1268	+0.047%	$20.5M	$60.5M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1266	−0.150%	$18.6M	$24.8M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1268	+0.039%	$2.0M	$1.4M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1267	−0.071%	$21.4M	$7.1M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1266	−0.142%	$2.9M	$6.4M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1266	−0.142%	$5.8M	$6.4M	75x	as long as short
BingX OP-USDC	+0.0100%	8h	0.1268	+0.016%	—	$1.6M	—	as long as short
Backpack OP_USDC_PERP	+0.0100%	1h	0.1268	+0.055%	$121K	$201K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1272	+0.312%	$4K	$387K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1269	+0.095%	$317K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1273	+0.410%	$44K	$711K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1268	+0.055%	$205	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1270	+0.189%	$174K	$226K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1265	−0.187%	$104K	$390K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1268	+0.037%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1269	+0.095%	$1.0M	$280K	75x	as long as short
Reya OPRUSDPERP	+0.0441%	1h	0.1266	−0.112%	$704	—	20x	as long as short