Funding arb · Price arb /

ADA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.006%

Price spread now: Hyperliquid against Polymarket Perps+0.095%7-day average −0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$270.275% of the position

Long on Polymarket Perps Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.058%+$6 on $10k

Price spread, last 3 days (all we have)−0.245%−$25 · spread now +0.095%, 7d avg −0.004%

Together, before fees−0.187%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hyperliquid is 0.099% dearer against Polymarket Perps than usual: you sell high and buy low, +$10 on $10k if it goes back to its 7-day average of −0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps ADA-USD	0.2445	0.0100	pay 0.0013% / 1h	49m 27s	$93K	$643K	10x
Short	Hyperliquid ADA	0.2448	0.0100	get 0.0013% / 1h	49m 27s	$42.5M	$14.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Polymarket Perps. 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 Polymarket PerpsbpFee HyperliquidbpOrdersPrice spread, now +0.095%Rate

Funding earned: $0
Price spread: +0.095% → −0.004%: $9.86
Slippage, 4 orders: −$10.47
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$17.61
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 23 min ago; Hyperliquid: live order book, 4 min ago.

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 Polymarket Perps live order book, 23 min ago	2.46 bp	7.3 bp −$7	8.6 bp −$86	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	0.81 bp	6.0 bp −$6	10.0 bp −$100	doesn't fit	doesn't fit

ADA on 37 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
dYdX ADA-USD	0.0000%	1h	0.2445	−0.030%	$201K	$4K	10x	as long as short
Kalshi KXADAPERP	0.0000%	8h	0.2447	+0.070%	$195K	$6.1M	3.2x	as long as short
gTrade (Gains Network) ADA/USD	L +0.0005% / S −0.0003%	1h	0.2445	−0.016%	$84K	—	150x	as long as short
Injective ADA/USDC PERP	+0.0033%	1h	0.2471	+1.051%	$849	$202K	12x	as long as short
Coinbase International ADA-PERP-INTX	+0.0040%	1h	0.2450	+0.192%	$411K	$7.2M	50x	as long as short
Kraken Futures PF_ADAUSD	+0.0048%	1h	0.2445	−0.031%	$6.1M	$11.7M	50x	as long as short
Lighter ADA	+0.0096%	1h	0.2446	+0.041%	$2.4M	$1.0M	10x	as long as short
Phoenix ADA	+0.0098%	1h	0.2447	+0.082%	$4K	$84K	10x	as long as short
Hyperliquid ADAshort	+0.0100%	1h	0.2448	+0.095%	$42.5M	$14.3M	10x
Aster ADAUSDT	+0.0100%	8h	0.2446	+0.033%	$1.2M	$939K	75x	as long as short

Show all 37 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica ADA	+0.0100%	1h	0.2446	+0.034%	$157K	$145K	10x	as long as short
Binance ADAUSDT	+0.0100%	8h	0.2446	+0.021%	$101.3M	$364.8M	75x	as long as short
Bybit ADAUSDT	+0.0100%	8h	0.2446	+0.029%	$71.4M	$103.8M	75x	as long as short
OKX ADA-USDT-SWAP	+0.0100%	8h	0.2447	+0.070%	$32.3M	$106.8M	50x	as long as short
Gate ADA_USDT	+0.0100%	8h	0.2445	−0.012%	$97.5M	$58.1M	75x	as long as short
MEXC ADA_USDT	+0.0100%	8h	0.2445	−0.012%	$52.4M	$50.8M	300x	as long as short
KuCoin ADAUSDTM	+0.0100%	8h	0.2445	+0.008%	$29.9M	$17.9M	75x	as long as short
Bitget ADAUSDT	+0.0100%	8h	0.2446	+0.029%	$65.7M	$43.7M	75x	as long as short
BingX ADA-USDT	+0.0100%	8h	0.2445	−0.012%	—	$20.4M	—	as long as short
Backpack ADA_USDC_PERP	+0.0100%	1h	0.2446	+0.012%	$107K	$416K	15x	as long as short
Variational Omni ADA	+0.0100%	8h	0.2447	+0.074%	$4.2M	$967K	—	as long as short
edgeX ADAUSDC	+0.0100%	4h	0.2452	+0.288%	$65K	$281K	20x	as long as short
GRVT ADA_USDT_Perp	+0.0100%	8h	0.2453	+0.303%	$289K	$3.8M	10x	as long as short
ApeX Omni ADAUSDT	+0.0100%	1h	0.2448	+0.110%	$55K	$583K	50x	as long as short
Polymarket Perps ADA-USDlong	+0.0100%	1h	0.2445	long leg	$93K	$643K	10x
Orderly PERP_ADA_USDC	+0.0100%	8h	0.2444	−0.053%	$6K	$29K	20x	as long as short
Derive ADA-PERP	+0.0100%	1h	0.2444	−0.045%	$40K	$3K	5x	as long as short
SunX ADA-USDT	+0.0100%	8h	0.2447	+0.069%	$9K	$766K	30x	as long as short
SoDEX ADA-USD	+0.0100%	1h	0.2445	−0.033%	$336	$13K	10x	as long as short
HTX ADA-USDT	+0.0100%	8h	0.2447	+0.061%	$1.3M	$5.4M	75x	as long as short
Phemex ADAUSDT	+0.0100%	8h	0.2445	−0.012%	$47.8M	$5.9M	50x	as long as short
Paradex ADA-USD-PERP	+0.0100%	8h	0.2446	+0.036%	$21K	$250	20x	as long as short
Extended ADA-USD	+0.0104%	1h	0.2445	+0.008%	$550K	$1.8M	50x	as long as short
Deribit ADA_USDC-PERPETUAL	+0.0200%	1h	0.2444	−0.045%	$490K	$428K	50x	as long as short
BloFin ADA-USDT	+0.0220%	8h	0.2451	+0.233%	$4.4M	$5.5M	75x	as long as short
Reya ADARUSDPERP	+0.0283%	1h	0.2446	+0.010%	$1K	—	15x	as long as short
GMX ADA/USD [WBTC.b-USDC]	L +0.0623% / S −0.0393%	1h	0.2445	−0.006%	$141K	—	100x	as long as short