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Funding arb · Price arb /

BTC

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.020%
Price spread now: Hyperliquid against Polymarket Perps+0.134%7-day average +0.050% · you sell dearer than you buy
Net, funding: paid 7d − costs−$17as in the Funding arb table
Net, price: spread back to 7d avg − costs−$9as in the Price arb table
costs, in and out, $10k−$180.176% of the position
Long on Polymarket PerpsShort on Hyperliquid
What this pair did over the last
the charts below follow
Funding, last 7 days+0.010%+$1 on $10k
Price spread, last 7 days−0.119%−$12 · spread now +0.134%, 7d avg +0.050%
Together, before fees−0.109%+ Points / potential airdropHyperliquid: Season 2 · farm board−$11 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 0.084% dearer against Polymarket Perps than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.050%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPolymarket Perps BTC-USD86,3430.0100pay 0.0013% / 1h0m 37s$11.1M$13.8M50x
ShortHyperliquid BTC86,4590.0100get 0.0013% / 1h0m 37s$3.79B$5.10B40x

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

Funding earned
$0
Price spread: +0.134% → +0.050%
$8.4
Slippage, 4 orders
−$0.55
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Fee Hyperliquid: 4.5 bp × 2 orders
−$9
Net
−$9.15
Costs to cover
0.176%
Break-even
never at this rate
Slippage from Polymarket Perps: live order book, 4 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
LegHalf-spread$10k$100k$1M$5M
Buy Polymarket Perps live order book, 4 min ago0.06 bp4.4 bp −$45.4 bp −$548.2 bp −$824doesn't fit
Sell Hyperliquid live order book, 4 min ago0.06 bp4.6 bp −$54.6 bp −$465.4 bp −$543doesn't fit

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Bluefin BTC-PERP−0.0417%1h86,381.3+0.044%$140K$663K40xas long as short
Phoenix BTC−0.0159%1h86,366+0.027%$2.2M$11.8M40xas long as short
Hotstuff BTC-PERP−0.0080%1h86,380+0.043%$9K$3K50xas long as short
01 Exchange BTCUSD−0.0016%1h86,428.8+0.099%$357K$2.5M50xas long as short
Aster BTCUSDT−0.0008%8h86,380.3+0.043%$503.0M$1.15B200xas long as short
gTrade (Gains Network) BTC/USDL +0.0005% / S −0.0004%1h86,366.5+0.027%$36.8M—200xas long as short
RISEx BTC/USDC+0.0006%1h86,419.7+0.089%$8.4M$42.8M25xas long as short
KuCoin XBTUSDTM+0.0007%8h86,400.9+0.067%$849.6M$713.4M125xas long as short
dYdX BTC-USD+0.0011%1h86,400.8+0.067%$17.0M$21.1M50xas long as short
Reya BTCRUSDPERP+0.0023%1h86,335.7−0.009%$6.7M$145.1M40xas long as short
Show all 56 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Injective BTC/USDC PERP+0.0024%1h86,403+0.069%$332K$26.8M52xas long as short
Deribit BTC-PERPETUAL+0.0034%1h86,386.1+0.050%$916.6M$1.49B50xas long as short
BingX BTC-USDT+0.0038%8h86,411.1+0.079%—$1.59B—as long as short
Phemex BTCUSDT+0.0044%8h86,352+0.010%$149.7M$477.5M150xas long as short
Bitget BTCUSDT+0.0049%8h86,409.8+0.077%$2.95B$5.11B150xas long as short
Aevo BTC-PERP+0.0064%1h86,341.2−0.002%$2.4M$1.3M20xas long as short
MEXC BTC_USDT+0.0066%8h86,409.9+0.077%$5.12B$5.73B500xas long as short
Binance BTCUSDT+0.0067%8h86,394.3+0.059%$9.41B$24.49B150xas long as short
Aftermath Perps BTCUSD+0.0073%1h86,382.5+0.046%$79K$220K20xas long as short
Gate BTC_USDT+0.0082%8h86,409.1+0.077%$5.84B$10.79B200xas long as short
Lighter BTC+0.0096%1h86,397.6+0.063%$170.3M$1.02B50xas long as short
Lighter RH BTC+0.0096%1h86,410.5+0.078%$24.0M$153.1M50xas long as short
Popdex BTCUSDT+0.0096%1h86,348+0.006%$8.4M$52.4M100xas long as short
Bybit BTCUSDT+0.0098%8h86,391.5+0.056%$5.26B$9.80B150xas long as short
Katana Perps BTC-USD+0.0100%8h86,399+0.065%$204K$6.9M50xas long as short
Paradex BTC-USD-PERP+0.0100%8h86,432.6+0.104%$4.8M$8.5M50xas long as short
Nado BTC-PERP+0.0100%1h86,352.1+0.010%$21.8M$234.5M50xas long as short
Hyperliquid BTCshort+0.0100%1h86,459+0.134%$3.79B$5.10B40x
Pacifica BTC+0.0100%1h86,422.2+0.092%$40.8M$517.9M50xas long as short
OKX BTC-USDT-SWAP+0.0100%8h86,414.3+0.083%$2.54B$12.70B100xas long as short
Ondo Perps BTC-USD.P+0.0100%1h86,414+0.082%$3.9M$18.6M25xas long as short
Arcus BTC-USD+0.0100%1h86,446.6+0.120%$7.6M$94.6M40xas long as short
Bulk BTC-USD+0.0100%1h86,382.9+0.046%$571.1M$18.1M40xas long as short
Backpack BTC_USDC_PERP+0.0100%1h86,380.4+0.043%$37.8M$154.7M75xas long as short
Variational Omni BTC+0.0100%8h86,349.5+0.008%$155.5M$568.5M—as long as short
edgeX BTCUSDC+0.0100%4h86,361.4+0.021%$279.1M$946.0M100xas long as short
GRVT BTC_USDT_Perp+0.0100%8h86,351.2+0.009%$216.7M$173.7M50xas long as short
ApeX Omni BTCUSDT+0.0100%1h86,372.8+0.035%$141.2M$323.4M100xas long as short
StandX BTC-USD+0.0100%1h86,350.7+0.009%$30.6M$204.3M40xas long as short
Vest BTC-PERP+0.0100%1h86,396.4+0.062%—$11.7M50xas long as short
Polymarket Perps BTC-USDlong+0.0100%1h86,343long leg$11.1M$13.8M50x
Bullet BTC-USD+0.0100%1h86,348.3+0.006%$190K$3.3M20xas long as short
Orderly PERP_BTC_USDC+0.0100%8h86,355.2+0.014%$2.4M$8.7M100xas long as short
Derive BTC-PERP+0.0100%1h86,383.6+0.047%$30.5M$62.2M15xas long as short
SunX BTC-USDT+0.0100%8h86,348.9+0.007%$3.4M$5.4M100xas long as short
SoDEX BTC-USD+0.0100%1h86,353+0.012%$60.4M$337.5M40xas long as short
HTX BTC-USDT+0.0100%8h86,340−0.003%$2.29B$968.8M200xas long as short
Extended BTC-USD+0.0104%1h86,392.8+0.058%$45.5M$226.5M50xas long as short
Jupiter Perps WBTC-PERPL +0.0104% / S +0.0048%1h86,361.9+0.022%—$98.9M500xas long as short
Perpl BTC+0.0112%43m86,365.6+0.026%$418K$23.5M6.7xas long as short
Coinbase International BTC-PERP-INTX+0.0112%1h86,397+0.063%$131.9M$5.67B50xas long as short
Kraken Futures PF_XBTUSD+0.0121%1h86,377.8+0.040%$191.7M$947.0M100xas long as short
Hibachi BTC/USDT-P+0.0152%1h86,397.6+0.063%$718K$8.1M30xas long as short
BloFin BTC-USDT+0.0187%8h86,375+0.037%$414.5M$654.2M150xas long as short
GMX BTC/USD [WBTC.b-USDC]L +0.0188% / S −0.0212%1h86,360.3+0.020%$15.1M—200xas long as short
Kalshi KXBTCPERP+0.0200%8h86,376+0.038%$9.7M$736.8M6.4xas long as short