Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Polymarket Perps against BingX+0.028%7-day average −0.038% · 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−$14as in the Price arb table

costs, in and out, $10k−$200.202% of the position

Long on BingX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 7 days−0.019%−$2 · spread now +0.028%, 7d avg −0.038%

Together, before fees+0.014%+$1 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: Polymarket Perps is 0.065% dearer against BingX than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of −0.038%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX HYPE-USDT	94.087	0.0100	pay 0.0050% / 4h	3h 42m	—	$53.9M	—
Short	Polymarket Perps HYPE-USD	94.113	0.0100	get 0.0013% / 1h	42m 30s	$480K	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against BingX. 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 BingXbpFee Polymarket PerpsbpOrdersPrice spread, now +0.028%Rate

Funding earned: $0
Price spread: +0.028% → −0.038%: $6.52
Slippage, 4 orders: −$2.22
Fee BingX: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$13.7
Costs to cover: 0.202%
Break-even: never at this rate

Slippage from BingX: live order book, 6 min ago; Polymarket Perps: live order book, 1 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 BingX live order book, 6 min ago	0.11 bp	5.6 bp −$6	6.3 bp −$63	10.0 bp −$999	15.1 bp −$7,542
Sell Polymarket Perps live order book, 1 min ago	0.53 bp	4.5 bp −$5	4.7 bp −$47	10.7 bp −$1,069	doesn't fit

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	−0.1480%	1h	93.902	−0.197%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.996	−0.097%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	93.932	−0.164%	$22K	$23K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0189%	1h	93.960	−0.135%	$703K	$927K	10x	as long as short
Phemex HYPEUSDT	−0.0167%	8h	94.025	−0.066%	$12.8M	$2.6M	50x	as long as short
Bullet HYPE-USD	−0.0115%	1h	93.988	−0.105%	$112K	$580K	20x	as long as short
Gate HYPE_USDT	−0.0090%	4h	94.094	+0.007%	$44.5M	$59.3M	75x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.125	+0.040%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.091	+0.004%	$3K	$331	25x	as long as short
dYdX HYPE-USD	−0.0060%	1h	94.085	−0.002%	$128K	$29K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0038%	8h	94.080	−0.007%	$323.4M	$281.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0011%	4h	94.008	−0.084%	$169K	$593K	20x	as long as short
Derive HYPE-PERP	−0.0008%	1h	93.973	−0.121%	$16.4M	$7.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.088	+0.001%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.032	−0.058%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0014%	4h	94.088	+0.001%	$8.9M	$36.1M	300x	as long as short
Bluefin HYPE-PERP	+0.0028%	1h	94.025	−0.066%	$76K	$171K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.915	−0.183%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0040%	4h	94.100	+0.014%	$89.0M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0043%	4h	94.100	+0.014%	$383.9M	$894.2M	75x	as long as short
edgeX HYPEUSDC	+0.0051%	4h	93.859	−0.243%	$5.1M	$29.9M	30x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	94.104	+0.018%	$63K	$1.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.076	−0.012%	$116.0M	$319.5M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.062	−0.027%	$400K	$193K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.121	+0.036%	$18.9M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.085	−0.002%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.140	+0.056%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	+0.014%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.106	+0.021%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.178	+0.097%	$2.05B	$677.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.115	+0.030%	$10.1M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.816	−0.288%	$204K	$5K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.095	+0.009%	$46.6M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.102	+0.016%	$228.3M	$101.0M	75x	as long as short
BingX HYPE-USDTlong	+0.0100%	4h	94.087	long leg	—	$53.9M	—
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.080	−0.007%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.820	−0.283%	$31.3M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.912	−0.186%	$7.6M	$45.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.865	−0.236%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.913	−0.185%	$679K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.100	+0.014%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	94.113	+0.028%	$480K	$2.6M	20x
SunX HYPE-USDT	+0.0100%	4h	94.098	+0.012%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.035	−0.055%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.087	0.000%	$18.9M	$43.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.000	−0.092%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0164%	4h	94.031	−0.060%	$17.0M	$12.3M	75x	as long as short
Kalshi KXHYPEPERP	+0.0184%	8h	94.067	−0.021%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.260	+0.184%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.146	+0.063%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.094	+0.007%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	94.051	−0.038%	$1.5M	—	100x	as long as short
HTX HYPE-USDT	+0.0391%	4h	94.200	+0.120%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0654%	1h	94.160	+0.078%	$7.5M	$4.7M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.148	+0.065%	$21.0M	$29.7M	50x	as long as short