HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0285%/8h= +31.2% APRnext payment +$0.36 per $10,000 · paid last 24h −0.015%

Price spread now: Polymarket Perps against Bluefin+0.069%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$380.383% of the position

Long on Bluefin Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.063%+$6 on $10k

Price spread, last 4 days (all we have)+0.186%+$19 · spread now +0.069%, 7d avg +0.005%

Together, before fees+0.249%+$25 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Polymarket Perps is 0.064% dearer against Bluefin than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.005%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.063% in total (about 3.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.36 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	93.253	−0.0185	get 0.0023% / 1h	39m 20s	$79K	$170K	20x
Short	Polymarket Perps HYPE-USD	93.317	0.0100	get 0.0013% / 1h	39m 20s	$471K	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Bluefin. 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 BluefinbpFee Polymarket PerpsbpOrdersPrice spread, now +0.069%Rate

Funding earned: $59.86
Price spread: +0.069% → +0.005%: $6.39
Slippage, 4 orders: −$23.33
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $27.92
Costs to cover: 0.383%
Break-even: 3.7 days

Slippage from Bluefin: live order book, 25 min ago; Polymarket Perps: live order book, 5 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 Bluefin live order book, 25 min ago	4.82 bp	16.7 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	0.48 bp	4.5 bp −$4	6.0 bp −$60	12.0 bp −$1,199	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	−0.1280%	1h	93.334	+0.087%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.167	−0.092%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERPlong	−0.0185%	1h	93.253	long leg	$79K	$170K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	93.343	+0.097%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0073%	1h	93.270	+0.018%	$700K	$981K	10x	as long as short
Phemex HYPEUSDT	−0.0059%	8h	93.302	+0.053%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.273	+0.021%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0046%	4h	93.270	+0.018%	$155K	$633K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0040%	1h	93.403	+0.160%	$22K	$21K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.361	+0.116%	$128K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.299	+0.049%	$23K	$322K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.299	+0.049%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0009%	1h	93.276	+0.025%	$111K	$578K	20x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.285	+0.035%	$8.8M	$35.6M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.398	+0.155%	$213K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0026%	4h	93.285	+0.034%	—	$53.1M	—	as long as short
Bybit HYPEUSDT	+0.0033%	8h	93.260	+0.008%	$321.3M	$277.0M	75x	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.291	+0.041%	$44.5M	$54.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.267	+0.015%	$114.1M	$301.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.291	+0.041%	$16.3M	$61.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.283	+0.032%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.269	+0.017%	$69K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0096%	4h	93.298	+0.048%	$89.8M	$80.7M	100x	as long as short
Binance HYPEUSDT	+0.0097%	4h	93.275	+0.024%	$378.5M	$876.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.366	+0.121%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.290	+0.040%	$17K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.321	+0.073%	$5.8M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.377	+0.133%	$2.04B	$653.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.327	+0.080%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.580	+0.351%	$204K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.339	+0.092%	$45.9M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.304	+0.055%	$225.6M	$96.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.315	+0.066%	$7.4M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.317	+0.068%	$31.1M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.553	+0.321%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.487	+0.251%	$340K	$999K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.408	+0.166%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.362	+0.117%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	93.317	+0.069%	$471K	$2.5M	20x
Derive HYPE-PERP	+0.0100%	1h	93.266	+0.014%	$16.2M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.358	+0.113%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.261	+0.009%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.241	−0.013%	$18.4M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.269	+0.017%	$397K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.349	+0.103%	$5.1M	$29.6M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.350	+0.104%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0197%	4h	93.450	+0.211%	$1.4M	$6.0M	75x	as long as short
Reya HYPERUSDPERP	+0.0257%	1h	93.278	+0.027%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0278%	8h	93.362	+0.117%	$1.9M	$5.1M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0318%	1h	93.368	+0.123%	$7.4M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.306	+0.057%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0337%	4h	93.271	+0.019%	$16.9M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.364	+0.119%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.220	−0.035%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0686%	1h	93.323	+0.075%	$20.7M	$30.1M	50x	as long as short