HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0629%/8h= −68.9% APRnext payment −$0.79 per $10,000 · paid last 24h −0.020%

Price spread now: Polymarket Perps against Deribit−0.199%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$290.285% of the position

Long on Deribit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.009%−$1 on $10k

Price spread, last 3 days (all we have)+0.190%+$19 · spread now −0.199%, 7d avg −0.044%

Together, before fees+0.181%+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Polymarket Perps is 0.154% cheaper against Deribit than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.044%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.009% in total (about -0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.79 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	Deribit HYPE_USDC-PERPETUAL	94.061	0.0729	pay 0.0091% / 1h	15m 48s	$7.5M	$4.6M	50x
Short	Polymarket Perps HYPE-USD	93.874	0.0100	get 0.0013% / 1h	15m 48s	$475K	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Deribit. 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 DeribitbpFee Polymarket PerpsbpOrdersPrice spread, now −0.199%Rate

Funding earned: −$132.09
Price spread: −0.199% → −0.044%: −$15.44
Slippage, 4 orders: −$13.52
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$176.04
Costs to cover: 0.285%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Polymarket Perps: live order book, 3 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 Deribit live order book, 3 min ago	1.76 bp	8.3 bp −$8	13.4 bp −$134	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	1.01 bp	5.0 bp −$5	5.8 bp −$58	12.0 bp −$1,204	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	93.530	−0.564%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.701	−0.383%	$1.3M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0197%	1h	93.835	−0.240%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	93.730	−0.352%	$708K	$958K	10x	as long as short
dYdX HYPE-USD	−0.0103%	1h	93.818	−0.258%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.855	−0.219%	$85K	$361K	20x	as long as short
Bullet HYPE-USD	−0.0085%	1h	93.875	−0.198%	$113K	$581K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.610	−0.479%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0051%	8h	93.936	−0.133%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	−0.0048%	4h	93.976	−0.090%	$44.5M	$60.2M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0027%	4h	93.892	−0.180%	$159K	$645K	20x	as long as short
Bybit HYPEUSDT	−0.0013%	8h	93.972	−0.095%	$323.4M	$281.2M	75x	as long as short
Aster HYPEUSDT	−0.0004%	4h	93.964	−0.103%	$8.9M	$36.2M	300x	as long as short
Perpl HYPE	0.0000%	43m	93.792	−0.286%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.926	−0.143%	$27K	—	150x	as long as short
Derive HYPE-PERP	+0.0009%	1h	93.884	−0.188%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.407%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0042%	4h	94.018	−0.046%	$88.6M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0042%	4h	93.999	−0.066%	$383.4M	$896.3M	75x	as long as short
edgeX HYPEUSDC	+0.0057%	4h	93.961	−0.106%	$5.1M	$30.0M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.983	−0.083%	$116.1M	$317.4M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.937	−0.132%	$400K	$180K	20x	as long as short
Bluefin HYPE-PERP	+0.0090%	1h	93.939	−0.130%	$76K	$171K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.974	−0.093%	$19.1M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.954	−0.114%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.849	−0.225%	$65K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.871	−0.202%	$341K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.830	−0.246%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.805	−0.272%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.040	−0.022%	$2.05B	$676.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.835	−0.240%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.566%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.989	−0.077%	$46.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.994	−0.071%	$227.8M	$101.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.983	−0.083%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.963	−0.104%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.266%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.991	−0.074%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.940	−0.129%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.666	−0.420%	$677K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.816	−0.261%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	93.874	−0.199%	$475K	$2.5M	20x
SunX HYPE-USDT	+0.0100%	4h	94.014	−0.050%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.952	−0.116%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.967	−0.100%	$18.3M	$45.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.980	−0.086%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0168%	4h	93.581	−0.510%	$17.0M	$12.1M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.456%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.865	−0.208%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	93.872	−0.201%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	93.843	−0.232%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	93.911	−0.160%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0373%	4h	94.100	+0.041%	$1.5M	$6.0M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.050	−0.012%	$21.0M	$29.8M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0729%	1h	94.061	long leg	$7.5M	$4.6M	50x