HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0199%/8h= +21.8% APRnext payment +$0.25 per $10,000 · paid last 24h +0.027%

Price spread now: Polymarket Perps against dYdX−0.011%47s7-day average −0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$670.669% of the position

Long on dYdX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.090%+$9 on $10k

Price spread, last 4 days (all we have)−0.200%−$20 · spread now −0.011%, 7d avg −0.004%

Together, before fees−0.110%−$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.004%, so right now this pair is about funding alone: +$6 a day on $10k at the current rate. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.090% in total (about 4.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.25 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	dYdX HYPE-USD	94.086	−0.0099	get 0.0012% / 1h	14m 32s	$129K	$31K	5x
Short	Polymarket Perps HYPE-USD	94.076	0.0100	get 0.0013% / 1h	14m 32s	$476K	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against dYdX. 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 dYdXbpFee Polymarket PerpsbpOrdersPrice spread, now −0.011%Rate

Funding earned: $41.72
Price spread: −0.011% → −0.004%: −$0.66
Slippage, 4 orders: −$48.89
Fee dYdX: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$25.82
Costs to cover: 0.669%
Break-even: 11.3 days

Slippage from dYdX: live order book, 59 min ago; Polymarket Perps: 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 dYdX live order book, 59 min ago	9.10 bp	42.4 bp −$42	57.1 bp −$571	137.7 bp −$13.8K	734.4 bp −$367.2K
Sell Polymarket Perps live order book, 4 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	−0.1256%	1h	93.810	−0.293%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.958	−0.136%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0197%	1h	93.894	−0.204%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0123%	8h	94.039	−0.050%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	94.010	−0.081%	$708K	$960K	10x	as long as short
dYdX HYPE-USDlong	−0.0099%	1h	94.086	long leg	$129K	$31K	5x
01 Exchange HYPEUSD	−0.0088%	1h	94.079	−0.007%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.066	−0.021%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0075%	1h	94.032	−0.057%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0034%	4h	94.056	−0.032%	$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	94.014	−0.076%	$160K	$646K	20x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	94.054	−0.034%	$323.7M	$280.9M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.034	−0.055%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.055	−0.033%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	94.080	−0.006%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.989	−0.103%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.434%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.077	−0.010%	$88.7M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.086	0.000%	$383.8M	$895.2M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.602	−0.514%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	94.066	−0.021%	$116.3M	$316.6M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.049	−0.039%	$400K	$180K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.101	+0.016%	$19.1M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.085	−0.001%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.072	−0.015%	$65K	$1.2M	50x	as long as short
Bluefin HYPE-PERP	+0.0096%	1h	94.042	−0.047%	$76K	$171K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.112	+0.027%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.080	−0.006%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.993	−0.098%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.112	+0.028%	$2.05B	$676.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.103	+0.018%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.593%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.071	−0.016%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.061	−0.027%	$227.9M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.061	−0.027%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.064	−0.023%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.293%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	−0.502%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.656	−0.457%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.843	−0.258%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.020	−0.070%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	94.076	−0.011%	$476K	$2.5M	20x
SunX HYPE-USDT	+0.0100%	4h	94.142	+0.060%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.076	−0.011%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.036	−0.053%	$18.4M	$45.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.060	−0.028%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.072	−0.015%	$17.1M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.429%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.110	+0.026%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	94.094	+0.009%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.045	−0.043%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0156%	1h	94.060	−0.028%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0379%	4h	94.200	+0.121%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0622%	1h	94.165	+0.084%	$7.5M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.160	+0.079%	$21.0M	$29.8M	50x	as long as short