Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0314%/8h= −34.4% APRpaid last 24h −0.037%

Price spread now: Polymarket Perps against HTX−0.133%7-day average −0.038% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$280.275% of the position

Long on HTX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.094%−$9 on $10k

Price spread, last 3 days (all we have)+0.384%+$38 · spread now −0.133%, 7d avg −0.038%

Together, before fees+0.290%+$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Polymarket Perps is 0.095% cheaper against HTX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.038%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.094% in total (about -4.9% a year). A funding rate is set anew for every payment. 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	HTX HYPE-USDT	93.378	0.0414	pay 0.0207% / 4h	2h 53m	$1.5M	$7.6M	75x
Short	Polymarket Perps HYPE-USD	93.254	0.0100	get 0.0013% / 1h	53m 46s	$493K	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against HTX. 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 HTXbpFee Polymarket PerpsbpOrdersPrice spread, now −0.133%Rate

Funding earned: −$66
Price spread: −0.133% → −0.038%: −$9.49
Slippage, 4 orders: −$7.53
Fee HTX: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$103.02
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from HTX: live order book, 5 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 HTX live order book, 5 min ago	0.05 bp	9.9 bp −$10	15.4 bp −$154	42.5 bp −$4,247	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	0.21 bp	4.3 bp −$4	4.5 bp −$45	10.4 bp −$1,035	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	−0.1328%	1h	93.228	−0.161%	$197K	$235K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0196%	1h	93.160	−0.233%	$699K	$948K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0107%	1h	93.328	−0.053%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	93.219	−0.170%	$89K	$340K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.208	−0.182%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0002%	4h	93.231	−0.157%	$44.1M	$56.2M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.247	−0.140%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.304	−0.079%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.210	−0.180%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.272	−0.114%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0004%	4h	93.255	−0.132%	$8.9M	$36.3M	300x	as long as short
Derive HYPE-PERP	+0.0037%	1h	93.192	−0.199%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0040%	8h	93.260	−0.126%	$325.2M	$288.4M	75x	as long as short
Bullet HYPE-USD	+0.0045%	1h	93.214	−0.176%	$112K	$583K	20x	as long as short
Orderly PERP_HYPE_USDC	+0.0078%	4h	93.262	−0.124%	$180K	$536K	20x	as long as short
Phoenix HYPE	+0.0094%	1h	93.336	−0.045%	$215K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.303	−0.080%	$18.5M	$58.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.279	−0.106%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.204	−0.186%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	−0.158%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.203	−0.187%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.300	−0.084%	$2.03B	$668.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.249	−0.138%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.245	−0.142%	$385.6M	$891.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.270	−0.116%	$114.6M	$316.1M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.185	−0.207%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.386	+0.009%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.240	−0.148%	$92.0M	$81.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.243	−0.145%	$46.2M	$19.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.263	−0.123%	$226.5M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.236	−0.152%	—	$54.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.274	−0.111%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.285	−0.100%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.319	−0.064%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.338	−0.043%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.369	−0.010%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.268	−0.118%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	93.254	−0.133%	$493K	$2.6M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.226	−0.163%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.243	−0.145%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.237	−0.151%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.278	−0.107%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.246	−0.141%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.216	−0.173%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.243	−0.144%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0120%	4h	93.294	−0.090%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.290	−0.094%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0244%	1h	93.221	−0.168%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.210	−0.180%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0165%	1h	93.258	−0.129%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.352	−0.028%	$17.2M	$12.5M	75x	as long as short
HTX HYPE-USDTlong	+0.0414%	4h	93.378	long leg	$1.5M	$7.6M	75x
Deribit HYPE_USDC-PERPETUAL	+0.0447%	1h	93.346	−0.034%	$7.4M	$4.6M	50x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.279	−0.106%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.407	+0.031%	$19.2M	$25.7M	50x	as long as short