Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h −0.011%

Price spread now: BingX against Polymarket Perps−0.060%7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$25as in the Funding arb table

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

costs, in and out, $10k−$220.221% of the position

Long on Polymarket Perps Short on BingX

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+0.113%+$11 · spread now −0.060%, 7d avg +0.040%

Together, before fees+0.080%+$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and BingX is 0.099% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.040%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	93.708	0.0100	pay 0.0013% / 1h	31m 03s	$469K	$2.5M	20x
Short	BingX HYPE-USDT	93.652	0.0006	get 0.0003% / 4h	2h 31m	—	$53.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Polymarket Perps. 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 Polymarket PerpsbpFee BingXbpOrdersPrice spread, now −0.060%Rate

Funding earned: −$19.74
Price spread: −0.060% → +0.040%: −$9.94
Slippage, 4 orders: −$4.09
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BingX: 5 bp × 2 orders: −$10
Net: −$51.77
Costs to cover: 0.221%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; BingX: 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 Polymarket Perps live order book, 3 min ago	1.23 bp	5.2 bp −$5	6.4 bp −$64	13.1 bp −$1,307	doesn't fit
Sell BingX live order book, 3 min ago	0.11 bp	6.4 bp −$6	8.0 bp −$80	11.8 bp −$1,177	16.5 bp −$8,253

HYPE on 54 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	−0.0888%	1h	93.597	−0.118%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.533	−0.187%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	93.464	−0.261%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0112%	8h	93.655	−0.057%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0089%	1h	93.560	−0.158%	$701K	$988K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.675	−0.035%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.697	−0.012%	$86K	$351K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.638	−0.075%	$156K	$651K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0052%	1h	93.636	−0.077%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0052%	4h	93.670	−0.041%	$44.4M	$54.7M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0024%	4h	93.679	−0.031%	$8.8M	$36.1M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.622	−0.092%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.668	−0.043%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.691	−0.019%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.670	−0.041%	$321.7M	$282.6M	75x	as long as short
BingX HYPE-USDTshort	+0.0006%	4h	93.652	−0.060%	—	$53.9M	—
MEXC HYPE_USDT	+0.0054%	4h	93.671	−0.039%	$88.1M	$82.7M	100x	as long as short
Bullet HYPE-USD	+0.0055%	1h	93.673	−0.037%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.692	−0.017%	$381.1M	$902.2M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.458	−0.267%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.003%	$211K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	93.685	−0.025%	$115.2M	$310.3M	50x	as long as short
Derive HYPE-PERP	+0.0079%	1h	93.634	−0.079%	$16.2M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.695	−0.014%	$340K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.683	−0.026%	$16.4M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.682	−0.028%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.675	−0.035%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.677	−0.033%	$398K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.660	−0.051%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.644	−0.069%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.770	+0.066%	$2.05B	$670.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.674	−0.036%	$10.1M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.676	−0.034%	$46.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.670	−0.041%	$226.6M	$99.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.104%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.256%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.468	−0.256%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.655	−0.057%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.706	−0.002%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.708	long leg	$469K	$2.5M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.645	−0.067%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.749	+0.044%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.652	−0.060%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.385%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.627	−0.086%	$18.3M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.720	+0.013%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.610	−0.105%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.701	−0.007%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.807	+0.106%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.678	−0.032%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0267%	8h	93.719	+0.012%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.689	−0.021%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0486%	1h	93.767	+0.063%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.751	+0.046%	$20.9M	$30.1M	50x	as long as short