Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0180%/8h= +19.8% APRpaid last 24h +0.068%

Price spread now: BloFin against Polymarket Perps−0.094%45s7-day average +0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs+$30as 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−$220.221% of the position

Long on Polymarket Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.516%+$52 on $10k

Price spread, last 3 days (all we have)−0.025%−$2 · spread now −0.094%, 7d avg +0.007%

Together, before fees+0.491%+$49 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.101% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.094% now, against its 7-day average of +0.007%). If the spread goes back, that is −$10 on $10k: about 45 hours of funding at the current rate (+$5 a day). The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	94.018	0.0100	pay 0.0013% / 1h	54m 00s	$485K	$2.5M	20x
Short	BloFin HYPE-USDT	93.930	0.0280	get 0.0140% / 4h	54m 00s	$17.0M	$12.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.094%Rate

Funding earned: $37.88
Price spread: −0.094% → +0.007%: −$10.09
Slippage, 4 orders: −$2.06
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $5.73
Costs to cover: 0.221%
Break-even: 5.9 days

Slippage from Polymarket Perps: live order book, 5 min ago; BloFin: 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 Polymarket Perps live order book, 5 min ago	0.80 bp	4.8 bp −$5	5.4 bp −$54	10.2 bp −$1,019	doesn't fit
Sell BloFin live order book, 5 min ago	0.11 bp	6.1 bp −$6	6.6 bp −$66	14.7 bp −$1,466	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	−0.0536%	1h	93.857	−0.171%	$199K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0487%	1h	93.772	−0.262%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.888	−0.138%	$1.2M	$3.8M	10x	as long as short
ApeX Omni HYPEUSDT	−0.0160%	1h	93.896	−0.130%	$349K	$1.1M	50x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.965	−0.056%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.912	−0.113%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.001	−0.018%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.011	−0.007%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	94.004	−0.015%	$176K	$526K	20x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.982	−0.038%	$324.8M	$280.7M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0028%	4h	93.992	−0.028%	$8.9M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.227%	$215K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0046%	1h	93.920	−0.104%	$703K	$904K	10x	as long as short
edgeX HYPEUSDC	+0.0067%	4h	93.855	−0.173%	$5.1M	$29.7M	30x	as long as short
Gate HYPE_USDT	+0.0068%	4h	93.998	−0.021%	$44.5M	$57.9M	75x	as long as short
Phemex HYPEUSDT	+0.0069%	8h	93.934	−0.089%	$12.8M	$2.6M	50x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.993	−0.027%	$90.6M	$80.3M	100x	as long as short
Binance HYPEUSDT	+0.0072%	4h	93.998	−0.021%	$386.2M	$886.9M	75x	as long as short
Derive HYPE-PERP	+0.0077%	1h	93.939	−0.084%	$16.4M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.043	+0.026%	$19.0M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.026	+0.009%	$3.1M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.977	−0.044%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.988	−0.032%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.979	−0.042%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.950	−0.072%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.980	−0.041%	$5.9M	$44.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.979	−0.042%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.000	−0.019%	$115.4M	$315.4M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.011	−0.007%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.001	−0.018%	$227.8M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.992	−0.028%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.020	+0.002%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.882	−0.144%	$32.1M	$53.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.906	−0.119%	$7.6M	$45.5M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.945	−0.078%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.998	−0.022%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	94.018	long leg	$485K	$2.5M	20x
Bullet HYPE-USD	+0.0100%	1h	93.976	−0.044%	$113K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.996	−0.023%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.018	0.000%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.993	−0.027%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.360%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.850	−0.179%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.976	−0.045%	$18.6M	$42.0M	50x	as long as short
01 Exchange HYPEUSD	+0.0104%	1h	94.004	−0.015%	$91K	$356K	20x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	94.029	+0.012%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.060	+0.045%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.148	+0.138%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.993	−0.027%	$77K	$142K	15x	as long as short
BloFin HYPE-USDTshort	+0.0280%	4h	93.930	−0.094%	$17.0M	$12.3M	75x
RISEx HYPE/USDC	+0.0284%	1h	94.035	+0.018%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0292%	1h	94.089	+0.076%	$7.4M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.966	−0.055%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	94.098	+0.085%	$21.0M	$29.0M	50x	as long as short
Hyperliquid HYPE	+0.0633%	1h	94.058	+0.043%	$2.05B	$665.0M	10x	as long as short