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: Deribit against Polymarket Perps+0.199%7-day average +0.044% · you sell dearer than you buy
Net, funding: paid 7d − costs−$28as in the Funding arb table
Net, price: spread back to 7d avg − costs−$13as in the Price arb table
costs, in and out, $10k−$290.285% of the position
Funding, last 7 days+0.009%+$1 on $10k
+Price spread, last 3 days (all we have)−0.191%−$19 · spread now +0.199%, 7d avg +0.044%
=Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Deribit is 0.155% dearer against Polymarket Perps than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.044%.
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 | Polymarket Perps HYPE-USD | 93.874 | 0.0100 | pay 0.0013% / 1h | 15m 36s | $475K | $2.5M | 20x |
| Short | Deribit HYPE_USDC-PERPETUAL | 94.061 | 0.0729 | get 0.0091% / 1h | 15m 36s | $7.5M | $4.6M | 50x |
Polymarket Perps HYPE-USD
Deribit HYPE_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $132.09
- Price spread: +0.199% → +0.044%
- $15.48
- Slippage, 4 orders
- −$13.52
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $119.05
- Costs to cover
- 0.285%
- Break-even
- 0.7 days
Slippage from Polymarket Perps: live order book, 3 min ago; Deribit: 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 | 1.01 bp | 5.4 bp −$5 | 6.8 bp −$68 | 15.2 bp −$1,518 | doesn't fit |
| Sell Deribit live order book, 3 min ago | 1.76 bp | 9.8 bp −$10 | 14.4 bp −$144 | doesn't fit | 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 | −0.366% | $198K | $228K | 7x | as long as short |
| Arcus HYPE-USD | −0.0625% | 1h | 93.914 | +0.043% | $1.3M | $3.9M | 10x | as long as short |
| Aftermath Perps HYPEUSD | −0.0197% | 1h | 93.835 | −0.042% | $22K | $21K | 10x | as long as short |
| Ondo Perps HYPE-USD.P | −0.0124% | 1h | 93.940 | +0.070% | $708K | $960K | 10x | as long as short |
| dYdX HYPE-USD | −0.0101% | 1h | 94.003 | +0.137% | $129K | $31K | 5x | as long as short |
| 01 Exchange HYPEUSD | −0.0088% | 1h | 93.855 | −0.020% | $85K | $361K | 20x | as long as short |
| Bullet HYPE-USD | −0.0085% | 1h | 93.875 | +0.001% | $113K | $581K | 20x | as long as short |
| Hotstuff HYPE-PERP | −0.0080% | 1h | 93.610 | −0.281% | $3K | $331 | 25x | as long as short |
| Phemex HYPEUSDT | −0.0051% | 8h | 93.936 | +0.066% | $12.8M | $2.6M | 50x | as long as short |
| Gate HYPE_USDT | −0.0036% | 4h | 94.013 | +0.148% | $44.5M | $60.2M | 75x | as long as short |
Hibachi HYPE/USDT-P
Arcus HYPE-USD
Aftermath Perps HYPEUSD
Ondo Perps HYPE-USD.P
dYdX HYPE-USD
01 Exchange HYPEUSD
Bullet HYPE-USD
Hotstuff HYPE-PERP
Phemex HYPEUSDT
Gate HYPE_USDTShow 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 | +0.019% | $159K | $645K | 20x | as long as short |
| Bybit HYPEUSDT | −0.0013% | 8h | 94.010 | +0.145% | $323.5M | $281.2M | 75x | as long as short |
| Perpl HYPE | 0.0000% | 43m | 93.792 | −0.088% | $23K | $326K | 10x | as long as short |
| gTrade (Gains Network) HYPE/USD | L +0.0002% / S −0.0003% | 1h | 93.926 | +0.056% | $27K | — | 150x | as long as short |
| Aster HYPEUSDT | +0.0008% | 4h | 93.994 | +0.128% | $8.9M | $36.1M | 300x | as long as short |
| Derive HYPE-PERP | +0.0009% | 1h | 93.884 | +0.011% | $16.4M | $7.3M | 10x | as long as short |
| Phoenix HYPE | +0.0034% | 1h | 93.678 | −0.209% | $218K | $1.2M | 10x | as long as short |
| MEXC HYPE_USDT | +0.0042% | 4h | 94.025 | +0.161% | $88.6M | $83.2M | 100x | as long as short |
| Binance HYPEUSDT | +0.0045% | 4h | 94.030 | +0.167% | $383.5M | $896.3M | 75x | as long as short |
| edgeX HYPEUSDC | +0.0057% | 4h | 93.961 | +0.093% | $5.1M | $30.0M | 30x | as long as short |
| OKX HYPE-USDT-SWAP | +0.0074% | 8h | 94.021 | +0.157% | $116.1M | $317.2M | 50x | as long as short |
| Aevo HYPE-PERP | +0.0088% | 1h | 93.937 | +0.067% | $400K | $180K | 20x | as long as short |
| Bluefin HYPE-PERP | +0.0090% | 1h | 93.939 | +0.069% | $76K | $171K | 20x | as long as short |
| Lighter HYPE | +0.0096% | 1h | 94.030 | +0.166% | $19.1M | $60.1M | 20x | as long as short |
| Lighter RH HYPE | +0.0096% | 1h | 94.006 | +0.141% | $3.0M | $12.2M | 20x | as long as short |
| Popdex HYPEUSDT | +0.0096% | 1h | 93.849 | −0.027% | $65K | $1.2M | 50x | as long as short |
| Paradex HYPE-USD-PERP | +0.0099% | 8h | 94.057 | +0.195% | $342K | $165K | 20x | as long as short |
| Katana Perps HYPE-USD | +0.0100% | 8h | 94.000 | +0.134% | $29K | $1.6M | 10x | as long as short |
| Nado HYPE-PERP | +0.0100% | 1h | 93.805 | −0.074% | $6.6M | $44.8M | 10x | as long as short |
| Hyperliquid HYPE | +0.0100% | 1h | 94.040 | +0.177% | $2.05B | $676.2M | 10x | as long as short |
| Pacifica HYPE | +0.0100% | 1h | 94.034 | +0.171% | $10.2M | $14.6M | 20x | as long as short |
| Bulk HYPE-USD | +0.0100% | 1h | 93.528 | −0.368% | $204K | $12K | 10x | as long as short |
| KuCoin HYPEUSDTM | +0.0100% | 4h | 94.039 | +0.176% | $46.7M | $18.3M | 75x | as long as short |
| Bitget HYPEUSDT | +0.0100% | 4h | 94.018 | +0.153% | $227.8M | $101.0M | 75x | as long as short |
| BingX HYPE-USDT | +0.0100% | 4h | 94.009 | +0.144% | — | $54.0M | — | as long as short |
| Backpack HYPE_USDC_PERP | +0.0100% | 1h | 93.963 | +0.095% | $7.7M | $10.3M | 20x | as long as short |
| Variational Omni HYPE | +0.0100% | 8h | 93.810 | −0.068% | $31.4M | $54.1M | — | as long as short |
| GRVT HYPE_USDT_Perp | +0.0100% | 4h | 93.991 | +0.125% | $7.6M | $46.1M | 10x | as long as short |
| ApeX Omni HYPEUSDT | +0.0100% | 1h | 93.940 | +0.070% | $340K | $1.1M | 50x | as long as short |
| StandX HYPE-USD | +0.0100% | 1h | 93.666 | −0.222% | $677K | $2.6M | 20x | as long as short |
| Vest HYPE-PERP | +0.0100% | 1h | 93.816 | −0.062% | — | $243K | 5x | as long as short |
| Polymarket Perps HYPE-USDlong | +0.0100% | 1h | 93.874 | long leg | $475K | $2.5M | 20x | |
| SunX HYPE-USDT | +0.0100% | 4h | 94.014 | +0.149% | $32K | $1.6M | 20x | as long as short |
| SoDEX HYPE-USD | +0.0100% | 1h | 93.952 | +0.083% | $2.0M | $2.0M | 10x | as long as short |
| Extended HYPE-USD | +0.0104% | 1h | 93.990 | +0.124% | $18.4M | $45.5M | 50x | as long as short |
| Coinbase International HYPE-PERP-INTX | +0.0144% | 1h | 93.980 | +0.113% | $4.9M | $5.5M | 50x | as long as short |
| BloFin HYPE-USDT | +0.0168% | 4h | 93.581 | −0.312% | $17.0M | $12.1M | 75x | as long as short |
| Injective HYPE/USDC PERP | +0.0205% | 1h | 94.490 | +0.656% | $31K | $338K | 12x | as long as short |
| RISEx HYPE/USDC | +0.0222% | 1h | 94.061 | +0.200% | $2.7M | $6.8M | 20x | as long as short |
| Kalshi KXHYPEPERP | +0.0227% | 8h | 93.872 | −0.002% | $1.9M | $5.1M | 2.3x | as long as short |
| Reya HYPERUSDPERP | +0.0252% | 1h | 93.843 | −0.033% | $79K | $143K | 15x | as long as short |
| GMX HYPE/USD [WBTC.b-USDC] | L +0.0335% / S −0.0156% | 1h | 93.911 | +0.039% | $1.4M | — | 100x | as long as short |
| HTX HYPE-USDT | +0.0373% | 4h | 94.100 | +0.241% | $1.5M | $6.0M | 75x | as long as short |
| Kraken Futures PF_HYPEUSD | +0.0671% | 1h | 94.050 | +0.187% | $21.0M | $29.8M | 50x | as long as short |
| Deribit HYPE_USDC-PERPETUALshort | +0.0729% | 1h | 94.061 | +0.199% | $7.5M | $4.6M | 50x |
Orderly PERP_HYPE_USDC
Bybit HYPEUSDT
Perpl HYPE
gTrade (Gains Network) HYPE/USD
Aster HYPEUSDT
Derive HYPE-PERP
Phoenix HYPE
MEXC HYPE_USDT
Binance HYPEUSDT
edgeX HYPEUSDC
OKX HYPE-USDT-SWAP
Aevo HYPE-PERP
Bluefin HYPE-PERP
Lighter HYPE
Lighter RH HYPE
Popdex HYPEUSDT
Paradex HYPE-USD-PERP
Katana Perps HYPE-USD
Nado HYPE-PERP
Hyperliquid HYPE
Pacifica HYPE
Bulk HYPE-USD
KuCoin HYPEUSDTM
Bitget HYPEUSDT
BingX HYPE-USDT
Backpack HYPE_USDC_PERP
Variational Omni HYPE
GRVT HYPE_USDT_Perp
ApeX Omni HYPEUSDT
StandX HYPE-USD
Vest HYPE-PERP
SunX HYPE-USDT
SoDEX HYPE-USD
Extended HYPE-USD
Coinbase International HYPE-PERP-INTX
BloFin HYPE-USDT
Injective HYPE/USDC PERP
RISEx HYPE/USDC
Kalshi KXHYPEPERP
Reya HYPERUSDPERP
GMX HYPE/USD [WBTC.b-USDC]
HTX HYPE-USDT
Kraken Futures PF_HYPEUSD