Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.015%

Price spread now: Nado against Polymarket Perps−0.041%7-day average +0.052% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$180.175% of the position

Long on Polymarket Perps Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.031%+$3 · spread now −0.041%, 7d avg +0.052%

Together, before fees+0.035%+ Points / potential airdropNado: Active · farm board+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.093% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$9 on $10k if it goes back to its 7-day average of +0.052%.

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	53m 43s	$485K	$2.5M	20x
Short	Nado HYPE-PERP	93.980	0.0100	get 0.0012% / 1h	53m 43s	$5.9M	$44.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.041%Rate

Funding earned: $0
Price spread: −0.041% → +0.052%: −$9.26
Slippage, 4 orders: −$2.52
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$26.78
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Nado: 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 Nado live order book, 5 min ago	0.05 bp	3.6 bp −$4	5.3 bp −$53	26.9 bp −$2,685	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	93.994	−0.026%	$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	94.092	+0.079%	$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
Ondo Perps HYPE-USD.P	+0.0019%	1h	93.990	−0.030%	$703K	$905K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0020%	8h	94.060	+0.045%	$325.0M	$280.9M	75x	as long as short
Aster HYPEUSDT	+0.0031%	4h	94.023	+0.005%	$9.0M	$35.8M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.805	−0.227%	$215K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0067%	4h	93.855	−0.173%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0069%	8h	93.934	−0.089%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0070%	4h	94.061	+0.046%	$44.5M	$57.9M	75x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	94.070	+0.055%	$90.8M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0073%	4h	94.065	+0.050%	$386.5M	$887.1M	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	94.057	+0.041%	$19.1M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.040	+0.023%	$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	94.034	+0.017%	$342K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.090	+0.077%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	93.980	−0.041%	$5.9M	$44.2M	10x
Pacifica HYPE	+0.0100%	1h	94.075	+0.061%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.078	+0.064%	$115.6M	$316.1M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.022	+0.004%	$47.3M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.085	+0.071%	$228.0M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.068	+0.053%	—	$53.9M	—	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	94.061	+0.045%	$18.7M	$42.1M	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-USDT	+0.0280%	4h	93.930	−0.094%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.131	+0.120%	$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	+0.0638%	1h	94.059	+0.044%	$2.05B	$665.3M	10x	as long as short