Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0025%/8h= −2.7% APRpaid last 24h −0.022%

Price spread now: OKX against Polymarket Perps−0.011%57s7-day average +0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as 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−$210.208% of the position

Long on Polymarket Perps Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.013%−$1 on $10k

Price spread, last 7 days+0.109%+$11 · spread now −0.011%, 7d avg +0.035%

Together, before fees+0.096%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.045% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.035%). Swap the legs. The two prices were read 57 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	92.241	0.0100	pay 0.0013% / 1h	47m 36s	$474K	$2.6M	20x
Short	OKX HYPE-USDT-SWAP	92.231	0.0075	get 0.0075% / 8h	4h 47m	$112.7M	$300.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$5.24
Price spread: −0.011% → +0.035%: −$4.54
Slippage, 4 orders: −$2.78
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$30.56
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 1 min ago; OKX: live order book, 1 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, 1 min ago	0.05 bp	5.2 bp −$5	6.0 bp −$60	11.3 bp −$1,126	doesn't fit
Sell OKX live order book, 1 min ago	0.05 bp	6.3 bp −$6	8.1 bp −$81	16.9 bp −$1,688	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
Arcus HYPE-USD	−0.0948%	1h	92.199	−0.046%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0680%	1h	92.323	+0.089%	$194K	$227K	7x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	92.209	−0.035%	$86K	$352K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0116%	1h	92.540	+0.324%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.187	−0.059%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0074%	1h	92.177	−0.069%	$110K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0068%	4h	92.179	−0.067%	$157K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0040%	1h	92.170	−0.077%	$699K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0011%	4h	92.220	−0.023%	$8.6M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	−0.003%	$126K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.216	−0.028%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.214	−0.029%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.237	−0.004%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.230	−0.012%	$315.7M	$280.8M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.155	−0.094%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.205%	$210K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0046%	4h	92.266	+0.027%	$44.3M	$54.7M	75x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	92.223	−0.020%	$12.4M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAPshort	+0.0075%	8h	92.231	−0.011%	$112.7M	$300.6M	50x
MEXC HYPE_USDT	+0.0076%	4h	92.233	−0.009%	$87.1M	$80.4M	100x	as long as short
Binance HYPEUSDT	+0.0078%	4h	92.225	−0.017%	$370.8M	$896.4M	75x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.257	+0.017%	$67K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	92.311	+0.076%	$4.9M	$29.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.253	+0.013%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0093%	1h	92.333	+0.100%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.201	−0.044%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.212	−0.031%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.220	−0.023%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.287	+0.049%	$5.8M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.227	−0.015%	$2.01B	$662.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.260	+0.021%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.606%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.205	−0.039%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.236	−0.005%	$223.3M	$97.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.153	−0.095%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.469	+0.247%	$28.5M	$57.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	+0.093%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.258	+0.018%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.271	+0.033%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	92.241	long leg	$474K	$2.6M	20x
SunX HYPE-USDT	+0.0100%	4h	92.222	−0.021%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.174	−0.073%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.350	+0.118%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.224	−0.018%	$18.1M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.166	−0.081%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.250	+0.010%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.240	−0.001%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.186	−0.060%	$78K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0261%	8h	92.370	+0.140%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0316%	4h	92.252	+0.012%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.205	−0.039%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.212	−0.031%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0401%	1h	92.269	+0.030%	$7.5M	$4.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0666%	1h	92.173	−0.074%	$78K	$168K	20x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.349	+0.117%	$3.1M	$6.4M	20x	as long as short