HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0032%/8h= −3.5% APRnext payment −$0.04 per $10,000 · paid last 24h +0.020%

Price spread now: Phoenix against Polymarket Perps−0.021%7-day average +0.152% · you buy dearer than you sell

Net, funding: paid 7d − costs+$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$200.196% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.320%+$32 on $10k

Price spread, last 7 days+0.094%+$9 · spread now −0.021%, 7d avg +0.152%

Together, before fees+0.414%+$41 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 Phoenix is 0.173% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.152%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.320%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	93.428	0.0100	pay 0.0013% / 1h	49m 08s	$493K	$2.6M	20x
Short	Phoenix HYPE	93.408	0.0068	get 0.0009% / 1h	49m 08s	$216K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$6.62
Price spread: −0.021% → +0.152%: −$17.29
Slippage, 4 orders: −$4.63
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$43.54
Costs to cover: 0.196%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 5 min ago; Phoenix: live order book, 4 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	0.05 bp	4.1 bp −$4	4.9 bp −$49	11.0 bp −$1,096	doesn't fit
Sell Phoenix live order book, 4 min ago	1.18 bp	5.6 bp −$6	10.0 bp −$100	126.7 bp −$12.7K	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	93.248	−0.192%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0186%	1h	93.210	−0.233%	$700K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0146%	1h	93.371	−0.061%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.419	−0.010%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.380	−0.051%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0025%	1h	93.376	−0.056%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.407	−0.022%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.497	+0.074%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.441	+0.014%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.420	−0.009%	$19K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0010%	4h	93.405	−0.024%	$8.9M	$36.3M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.339	−0.095%	$16.4M	$7.1M	10x	as long as short
Gate HYPE_USDT	+0.0018%	4h	93.393	−0.037%	$44.2M	$56.2M	75x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.377	−0.055%	$325.5M	$288.3M	75x	as long as short
Phoenix HYPEshort	+0.0068%	1h	93.408	−0.021%	$216K	$1.2M	10x
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.408	−0.021%	$180K	$536K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	93.318	−0.118%	$405K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.440	+0.013%	$18.5M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.413	−0.016%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.399	−0.031%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.420	−0.009%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.398	−0.032%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.444	+0.017%	$2.03B	$668.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.432	+0.004%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.400	−0.030%	$386.2M	$890.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.379	−0.052%	$114.7M	$316.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.383	−0.048%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.099%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.378	−0.054%	$92.7M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.388	−0.043%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.399	−0.031%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.378	−0.054%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.418	−0.011%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.295	−0.142%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.336	−0.098%	$7.5M	$46.2M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.344	−0.090%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.438	+0.010%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.428	long leg	$493K	$2.6M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.391	−0.040%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.424	−0.004%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.378	−0.054%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.381	−0.050%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.427	−0.001%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.370	−0.062%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.400	−0.030%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	−0.163%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.460	+0.034%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0242%	1h	93.484	+0.060%	$7.4M	$4.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.392	−0.038%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.290	−0.148%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.425	−0.003%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.376	−0.056%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0398%	4h	93.581	+0.164%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.466	+0.041%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.479	+0.055%	$19.2M	$25.9M	50x	as long as short