Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.002%

Price spread now: Polymarket Perps against SunX+0.090%7-day average −0.066% · you sell dearer than you buy

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$720.717% of the position

Long on SunX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.057%−$6 on $10k

Price spread, last 3 days (all we have)+0.002%$0 · spread now +0.090%, 7d avg −0.066%

Together, before fees−0.056%−$6 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: Polymarket Perps is 0.156% dearer against SunX than usual: you sell high and buy low, +$16 on $10k if it goes back to its 7-day average of −0.066%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX HYPE-USDT	93.170	0.0100	pay 0.0050% / 4h	1h 53m	$32K	$1.6M	20x
Short	Polymarket Perps HYPE-USD	93.254	0.0100	get 0.0013% / 1h	53m 44s	$493K	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against SunX. 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 SunXbpFee Polymarket PerpsbpOrdersPrice spread, now +0.090%Rate

Funding earned: $0
Price spread: +0.090% → −0.066%: $15.58
Slippage, 4 orders: −$55.72
Fee SunX: 4 bp × 2 orders: −$8
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$56.14
Costs to cover: 0.717%
Break-even: never at this rate

Slippage from SunX: live order book, 11 min ago; Polymarket Perps: 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 SunX live order book, 11 min ago	17.68 bp	22.4 bp −$22	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	2.20 bp	9.0 bp −$9	10.4 bp −$104	30.4 bp −$3,036	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
Aftermath Perps HYPEUSD	−0.0295%	1h	93.181	+0.012%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.986	−0.197%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.244	+0.079%	$3K	$331	25x	as long as short
Hibachi HYPE/USDT-P	−0.0032%	1h	93.219	+0.053%	$197K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.081	−0.096%	$16.3M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.117	−0.057%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.186	+0.017%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.197	+0.029%	$23K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.173	+0.003%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0007%	4h	93.111	−0.063%	$8.9M	$35.9M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0008%	1h	93.238	+0.073%	$90K	$361K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0020%	1h	93.160	−0.011%	$699K	$928K	10x	as long as short
Bybit HYPEUSDT	+0.0031%	8h	93.043	−0.136%	$323.9M	$286.6M	75x	as long as short
Gate HYPE_USDT	+0.0042%	4h	93.053	−0.126%	$44.0M	$56.7M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0045%	4h	93.160	−0.011%	$165K	$515K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	93.214	+0.047%	$56K	$1.2M	50x	as long as short
Phoenix HYPE	+0.0068%	1h	93.222	+0.056%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.107	−0.068%	$18.5M	$58.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.076	−0.101%	$3.0M	$12.0M	20x	as long as short
ApeX Omni HYPEUSDT	+0.0096%	1h	93.051	−0.128%	$404K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.069	−0.108%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.060	−0.118%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.213	+0.046%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.113	−0.062%	$2.03B	$668.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.078	−0.099%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.055	−0.124%	$383.7M	$891.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.033	−0.147%	$114.3M	$314.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.109%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.052	−0.127%	$91.1M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.102	−0.073%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.029	−0.151%	$225.7M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.018	−0.163%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.104	−0.071%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	−0.068%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.072	−0.105%	$7.5M	$44.8M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.256	+0.092%	$674K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	93.254	+0.090%	$493K	$2.6M	20x
Bullet HYPE-USD	+0.0100%	1h	93.149	−0.023%	$112K	$580K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.129	−0.044%	$76K	$167K	20x	as long as short
SunX HYPE-USDTlong	+0.0100%	4h	93.170	long leg	$32K	$1.6M	20x
SoDEX HYPE-USD	+0.0100%	1h	93.101	−0.074%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.130	−0.043%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.221	+0.054%	—	$454K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.010	−0.171%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.151	−0.021%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.244	+0.080%	$5.1M	$29.3M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.260	+0.097%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0201%	1h	93.225	+0.059%	$7.4M	$4.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.910	+0.794%	$31K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.183	+0.014%	$78K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.087	−0.090%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0300%	4h	93.300	+0.140%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.177	+0.007%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.216	+0.049%	$17.0M	$12.5M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.223	+0.057%	$20.8M	$28.3M	50x	as long as short