Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.032%

Price spread now: Polymarket Perps against Hyperliquid−0.297%7-day average −0.065% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.297%−$30 on $10k

Price spread, last 3 days (all we have)+0.457%+$46 · spread now −0.297%, 7d avg −0.065%

Together, before fees+0.161%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 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 0.232% cheaper against Hyperliquid than usual: you would sell low and buy high, −$23 on $10k if it goes back to its 7-day average of −0.065%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7240	0.0100	pay 0.0013% / 1h	52m 39s	$8.9M	$4.2M	5x
Short	Polymarket Perps VIRTUAL-USD	0.7219	0.0100	get 0.0013% / 1h	52m 39s	$49K	$1.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 HyperliquidbpFee Polymarket PerpsbpOrdersPrice spread, now −0.297%Rate

Funding earned: $0
Price spread: −0.297% → −0.065%: −$23.18
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$40.18
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Polymarket Perps: live order book, 1 min ago. Net counts fees only.

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 Hyperliquid live order book, 10 min ago	1.23 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 1 min ago	0.41 bp	5.8 bp −$6	5.9 bp −$59	doesn't fit	doesn't fit

VIRTUAL on 33 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
ApeX Omni VIRTUALUSDT	−0.1153%	1h	0.7222	−0.253%	$41K	$244K	50x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7216	−0.330%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0120%	1h	0.7209	−0.432%	$2K	$131	10x	as long as short
Lighter VIRTUAL	−0.0008%	1h	0.7224	−0.228%	$328K	$413K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7224	−0.225%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0001%	1h	0.7222	−0.250%	$4K	—	150x	as long as short
Phoenix VIRTUAL	+0.0011%	1h	0.7198	−0.577%	$11K	$46K	5x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−1.703%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0090%	4h	0.7225	−0.211%	$14K	$1.5M	10x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7240	long leg	$8.9M	$4.2M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7230	−0.143%	$171K	$194K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7233	−0.106%	$71K	$45K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7233	−0.101%	$16.6M	$41.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7237	−0.046%	$16.4M	$17.9M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7237	−0.046%	$2.9M	$9.8M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7229	−0.156%	$1.4M	$3.2M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7236	−0.059%	$17.7M	$4.2M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7234	−0.087%	$4.3M	$4.2M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7238	−0.032%	$6.2M	$6.0M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7239	−0.018%	—	$8.1M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7234	−0.087%	$247K	$176K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7183	−0.786%	$526K	$898K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7225	−0.204%	$19K	$258K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7185	−0.770%	$636K	$878K	10x	as long as short
Polymarket Perps VIRTUAL-USDshort	+0.0100%	1h	0.7219	−0.297%	$49K	$1.1M	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7224	−0.225%	$2K	$1.4M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7225	−0.218%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7230	−0.143%	$54K	$272K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7222	−0.250%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7222	−0.248%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7227	−0.184%	$835K	$854K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7210	−0.418%	$196K	$92K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.1021%	1h	0.7232	−0.116%	$597K	$662K	50x	as long as short