Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0086%/8h= +9.4% APRpaid last 24h +0.014%

Price spread now: Polymarket Perps against BingX+0.136%51s7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as 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−$190.195% of the position

Long on BingX Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.036%+$4 on $10k

Price spread, last 7 days−0.260%−$26 · spread now +0.136%, 7d avg −0.039%

Together, before fees−0.224%−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Polymarket Perps is 0.176% dearer against BingX than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.039%. The two prices were read 51 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	BingX HYPE-USDT	93.779	0.0014	pay 0.0007% / 4h	1h 57m	—	$53.8M	—
Short	Polymarket Perps HYPE-USD	93.907	0.0100	get 0.0013% / 1h	57m 35s	$477K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against BingX. 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 BingXbpFee Polymarket PerpsbpOrdersPrice spread, now +0.136%Rate

Funding earned: $18.06
Price spread: +0.136% → −0.039%: $17.55
Slippage, 4 orders: −$1.47
Fee BingX: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $16.14
Costs to cover: 0.195%
Break-even: 0.7 days

Slippage from BingX: live order book, 11 min ago; Polymarket Perps: 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 BingX live order book, 11 min ago	0.58 bp	5.6 bp −$6	6.5 bp −$65	10.7 bp −$1,072	14.0 bp −$6,985
Sell Polymarket Perps live order book, 1 min ago	0.05 bp	4.3 bp −$4	5.4 bp −$54	12.2 bp −$1,221	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	−0.1256%	1h	93.851	+0.077%	$200K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0276%	1h	94.143	+0.388%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.992	+0.227%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.813	+0.036%	$86K	$372K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0035%	1h	93.700	−0.084%	$709K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0016%	4h	93.764	−0.016%	$150K	$680K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.897	+0.126%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.809	+0.032%	$22K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.828	+0.052%	$63K	—	150x	as long as short
BingX HYPE-USDTlong	+0.0014%	4h	93.779	long leg	—	$53.8M	—

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	+0.0018%	8h	93.780	+0.001%	$317.0M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	94.145	+0.390%	$209K	$1.1M	10x	as long as short
Bluefin HYPE-PERP	+0.0027%	1h	93.785	+0.006%	$79K	$166K	20x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.776	−0.003%	$226.1M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.817	+0.041%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.922	+0.152%	$5.0M	$30.4M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.772	−0.007%	$1.0M	$4.0M	10x	as long as short
SoDEX HYPE-USD	+0.0088%	1h	93.785	+0.006%	$2.0M	$1.9M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0092%	8h	93.883	+0.111%	$341K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.836	+0.061%	$16.2M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.823	+0.047%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.791	+0.013%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.780	+0.001%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.778	−0.002%	$6.2M	$50.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.950	+0.182%	$2.06B	$683.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.788	+0.010%	$8.9M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.855	+0.081%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.801	+0.023%	$377.1M	$928.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.794	+0.016%	$115.8M	$316.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.463%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.785	+0.006%	$48.3M	$54.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.835	+0.060%	$88.0M	$82.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.874	+0.101%	$46.3M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.799	+0.021%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.028	+0.265%	$28.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.099	+0.341%	$7.7M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.152	+0.398%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.875	+0.102%	$680K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.931	+0.162%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	93.907	+0.136%	$477K	$2.8M	20x
Bullet HYPE-USD	+0.0100%	1h	93.812	+0.035%	$112K	$581K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.782	+0.003%	$16.4M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.888	+0.116%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.950	+0.182%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.742	−0.039%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.797	+0.019%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0111%	8h	93.863	+0.090%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.830	+0.054%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.860	+0.086%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	93.797	+0.019%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0315%	1h	93.880	+0.108%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.835	+0.060%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.949	+0.181%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0414%	1h	93.840	+0.065%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.814	+0.037%	$3.2M	$6.4M	20x	as long as short