HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0219%/8h= +23.9% APRnext payment +$0.27 per $10,000 · paid last 24h +0.015%

Price spread now: Polymarket Perps against Bullet+0.023%7-day average −0.006% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Bullet Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.001%$0 on $10k

Price spread, last 4 days (all we have)−0.011%−$1 · spread now +0.023%, 7d avg −0.006%

Together, before fees−0.011%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Polymarket Perps is 0.029% dearer against Bullet than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.006%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.001% in total (about 0.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.27 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	94.436	−0.0198	get 0.0025% / 1h	8m 01s	$112K	$575K	20x
Short	Polymarket Perps HYPE-USD	94.458	0.0020	get 0.0003% / 1h	8m 01s	$498K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Bullet. 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 BulletbpFee Polymarket PerpsbpOrdersPrice spread, now +0.023%Rate

Funding earned: $45.92
Price spread: +0.023% → −0.006%: $2.89
Slippage, 4 orders: −$7.2
Fee Bullet: 4 bp × 2 orders: −$8
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $25.61
Costs to cover: 0.232%
Break-even: 3.1 days

Slippage from Bullet: live order book, 31 min ago; Polymarket Perps: live order book, 6 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 Bullet live order book, 31 min ago	0.21 bp	8.8 bp −$9	14.9 bp −$149	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 6 min ago	0.79 bp	4.9 bp −$5	6.1 bp −$61	11.5 bp −$1,153	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	−0.1608%	1h	94.433	−0.003%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0389%	1h	94.422	−0.015%	$80K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0201%	1h	94.380	−0.059%	$711K	$1.2M	10x	as long as short
Bullet HYPE-USDlong	−0.0198%	1h	94.436	long leg	$112K	$575K	20x
Aftermath Perps HYPEUSD	−0.0186%	1h	94.443	+0.008%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.471	+0.037%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.394	−0.045%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.422	−0.015%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0027%	1h	94.383	−0.056%	$16.4M	$7.3M	10x	as long as short
BingX HYPE-USDT	−0.0020%	4h	94.431	−0.005%	—	$52.8M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	94.389	−0.050%	$317.3M	$288.4M	75x	as long as short
Lighter HYPE	−0.0008%	1h	94.428	−0.008%	$16.4M	$64.7M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.416	−0.021%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.466	+0.032%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.520	+0.089%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.468	+0.034%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.447	+0.012%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.463	+0.028%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	94.386	−0.053%	$226.7M	$100.2M	75x	as long as short
Polymarket Perps HYPE-USDshort	+0.0020%	1h	94.458	+0.023%	$498K	$2.8M	20x
Phemex HYPEUSDT	+0.0036%	8h	94.391	−0.048%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0041%	8h	94.479	+0.045%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0054%	1h	94.437	+0.001%	$2.1M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0063%	1h	94.500	+0.068%	—	$190K	5x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.430	−0.006%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.391	−0.048%	$117.8M	$325.0M	50x	as long as short
Gate HYPE_USDT	+0.0090%	4h	94.419	−0.018%	$50.4M	$56.9M	75x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.392	−0.047%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.432	−0.004%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.438	+0.002%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.430	−0.006%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.441	+0.006%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.503	+0.071%	$2.08B	$687.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.432	−0.004%	$8.8M	$36.8M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.472	+0.038%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.411	−0.026%	$378.6M	$932.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.009%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.430	−0.006%	$89.5M	$84.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.424	−0.013%	$46.9M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.383	−0.056%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.383	−0.056%	$29.7M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.416	−0.021%	$7.6M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.371	−0.069%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.419	−0.018%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.464	+0.030%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.552	+0.123%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.376	−0.064%	$18.3M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.407	−0.031%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.482	+0.048%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.322%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.476	+0.042%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.470	+0.036%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.403	−0.035%	$83K	$121K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0279%	1h	94.532	+0.102%	$7.5M	$4.3M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.399	−0.039%	$17.1M	$12.4M	75x	as long as short