Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0132%/8h= +14.5% APRpaid last 24h +0.028%

Price spread now: Polymarket Perps against Bybit+0.049%7-day average −0.024% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12.3Kas in the Funding arb table

Net, price: spread back to 7d avg − costs−$12.3Kas in the Price arb table

costs, in and out, $10k−$12.3K123.145% of the position

Long on Bybit Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.029%+$3 on $10k

Price spread, last 7 days−0.047%−$5 · spread now +0.049%, 7d avg −0.024%

Together, before fees−0.018%−$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Polymarket Perps is 0.073% dearer against Bybit than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit HYPEUSDT	94.360	−0.0032	get 0.0032% / 8h	7h 26m	$318.2M	$293.4M	75x
Short	Polymarket Perps HYPE-USD	94.406	0.0100	get 0.0013% / 1h	26m 07s	$498K	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Bybit. 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 BybitbpFee Polymarket PerpsbpOrdersPrice spread, now +0.049%Rate

Funding earned: $27.71
Price spread: +0.049% → −0.024%: $7.31
Slippage, 4 orders: −$12,295.46
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$12,279.44
Costs to cover: 123.145%
Break-even: 3108.6 days

Slippage from Bybit: live order book, 3 min ago; Polymarket Perps: live order book, 3 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 Bybit live order book, 3 min ago	0.53 bp	6.6 bp −$7	8.5 bp −$85	17.1 bp −$1,707	49.2 bp −$24.6K
Sell Polymarket Perps live order book, 3 min ago	218.12 bp	1401.6 bp −$1,402	doesn't fit	doesn't fit	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	−0.0792%	1h	94.302	−0.061%	$210K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0598%	1h	94.267	−0.099%	$80K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	94.397	+0.039%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0260%	1h	94.294	−0.070%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0186%	1h	94.300	−0.064%	$702K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.325	−0.037%	$90K	$365K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.287	−0.077%	$1.0M	$3.4M	10x	as long as short
Gate HYPE_USDT	−0.0102%	4h	94.289	−0.075%	$51.6M	$55.4M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.344	−0.017%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0048%	1h	94.294	−0.069%	$18.8M	$35.5M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDTlong	−0.0032%	8h	94.360	long leg	$318.2M	$293.4M	75x
Orderly PERP_HYPE_USDC	−0.0009%	4h	94.295	−0.069%	$146K	$677K	20x	as long as short
Phemex HYPEUSDT	−0.0001%	8h	94.316	−0.047%	$12.9M	$2.9M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.385	+0.027%	$129K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.349	−0.012%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.320	−0.042%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.257	−0.109%	$113K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.404	+0.047%	$210K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.212%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.440	+0.085%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0030%	4h	94.302	−0.061%	$226.8M	$97.9M	75x	as long as short
Vest HYPE-PERP	+0.0038%	1h	94.390	+0.032%	—	$190K	5x	as long as short
Backpack HYPE_USDC_PERP	+0.0038%	1h	94.261	−0.105%	$7.5M	$10.4M	20x	as long as short
SoDEX HYPE-USD	+0.0038%	1h	94.308	−0.055%	$2.1M	$2.0M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0040%	8h	94.317	−0.046%	$337K	$39K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0044%	8h	94.378	+0.019%	$117.7M	$327.1M	50x	as long as short
edgeX HYPEUSDC	+0.0081%	4h	94.269	−0.097%	$5.0M	$31.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.298	−0.066%	$16.2M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.298	−0.066%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.319	−0.043%	$149K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.320	−0.042%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.288	−0.076%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.394	+0.036%	$2.07B	$689.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.285	−0.079%	$9.6M	$38.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.334	−0.028%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.323	−0.039%	$379.4M	$930.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.155%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.294	−0.070%	$93.1M	$86.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.286	−0.078%	$47.1M	$19.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.301	−0.063%	—	$53.0M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.329	−0.032%	$29.9M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.308	−0.055%	$7.6M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.315	−0.048%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.356	−0.004%	$688K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	94.406	+0.049%	$498K	$2.7M	20x
SunX HYPE-USDT	+0.0100%	4h	94.326	−0.036%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.442	+0.087%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.258	−0.108%	$18.2M	$43.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.405	+0.047%	$399K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.331	−0.031%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.858%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0195%	1h	94.388	+0.030%	$7.5M	$4.4M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.297	−0.066%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	94.354	−0.007%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.344	−0.017%	$17.3M	$12.5M	75x	as long as short