Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0161%/8h= +17.6% APRpaid last 24h +0.048%

Price spread now: Polymarket Perps against Orderly+0.019%53s7-day average +0.006% · you sell dearer than you buy

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.122%+$12 on $10k

Price spread, last 4 days (all we have)+0.022%+$2 · spread now +0.019%, 7d avg +0.006%

Together, before fees+0.145%+$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate. The two prices were read 53 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	Orderly PERP_HYPE_USDC	92.762	−0.0061	get 0.0031% / 4h	3h 24m	$145K	$681K	20x
Short	Polymarket Perps HYPE-USD	92.780	0.0100	get 0.0013% / 1h	24m 28s	$482K	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Orderly. 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 OrderlybpFee Polymarket PerpsbpOrdersPrice spread, now +0.019%Rate

Funding earned: $33.84
Price spread: +0.019% → +0.006%: $1.36
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $21.2
Costs to cover: 0.140%
Break-even: 2.6 days

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 4 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 Orderly no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 4 min ago	0.05 bp	4.1 bp −$4	4.8 bp −$48	12.1 bp −$1,214	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1656%	1h	92.636	−0.136%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0311%	1h	92.830	+0.074%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.715	−0.051%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.789	+0.029%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDClong	−0.0061%	4h	92.762	long leg	$145K	$681K	20x
Bullet HYPE-USD	−0.0002%	1h	92.765	+0.003%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.827	+0.070%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.807	+0.048%	$22K	$295K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.803	+0.044%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0008%	1h	92.740	−0.024%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.921	+0.171%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.740	−0.024%	$315.3M	$282.8M	75x	as long as short
01 Exchange HYPEUSD	+0.0032%	1h	92.752	−0.011%	$86K	$364K	20x	as long as short
Popdex HYPEUSDT	+0.0048%	1h	92.745	−0.018%	$70K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0048%	4h	92.743	−0.020%	$224.6M	$99.1M	75x	as long as short
Phemex HYPEUSDT	+0.0050%	8h	92.804	+0.045%	$12.5M	$2.7M	50x	as long as short
Gate HYPE_USDT	+0.0064%	4h	92.731	−0.033%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	92.837	+0.081%	$4.9M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	92.763	+0.002%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.755	−0.008%	$3.1M	$11.6M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.772	+0.010%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.740	−0.024%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.735	−0.029%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.794	+0.034%	$2.02B	$665.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.752	−0.011%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.778	+0.017%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.744	−0.019%	$373.0M	$905.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.754	−0.009%	$113.7M	$303.3M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.735	−0.029%	$91.3M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.752	−0.011%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.741	−0.023%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.814	+0.056%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.768	+0.006%	$28.5M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	+0.134%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.846	+0.091%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.813	+0.055%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.801	+0.042%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	92.780	+0.019%	$482K	$2.7M	20x
Bluefin HYPE-PERP	+0.0100%	1h	92.776	+0.015%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.765	+0.004%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.844	+0.088%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.772	+0.011%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.941	+0.193%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	+0.009%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.718	−0.047%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.765	+0.003%	$392K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.910	+0.160%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0145%	8h	92.870	+0.116%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.844	+0.088%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.750	−0.013%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.737	−0.027%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0289%	1h	92.865	+0.111%	$7.5M	$4.5M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.795	+0.036%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.759	−0.003%	$16.7M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.811	+0.053%	$3.1M	$6.4M	20x	as long as short