Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0015%/8h= +1.7% APRpaid last 24h +0.006%

Price spread now: Polymarket Perps against Phemex+0.045%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$470.467% of the position

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.035%−$4 on $10k

Price spread, last 4 days (all we have)−0.008%−$1 · spread now +0.045%, 7d avg −0.008%

Together, before fees−0.043%−$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Polymarket Perps is 0.053% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.008%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	94.269	0.0042	pay 0.0042% / 8h	37m 44s	$12.9M	$2.9M	50x
Short	Polymarket Perps HYPE-USD	94.311	0.0057	get 0.0007% / 1h	37m 44s	$495K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phemex. 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 PhemexbpFee Polymarket PerpsbpOrdersPrice spread, now +0.045%Rate

Funding earned: $3.2
Price spread: +0.045% → −0.008%: $5.29
Slippage, 4 orders: −$26.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$38.23
Costs to cover: 0.467%
Break-even: 90.6 days

Slippage from Phemex: live order book, 6 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 Phemex live order book, 6 min ago	2.38 bp	21.5 bp −$22	40.7 bp −$407	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 6 min ago	0.58 bp	4.6 bp −$5	5.6 bp −$56	11.2 bp −$1,120	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	−0.1576%	1h	94.099	−0.181%	$201K	$253K	7x	as long as short
Bluefin HYPE-PERP	−0.0380%	1h	94.231	−0.040%	$80K	$154K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0210%	1h	94.100	−0.179%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0191%	1h	94.264	−0.005%	$112K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0143%	1h	94.418	+0.158%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.158	−0.118%	$86K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.178	−0.097%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.143	−0.134%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0030%	1h	94.212	−0.061%	$16.5M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0015%	8h	94.170	−0.105%	$316.6M	$289.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0001%	4h	94.231	−0.040%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.232	−0.040%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.378	+0.116%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.440	+0.181%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.271	+0.002%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.285	+0.017%	$123K	—	150x	as long as short
Lighter HYPE	+0.0016%	1h	94.164	−0.111%	$16.3M	$64.1M	20x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.197	−0.076%	$226.4M	$99.7M	75x	as long as short
Phemex HYPEUSDTlong	+0.0042%	8h	94.269	long leg	$12.9M	$2.9M	50x
Paradex HYPE-USD-PERP	+0.0046%	8h	94.207	−0.066%	$337K	$156K	20x	as long as short
Polymarket Perps HYPE-USDshort	+0.0057%	1h	94.311	+0.045%	$495K	$2.8M	20x
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.360	+0.097%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0080%	8h	94.173	−0.102%	$117.4M	$324.0M	50x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.370	+0.107%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.164	−0.111%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.143	−0.134%	$81K	$1.2M	50x	as long as short
SoDEX HYPE-USD	+0.0097%	1h	94.245	−0.025%	$2.1M	$1.9M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.160	−0.116%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.245	−0.025%	$7.0M	$52.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.268	−0.001%	$2.07B	$688.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.168	−0.107%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.208	−0.064%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.160	−0.116%	$377.3M	$933.6M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	+0.012%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.173	−0.102%	$49.7M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.185	−0.089%	$90.4M	$82.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.152	−0.124%	$46.7M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.183	−0.091%	—	$53.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.191	−0.083%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.327	+0.061%	$29.5M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.408	+0.147%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.340	+0.075%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.325	+0.059%	$682K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.263	−0.006%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.400	+0.139%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.360	+0.096%	—	$190K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.154	−0.122%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.252	−0.018%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.306	+0.039%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.280	+0.012%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0206%	1h	94.349	+0.085%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.280	+0.011%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.183	−0.092%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.236	−0.035%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.373	+0.110%	$17.1M	$12.4M	75x	as long as short