HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0066%/8h= +7.2% APRnext payment +$0.08 per $10,000 · paid last 24h −0.020%

Price spread now: Polymarket Perps against Phoenix+0.047%59s7-day average −0.151% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as 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−$220.220% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.316%−$32 on $10k

Price spread, last 7 days−0.129%−$13 · spread now +0.047%, 7d avg −0.151%

Together, before fees−0.445%−$45 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Polymarket Perps is 0.198% dearer against Phoenix than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of −0.151%. Mind the row above: over the last 7 days funding on this pair cost −0.316%, so the current rate has only just turned in your favour. The two prices were read 59 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	Phoenix HYPE	93.249	0.0034	pay 0.0004% / 1h	13m 35s	$214K	$1.2M	10x
Short	Polymarket Perps HYPE-USD	93.293	0.0100	get 0.0013% / 1h	13m 35s	$493K	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phoenix. 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 PhoenixbpFee Polymarket PerpsbpOrdersPrice spread, now +0.047%Rate

Funding earned: $13.8
Price spread: +0.047% → −0.151%: $19.81
Slippage, 4 orders: −$6.98
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $11.63
Costs to cover: 0.220%
Break-even: 1.1 days

Slippage from Phoenix: live order book, 5 min ago; Polymarket Perps: live order book, 5 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 Phoenix live order book, 5 min ago	1.39 bp	6.1 bp −$6	12.2 bp −$122	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	0.86 bp	5.0 bp −$5	6.3 bp −$63	11.1 bp −$1,106	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
Aftermath Perps HYPEUSD	−0.0441%	1h	93.211	−0.040%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0352%	1h	93.222	−0.029%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.238	−0.012%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.310	+0.065%	$699K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.272	+0.025%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.321	+0.077%	$90K	$360K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.388	+0.149%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.260	+0.012%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.251	+0.003%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.336	+0.094%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0003%	4h	93.377	+0.137%	$8.9M	$35.9M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0020%	4h	93.329	+0.086%	$172K	$517K	20x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	93.309	+0.064%	$323.3M	$283.7M	75x	as long as short
Phoenix HYPElong	+0.0034%	1h	93.249	long leg	$214K	$1.2M	10x
Bullet HYPE-USD	+0.0035%	1h	93.304	+0.059%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.269	+0.021%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0060%	4h	93.308	+0.063%	$44.0M	$58.7M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.337	+0.094%	$90.2M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.348	+0.107%	$382.1M	$894.7M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.083%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.369	+0.129%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.388	+0.149%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.331	+0.088%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.352	+0.111%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	+0.012%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.255	+0.007%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.401	+0.163%	$2.03B	$669.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.344	+0.102%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.300	+0.055%	$114.3M	$313.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.018%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.382	+0.143%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.287	+0.041%	$226.2M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.297	+0.051%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.400	+0.162%	$7.9M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.203	−0.049%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.199	−0.054%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.103%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.206	−0.046%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.284	+0.038%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	93.293	+0.047%	$493K	$2.5M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.336	+0.093%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.353	+0.112%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.354	+0.113%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.331	+0.088%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.255	+0.007%	$18.2M	$41.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.425	+0.189%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.410	+0.173%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0231%	4h	93.500	+0.269%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.140	−0.117%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.257	+0.009%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0260%	4h	93.211	−0.041%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.341	+0.099%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.313	+0.068%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0435%	1h	93.459	+0.225%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.493	+0.262%	$20.9M	$29.0M	50x	as long as short