Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.002%

Price spread now: Backpack against Polymarket Perps−0.166%7-day average +0.298% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$12.4Kas in the Price arb table

costs, in and out, $10k−$12.3K123.141% of the position

Long on Polymarket Perps Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 7 days−1.159%−$116 · spread now −0.166%, 7d avg +0.298%

Together, before fees−1.072%−$107 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.464% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$46 on $10k if it goes back to its 7-day average of +0.298%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	94.921	0.0100	pay 0.0013% / 1h	50m 37s	$501K	$2.8M	20x
Short	Backpack HYPE_USDC_PERP	94.763	0.0100	get 0.0013% / 1h	50m 37s	$7.6M	$10.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Polymarket Perps. 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 Polymarket PerpsbpFee BackpackbpOrdersPrice spread, now −0.166%Rate

Funding earned: $0
Price spread: −0.166% → +0.298%: −$46.41
Slippage, 4 orders: −$12,296.08
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$12,360.49
Costs to cover: 123.141%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Backpack: live order book, 4 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 Polymarket Perps live order book, 3 min ago	218.12 bp	10900.3 bp −$10.9K	doesn't fit	doesn't fit	doesn't fit
Sell Backpack live order book, 4 min ago	0.05 bp	5.1 bp −$5	6.5 bp −$65	475.8 bp −$47.6K	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	−0.1432%	1h	94.783	−0.146%	$208K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0337%	1h	94.790	−0.138%	$80K	$150K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0319%	1h	94.745	−0.186%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0238%	8h	94.788	−0.140%	$12.9M	$2.9M	50x	as long as short
Bullet HYPE-USD	−0.0173%	1h	94.826	−0.100%	$112K	$576K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.846	−0.079%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	94.930	+0.009%	$89K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.836	−0.090%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.869	−0.055%	$20.3M	$30.3M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0047%	1h	94.740	−0.191%	$715K	$1.2M	10x	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	−0.0007%	4h	94.813	−0.114%	$147K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.808	−0.120%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.881	−0.042%	$1.9M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.850	−0.074%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.859	−0.065%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.810	−0.117%	$208K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0012%	4h	94.853	−0.072%	$227.5M	$99.4M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.820	−0.106%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERP	+0.0022%	1h	94.691	−0.242%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0051%	8h	94.856	−0.069%	$339K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	94.931	+0.011%	$118.2M	$328.4M	50x	as long as short
Vest HYPE-PERP	+0.0065%	1h	94.901	−0.021%	—	$190K	5x	as long as short
Lighter HYPE	+0.0088%	1h	94.821	−0.105%	$16.2M	$61.8M	20x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.791	−0.137%	$5.0M	$30.7M	30x	as long as short
SoDEX HYPE-USD	+0.0096%	1h	94.825	−0.101%	$2.1M	$1.9M	10x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.816	−0.111%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.895	−0.027%	$147K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.860	−0.064%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.875	−0.048%	$7.3M	$52.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.912	−0.009%	$2.09B	$688.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.862	−0.063%	$9.6M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.871	−0.053%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.911	−0.011%	$381.9M	$934.4M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.930	+0.009%	$317.5M	$289.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.249%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.844	−0.081%	$51.0M	$53.7M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.862	−0.062%	$93.9M	$84.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.795	−0.133%	$47.0M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.862	−0.062%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERPshort	+0.0100%	1h	94.763	−0.166%	$7.6M	$10.6M	20x
Variational Omni HYPE	+0.0100%	8h	94.809	−0.118%	$30.0M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.848	−0.076%	$7.7M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.799	−0.129%	$352K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.833	−0.093%	$694K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	94.921	long leg	$501K	$2.8M	20x
SunX HYPE-USDT	+0.0100%	4h	94.925	+0.004%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.966	+0.047%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.835	−0.091%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.845	−0.080%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.896	−0.026%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.060	+0.146%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0235%	1h	94.920	−0.001%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.808	−0.119%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.897	−0.025%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.810	−0.117%	$17.2M	$12.5M	75x	as long as short