Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0061%/8h= −6.6% APRpaid last 24h −0.005%

Price spread now: Binance against Polymarket Perps−0.028%7-day average +0.055% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on Polymarket Perps Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.034%+$3 on $10k

Price spread, last 7 days−0.006%−$1 · spread now −0.028%, 7d avg +0.055%

Together, before fees+0.028%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Binance is 0.082% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.055%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	93.817	0.0100	pay 0.0013% / 1h	55m 11s	$479K	$2.5M	20x
Short	Binance HYPEUSDT	93.791	0.0039	get 0.0020% / 4h	3h 55m	$383.2M	$897.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.028%Rate

Funding earned: −$12.71
Price spread: −0.028% → +0.055%: −$8.23
Slippage, 4 orders: −$1.76
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$40.71
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Binance: 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, 4 min ago	0.05 bp	4.4 bp −$4	5.1 bp −$51	10.5 bp −$1,048	doesn't fit
Sell Binance live order book, 4 min ago	0.05 bp	5.1 bp −$5	7.5 bp −$75	10.1 bp −$1,006	28.6 bp −$14.3K

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	−0.1440%	1h	93.842	+0.027%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.706	−0.118%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0317%	1h	93.953	+0.145%	$22K	$22K	10x	as long as short
ApeX Omni HYPEUSDT	−0.0224%	1h	93.928	+0.118%	$340K	$1.1M	50x	as long as short
dYdX HYPE-USD	−0.0179%	1h	93.914	+0.103%	$128K	$30K	5x	as long as short
Gate HYPE_USDT	−0.0128%	4h	93.811	−0.006%	$44.6M	$58.8M	75x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.770	−0.050%	$705K	$925K	10x	as long as short
Bullet HYPE-USD	−0.0120%	1h	93.765	−0.056%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	93.784	−0.035%	$86K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.831	+0.015%	$3K	$331	25x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0072%	8h	93.784	−0.035%	$322.6M	$283.5M	75x	as long as short
Derive HYPE-PERP	−0.0013%	1h	93.721	−0.103%	$16.4M	$7.2M	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	93.778	−0.042%	$169K	$594K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.804	−0.014%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.800	−0.018%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.913	+0.102%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.768	−0.053%	$8.9M	$36.1M	300x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.779	−0.041%	$60K	$1.2M	50x	as long as short
Phemex HYPEUSDT	+0.0034%	8h	93.832	+0.016%	$12.8M	$2.6M	50x	as long as short
Binance HYPEUSDTshort	+0.0039%	4h	93.791	−0.028%	$383.2M	$897.9M	75x
MEXC HYPE_USDT	+0.0042%	4h	93.777	−0.043%	$88.0M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.918	+0.108%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0084%	8h	93.806	−0.012%	$115.7M	$321.6M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.876	+0.063%	$399K	$280K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.838	+0.022%	$18.8M	$58.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.819	+0.002%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.860	+0.046%	$341K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.820	+0.003%	$42K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.808	−0.010%	$6.6M	$44.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.891	+0.079%	$2.04B	$681.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.843	+0.028%	$10.1M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.803	−0.015%	$46.5M	$18.5M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.809	−0.009%	$227.2M	$101.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.806	−0.012%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.826	+0.010%	$7.7M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.832	+0.016%	$31.2M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.944	+0.135%	$7.6M	$45.4M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.836	+0.020%	$678K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.836	+0.020%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.817	long leg	$479K	$2.5M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.814	−0.003%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.879	+0.066%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.770	−0.050%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.944	+0.135%	$205K	$6K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.735	−0.087%	$18.4M	$42.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.890	+0.078%	$4.9M	$5.7M	50x	as long as short
BloFin HYPE-USDT	+0.0158%	4h	93.777	−0.043%	$17.0M	$12.5M	75x	as long as short
Kalshi KXHYPEPERP	+0.0162%	8h	93.870	+0.056%	$1.9M	$5.1M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.150	+0.355%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	93.849	+0.034%	$2.8M	$6.9M	20x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.763	−0.058%	$78K	$143K	15x	as long as short
HTX HYPE-USDT	+0.0325%	4h	94.000	+0.195%	$1.5M	$7.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0336%	1h	93.871	+0.058%	$7.4M	$4.7M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0157%	1h	93.804	−0.013%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0673%	1h	93.872	+0.059%	$21.0M	$29.5M	50x	as long as short