Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0022%/8h= −2.4% APRpaid last 24h −0.008%

Price spread now: Bitget against Polymarket Perps−0.055%7-day average +0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$280.281% of the position

Long on Polymarket Perps Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.021%−$2 on $10k

Price spread, last 7 days+0.149%+$15 · spread now −0.055%, 7d avg +0.037%

Together, before fees+0.128%+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bitget is 0.092% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.037%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	92.953	0.0100	pay 0.0013% / 1h	50m 30s	$469K	$2.6M	20x
Short	Bitget HYPEUSDT	92.902	0.0078	get 0.0039% / 4h	3h 50m	$225.1M	$99.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.055%Rate

Funding earned: −$4.62
Price spread: −0.055% → +0.037%: −$9.17
Slippage, 4 orders: −$8.08
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$41.87
Costs to cover: 0.281%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 3 min ago; Bitget: 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	0.38 bp	4.4 bp −$4	6.2 bp −$62	11.7 bp −$1,166	doesn't fit
Sell Bitget live order book, 4 min ago	0.22 bp	8.0 bp −$8	13.1 bp −$131	doesn't fit	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	−0.0680%	1h	92.799	−0.166%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0266%	1h	92.907	−0.049%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.889	−0.069%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.022	+0.074%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.956	+0.003%	$158K	$660K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.948	−0.006%	$127K	$29K	5x	as long as short
Gate HYPE_USDT	0.0000%	4h	92.941	−0.013%	$44.7M	$53.7M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.067	+0.123%	$1.8M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.918	−0.038%	$22K	$301K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.042	+0.096%	$62K	—	150x	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	93.032	+0.085%	$210K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0031%	1h	92.910	−0.046%	$699K	$1.1M	10x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	92.903	−0.054%	$316.3M	$282.4M	75x	as long as short
Phemex HYPEUSDT	+0.0038%	8h	92.947	−0.006%	$12.6M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	92.945	−0.009%	$87K	$362K	20x	as long as short
Bitget HYPEUSDTshort	+0.0078%	4h	92.902	−0.055%	$225.1M	$99.0M	75x
edgeX HYPEUSDC	+0.0086%	4h	92.935	−0.019%	$4.9M	$29.6M	30x	as long as short
Aster HYPEUSDT	+0.0088%	4h	92.980	+0.029%	$8.7M	$36.2M	300x	as long as short
Lighter HYPE	+0.0096%	1h	92.963	+0.011%	$16.1M	$62.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.953	0.000%	$3.1M	$11.6M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.916	−0.040%	$69K	$1.1M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	92.948	−0.005%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.870	−0.089%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.945	−0.009%	$7.5M	$45.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.966	+0.014%	$2.03B	$665.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.947	−0.006%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.914	−0.042%	$373.7M	$904.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.920	−0.036%	$113.9M	$304.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.942	−0.012%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.915	−0.041%	$87.6M	$79.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.946	−0.008%	$46.2M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.922	−0.033%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.977	+0.026%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.989	+0.038%	$28.6M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.015	+0.067%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.928	−0.027%	$351K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.011	+0.062%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.984	+0.034%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	92.953	long leg	$469K	$2.6M	20x
Bullet HYPE-USD	+0.0100%	1h	92.922	−0.034%	$112K	$578K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.971	+0.019%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.965	+0.013%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.009	+0.060%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.975	+0.024%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.879	−0.080%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.985	+0.034%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.080	+0.137%	$4.7M	$5.6M	50x	as long as short
HTX HYPE-USDT	+0.0177%	4h	93.154	+0.216%	$1.4M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.050	+0.105%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.212%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0264%	1h	92.905	−0.051%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	93.015	+0.067%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.981	+0.030%	$16.7M	$11.7M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0460%	1h	93.073	+0.129%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.990	+0.040%	$3.2M	$6.4M	20x	as long as short