HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0100%/8h= −10.9% APRnext payment −$0.13 per $10,000 · paid last 24h −0.028%

Price spread now: dYdX against Polymarket Perps+0.101%47s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as 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−$700.700% of the position

Long on Polymarket Perps Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.093%−$9 on $10k

Price spread, last 4 days (all we have)+0.214%+$21 · spread now +0.101%, 7d avg +0.004%

Together, before fees+0.120%+$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.097% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.101% now, against its 7-day average of +0.004%): +$10 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.2 days. At the pace of the last 7 days (−0.093% in total) that is about 7.3 days. The two prices were read 47 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	Polymarket Perps HYPE-USD	92.935	0.0100	pay 0.0013% / 1h	19m 47s	$487K	$2.7M	20x
Short	dYdX HYPE-USD	93.029	0	get 0.0000% / 1h	19m 47s	$128K	$29K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now +0.101%Rate

Funding earned: −$21
Price spread: +0.101% → +0.004%: $9.71
Slippage, 4 orders: −$52
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$81.3
Costs to cover: 0.700%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; dYdX: live order book, 34 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	0.38 bp	4.4 bp −$4	5.4 bp −$54	11.6 bp −$1,163	doesn't fit
Sell dYdX live order book, 34 min ago	25.44 bp	30.4 bp −$30	72.9 bp −$729	180.1 bp −$18.0K	1151.9 bp −$576.0K

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	−0.1720%	1h	92.759	−0.189%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0299%	1h	92.824	−0.119%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.866	−0.074%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.882	−0.057%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	92.954	+0.020%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	92.929	−0.006%	$112K	$577K	20x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	93.029	+0.101%	$128K	$29K	5x
Perpl HYPE	0.0000%	43m	92.876	−0.064%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.967	+0.034%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0018%	1h	92.860	−0.081%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.923	−0.013%	$87K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	−0.015%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.890	−0.048%	$316.0M	$283.1M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	92.900	−0.038%	$81K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	92.941	+0.006%	$225.0M	$99.0M	75x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	92.978	+0.046%	$12.6M	$2.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.969	+0.036%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.976	+0.044%	$3.1M	$11.6M	20x	as long as short
Gate HYPE_USDT	+0.0096%	4h	92.958	+0.025%	$45.2M	$54.5M	75x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	92.694	−0.260%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.948	+0.014%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.900	−0.038%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.875	−0.064%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.979	+0.047%	$2.02B	$667.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.944	+0.010%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.939	+0.004%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.930	−0.006%	$373.9M	$906.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.892	−0.046%	$114.0M	$304.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.243%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.905	−0.032%	$91.4M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.950	+0.016%	$46.2M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.956	+0.023%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.981	+0.049%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.839	−0.104%	$28.5M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	−0.137%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.725	−0.226%	$340K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.846	−0.096%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.943	+0.009%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	92.935	long leg	$487K	$2.7M	20x
Bluefin HYPE-PERP	+0.0100%	1h	92.978	+0.046%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.950	+0.016%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.921	−0.015%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.008	+0.079%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.137	+0.217%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.958	+0.025%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.976	+0.045%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	92.980	+0.048%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.060	+0.135%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.086	+0.162%	$20.7M	$29.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.231%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.952	+0.018%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.965	+0.032%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.872	−0.068%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0438%	1h	93.106	+0.184%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.959	+0.026%	$3.2M	$6.3M	20x	as long as short