Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.010%

Price spread now: Nado against Polymarket Perps−0.019%7-day average +0.050% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$170.170% of the position

Long on Polymarket Perps Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.003%$0 on $10k

Price spread, last 7 days+0.092%+$9 · spread now −0.019%, 7d avg +0.050%

Together, before fees+0.095%+ Points / potential airdropNado: Active · farm board+$10 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: Nado is 0.069% cheaper against Polymarket Perps than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.050%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	93.657	0.0100	pay 0.0013% / 1h	45m 24s	$470K	$2.8M	20x
Short	Nado HYPE-PERP	93.639	0.0100	get 0.0012% / 1h	45m 24s	$7.4M	$50.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.019%Rate

Funding earned: $0
Price spread: −0.019% → +0.050%: −$6.92
Slippage, 4 orders: −$2.04
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$23.96
Costs to cover: 0.170%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Nado: 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	0.59 bp	4.7 bp −$5	5.2 bp −$52	11.2 bp −$1,118	doesn't fit
Sell Nado live order book, 4 min ago	0.05 bp	3.9 bp −$4	7.3 bp −$73	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	−0.1088%	1h	93.517	−0.150%	$198K	$242K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0220%	1h	93.739	+0.087%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0125%	1h	93.570	−0.093%	$705K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.575	−0.088%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0069%	1h	93.684	+0.029%	$111K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.558	−0.106%	$86K	$370K	20x	as long as short
Bluefin HYPE-PERP	−0.0035%	1h	93.576	−0.086%	$79K	$156K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0020%	4h	93.559	−0.105%	$145K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.608	−0.052%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.631	−0.028%	$20K	$290K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.706	+0.052%	$63K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.664	+0.007%	—	$53.7M	—	as long as short
Bybit HYPEUSDT	+0.0007%	8h	93.622	−0.037%	$316.1M	$288.5M	75x	as long as short
Phoenix HYPE	+0.0017%	1h	93.654	−0.003%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.663	+0.006%	$225.6M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0074%	8h	93.592	−0.069%	$12.8M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0081%	8h	93.579	−0.083%	$334K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.520	−0.146%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	93.627	−0.032%	$5.0M	$30.6M	30x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.549	−0.115%	$16.3M	$7.4M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.542	−0.123%	$16.1M	$63.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.557	−0.107%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.591	−0.070%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.550	−0.114%	$22K	$1.7M	10x	as long as short
Nado HYPE-PERPshort	+0.0100%	1h	93.639	−0.019%	$7.4M	$50.9M	10x
Hyperliquid HYPE	+0.0100%	1h	93.721	+0.068%	$2.05B	$682.9M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.665	+0.009%	$8.8M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.584	−0.078%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.666	+0.009%	$375.3M	$931.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.617	−0.043%	$115.5M	$316.3M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.531	−0.135%	$48.4M	$55.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.663	+0.006%	$90.1M	$83.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.653	−0.004%	$46.3M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.592	−0.069%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.579	−0.084%	$28.6M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.664	+0.007%	$7.5M	$48.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.636	−0.022%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.613	−0.047%	$678K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.672	+0.016%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.657	long leg	$470K	$2.8M	20x
SunX HYPE-USDT	+0.0100%	4h	93.702	+0.048%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.563	−0.100%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.783	+0.135%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.731	+0.079%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0102%	8h	93.619	−0.041%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.516	−0.151%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.581	−0.081%	$396K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.610	−0.050%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.640	−0.018%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0252%	1h	93.679	+0.023%	$7.4M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.643	−0.015%	$77K	$130K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.706	+0.052%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.653	−0.004%	$17.0M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.648	−0.010%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.595	−0.066%	$3.2M	$6.4M	20x	as long as short