Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0123%/8h= −13.4% APRpaid last 24h −0.048%

Price spread now: Orderly against Polymarket Perps−0.073%7-day average −0.007% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Polymarket Perps Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.125%−$12 on $10k

Price spread, last 4 days (all we have)+0.055%+$6 · spread now −0.073%, 7d avg −0.007%

Together, before fees−0.070%−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Orderly is 0.066% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.007%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	93.279	0.0100	pay 0.0013% / 1h	28m 56s	$483K	$2.7M	20x
Short	Orderly PERP_HYPE_USDC	93.211	−0.0023	pay 0.0011% / 4h	2h 28m	$146K	$662K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.073%Rate

Funding earned: −$25.75
Price spread: −0.073% → −0.007%: −$6.55
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$46.3
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 5 min ago; Orderly: no order-book sample. Net counts fees only.

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, 5 min ago	0.70 bp	4.8 bp −$5	5.2 bp −$52	10.9 bp −$1,091	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1528%	1h	93.137	−0.152%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0370%	1h	93.259	−0.022%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	−0.046%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0058%	1h	93.249	−0.032%	$111K	$578K	20x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0023%	4h	93.211	−0.073%	$146K	$662K	20x
01 Exchange HYPEUSD	−0.0016%	1h	93.311	+0.034%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.295	+0.017%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.255	−0.026%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.280	+0.001%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.254	−0.027%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.164	−0.123%	$225.1M	$98.9M	75x	as long as short
Bybit HYPEUSDT	+0.0017%	8h	93.154	−0.134%	$316.5M	$282.8M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0021%	1h	93.250	−0.031%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.282	+0.003%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	93.222	−0.061%	$12.7M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	93.175	−0.111%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.281	+0.002%	$339K	$160K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.214	−0.069%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.211	−0.073%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.294	+0.016%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	−0.020%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.279	+0.001%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.232	−0.050%	$2.03B	$669.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.202	−0.082%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.269	−0.011%	$10.0M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.183	−0.103%	$373.4M	$913.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.170	−0.117%	$114.3M	$309.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.053%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.174	−0.113%	$46.7M	$54.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.183	−0.103%	$90.9M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.164	−0.123%	$46.0M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.167	−0.120%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.221	−0.062%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.131	−0.159%	$28.5M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.193	−0.092%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.165	−0.122%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.238	−0.044%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.325	+0.049%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.279	long leg	$483K	$2.7M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.232	−0.050%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.211	−0.073%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.260	−0.020%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.191	−0.094%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.425	+0.157%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.139	−0.150%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.223	−0.060%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0106%	8h	93.272	−0.008%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.190	−0.095%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.310	+0.033%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.257	−0.024%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.274	−0.005%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.309	+0.032%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0342%	1h	93.251	−0.030%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0447%	1h	93.306	+0.029%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.348	+0.074%	$3.2M	$6.2M	20x	as long as short