Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:38 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.018%

Price spread now: Perpl against Polymarket Perps+0.041%7-day average +0.003% · you sell dearer than you buy

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

Long on Polymarket Perps Short on Perpl

What this pair did over the last

the charts below follow

Funding, last 7 days−0.101%−$10 on $10k

Price spread, last 4 days (all we have)−0.026%−$3 · spread now +0.041%, 7d avg +0.003%

Together, before fees−0.127%+ Points / potential airdropPerpl: Active · farm board−$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Perpl is 0.038% dearer against Polymarket Perps than usual: you sell high and buy low (spread +0.041% now, against its 7-day average of +0.003%): +$4 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 31 hours. At the pace of the last 7 days (−0.101% in total) that is about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	93.054	0.0100	pay 0.0013% / 1h	58m 03s	$473K	$2.4M	20x
Short	Perpl HYPE	93.092	0	get 0.0000% / 43m	3m 03s	$22K	$321K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Perpl 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 PerplbpOrdersPrice spread, now +0.041%Rate

Funding earned: −$21
Price spread: +0.041% → +0.003%: $3.85
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Perpl: 6.9 bp × 2 orders: −$13.8
Net: −$38.95
Costs to cover: 0.218%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 6 min ago; Perpl: 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, 6 min ago	0.21 bp	4.2 bp −$4	5.6 bp −$56	11.2 bp −$1,118	doesn't fit
Sell Perpl no order-book sample	—	—	—	—	—

Perpl: 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 54 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	−0.1136%	1h	93.123	+0.075%	$196K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.959	−0.102%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0415%	1h	92.961	−0.100%	$79K	$170K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0313%	1h	93.040	−0.015%	$698K	$902K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.078	+0.026%	$84K	$346K	20x	as long as short
Bullet HYPE-USD	−0.0095%	1h	93.007	−0.050%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.198	+0.155%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	92.992	−0.067%	$155K	$639K	20x	as long as short
Phemex HYPEUSDT	−0.0023%	8h	93.039	−0.016%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	−0.0005%	4h	93.003	−0.055%	$8.8M	$35.4M	300x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	93.100	+0.049%	$128K	$31K	5x	as long as short
Perpl HYPEshort	0.0000%	43m	93.092	+0.041%	$22K	$321K	10x
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.025	−0.032%	$25K	—	150x	as long as short
Bybit HYPEUSDT	+0.0009%	8h	92.940	−0.123%	$318.9M	$275.7M	75x	as long as short
Gate HYPE_USDT	+0.0012%	4h	92.982	−0.077%	$44.3M	$54.0M	75x	as long as short
BingX HYPE-USDT	+0.0012%	4h	92.984	−0.075%	—	$53.1M	—	as long as short
Aftermath Perps HYPEUSD	+0.0013%	1h	93.325	+0.291%	$22K	$21K	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.318	+0.284%	$210K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.950	−0.112%	$114.2M	$299.9M	50x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	93.009	−0.048%	$87.5M	$79.7M	100x	as long as short
Binance HYPEUSDT	+0.0078%	4h	92.964	−0.096%	$378.0M	$874.1M	75x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.256	+0.217%	$5.0M	$30.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.042	−0.013%	$16.2M	$61.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.032	−0.024%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.062	+0.009%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.106	+0.056%	$338K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.090	+0.039%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.005	−0.052%	$5.7M	$43.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.098	+0.047%	$2.03B	$658.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.105	+0.054%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.302%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.030	−0.026%	$46.1M	$17.9M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.964	−0.097%	$224.9M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.967	−0.093%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	+0.177%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.419	+0.392%	$7.5M	$46.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.263	+0.225%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.218	+0.176%	$665K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.122	+0.073%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.054	long leg	$473K	$2.4M	20x
Derive HYPE-PERP	+0.0100%	1h	92.986	−0.073%	$16.1M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.189	+0.145%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.010	−0.047%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.945	−0.117%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.002	−0.056%	$396K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.100	+0.049%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0207%	4h	93.200	+0.157%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.002	−0.056%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.073	+0.020%	$1.9M	$4.8M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0298%	1h	93.093	+0.042%	$7.4M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.023	−0.033%	$1.4M	—	100x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.157	+0.111%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.170	+0.125%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.087	+0.035%	$20.7M	$30.0M	50x	as long as short