HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0066%/8h= −7.2% APRnext payment −$0.08 per $10,000 · paid last 24h +0.020%

Price spread now: Phoenix against Polymarket Perps+0.012%7-day average +0.151% · you sell dearer than you buy

Net, funding: paid 7d − costs+$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$210.206% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.316%+$32 on $10k

Price spread, last 7 days+0.070%+$7 · spread now +0.012%, 7d avg +0.151%

Together, before fees+0.386%+$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.139% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.151%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.316%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	93.238	0.0100	pay 0.0013% / 1h	14m 46s	$493K	$2.5M	20x
Short	Phoenix HYPE	93.249	0.0034	get 0.0004% / 1h	14m 46s	$214K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.012%Rate

Funding earned: −$13.8
Price spread: +0.012% → +0.151%: −$13.91
Slippage, 4 orders: −$5.62
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$48.32
Costs to cover: 0.206%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Phoenix: live order book, 8 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	0.86 bp	4.9 bp −$5	6.1 bp −$61	11.9 bp −$1,188	doesn't fit
Sell Phoenix live order book, 8 min ago	0.97 bp	5.4 bp −$5	9.6 bp −$96	119.3 bp −$11.9K	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
Aftermath Perps HYPEUSD	−0.0438%	1h	93.188	−0.054%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0344%	1h	93.258	+0.021%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.148	−0.097%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0123%	1h	93.210	−0.030%	$699K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.195	−0.046%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.247	+0.010%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.278	+0.043%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.212	−0.028%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.201	−0.040%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	93.272	+0.036%	$8.9M	$35.8M	300x	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	93.242	+0.005%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0020%	4h	93.218	−0.021%	$172K	$517K	20x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	93.256	+0.019%	$323.1M	$286.2M	75x	as long as short
Bullet HYPE-USD	+0.0033%	1h	93.210	−0.030%	$112K	$579K	20x	as long as short
Phoenix HYPEshort	+0.0034%	1h	93.249	+0.012%	$214K	$1.2M	10x
Derive HYPE-PERP	+0.0047%	1h	93.170	−0.073%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.265	+0.029%	$44.0M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.279	+0.044%	$90.2M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.274	+0.039%	$381.8M	$894.1M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.071%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.323	+0.091%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.317	+0.085%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.217	−0.022%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.282	+0.047%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	−0.030%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.209	−0.031%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.313	+0.081%	$2.03B	$669.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.293	+0.059%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.250	+0.013%	$114.2M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.006%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.295	+0.061%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.280	+0.045%	$226.2M	$103.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.271	+0.035%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.265	+0.029%	$7.8M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.203	−0.037%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.199	−0.042%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.091%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.239	+0.001%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.247	+0.010%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.238	long leg	$493K	$2.5M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.204	−0.036%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.249	+0.012%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.243	+0.005%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.215	−0.025%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.232	−0.006%	$18.2M	$41.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.294	+0.060%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.310	+0.077%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0232%	4h	93.405	+0.179%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.140	−0.105%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.204	−0.036%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0260%	4h	93.211	−0.029%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.271	+0.036%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.237	−0.001%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.326	+0.094%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.364	+0.135%	$20.9M	$29.0M	50x	as long as short