Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0024%/8h= +2.7% APRpaid last 24h +0.007%

Price spread now: Polymarket Perps against Binance−0.050%46s7-day average −0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as 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−$190.194% of the position

Long on Binance Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 7 days−0.018%−$2 · spread now −0.050%, 7d avg −0.057%

Together, before fees−0.049%−$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.057%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 46 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	Binance HYPEUSDT	93.425	0.0076	pay 0.0038% / 4h	2h 04m	$380.1M	$881.0M	75x
Short	Polymarket Perps HYPE-USD	93.379	0.0100	get 0.0013% / 1h	4m 38s	$475K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Binance. 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 BinancebpFee Polymarket PerpsbpOrdersPrice spread, now −0.050%Rate

Funding earned: $5.14
Price spread: −0.050% → −0.057%: $0.68
Slippage, 4 orders: −$1.43
Fee Binance: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$13.61
Costs to cover: 0.194%
Break-even: 25.5 days

Slippage from Binance: live order book, 9 min ago; Polymarket Perps: 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 Binance live order book, 9 min ago	0.05 bp	5.3 bp −$5	7.7 bp −$77	15.6 bp −$1,564	31.7 bp −$15.9K
Sell Polymarket Perps live order book, 4 min ago	0.32 bp	4.3 bp −$4	5.4 bp −$54	11.4 bp −$1,142	doesn't fit

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	−0.1120%	1h	93.308	−0.125%	$196K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.352	−0.079%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.347	−0.084%	$3K	$331	25x	as long as short
Phemex HYPEUSDT	−0.0074%	8h	93.318	−0.115%	$12.6M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0061%	1h	93.330	−0.102%	$699K	$905K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0054%	4h	93.327	−0.105%	$156K	$645K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.501	+0.081%	$85K	$347K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0034%	1h	93.488	+0.067%	$22K	$21K	10x	as long as short
Aster HYPEUSDT	−0.0003%	4h	93.395	−0.033%	$8.8M	$35.7M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.389	−0.039%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.373	−0.057%	$22K	$323K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.359	−0.072%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.463	+0.040%	—	$53.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0009%	1h	93.318	−0.115%	$7.4M	$10.4M	20x	as long as short
Bybit HYPEUSDT	+0.0012%	8h	93.415	−0.011%	$320.5M	$276.8M	75x	as long as short
Gate HYPE_USDT	+0.0018%	4h	93.458	+0.035%	$44.3M	$55.4M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.424	−0.002%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0070%	1h	93.352	−0.078%	$112K	$577K	20x	as long as short
MEXC HYPE_USDT	+0.0070%	4h	93.450	+0.026%	$88.2M	$83.5M	100x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.464	+0.041%	$114.7M	$303.0M	50x	as long as short
Binance HYPEUSDTlong	+0.0076%	4h	93.425	long leg	$380.1M	$881.0M	75x
edgeX HYPEUSDC	+0.0085%	4h	93.295	−0.140%	$5.0M	$30.0M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.445	+0.021%	$16.3M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.403	−0.024%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.480	+0.058%	$67K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.335	−0.097%	$397K	$172K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.459	+0.035%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.490	+0.069%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.356	−0.074%	$5.7M	$43.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.489	+0.068%	$2.04B	$657.6M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.445	+0.021%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.097%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.432	+0.007%	$46.2M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.465	+0.042%	$226.2M	$97.3M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.349	−0.082%	$31.1M	$54.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.391	−0.036%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.340	−0.092%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.399	−0.028%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.396	−0.031%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	93.379	−0.050%	$475K	$2.4M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.293	−0.142%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.311	−0.122%	$16.2M	$7.7M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.454	+0.031%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.345	−0.086%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.445	+0.021%	$18.3M	$43.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	−0.017%	$4.9M	$5.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	94.180	+0.808%	$31K	$339K	12x	as long as short
HTX HYPE-USDT	+0.0190%	4h	93.525	+0.107%	$1.4M	$5.9M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.559	+0.143%	$3.2M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.354	−0.077%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0279%	8h	93.395	−0.033%	$1.9M	$4.9M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	93.354	−0.076%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0446%	1h	93.433	+0.008%	$7.4M	$4.4M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.425	0.000%	$20.8M	$29.8M	50x	as long as short