HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0240%/8h= +26.3% APRnext payment +$0.30 per $10,000 · paid last 24h +0.021%

Price spread now: Polymarket Perps against Bullet+0.023%7-day average −0.004% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$240.237% of the position

Long on Bullet Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.007%+$1 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now +0.023%, 7d avg −0.004%

Together, before fees+0.001%$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Polymarket Perps is 0.027% dearer against Bullet than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.004%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.007% in total (about 0.7% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.30 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet HYPE-USD	95.274	−0.0140	get 0.0018% / 1h	55m 12s	$114K	$582K	20x
Short	Polymarket Perps HYPE-USD	95.296	0.0100	get 0.0013% / 1h	55m 12s	$504K	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Bullet. 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 BulletbpFee Polymarket PerpsbpOrdersPrice spread, now +0.023%Rate

Funding earned: $50.47
Price spread: +0.023% → −0.004%: $2.72
Slippage, 4 orders: −$7.67
Fee Bullet: 4 bp × 2 orders: −$8
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $29.52
Costs to cover: 0.237%
Break-even: 2.9 days

Slippage from Bullet: live order book, 57 min ago; Polymarket Perps: live order book, 2 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 Bullet live order book, 57 min ago	0.37 bp	6.8 bp −$7	12.1 bp −$121	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 2 min ago	0.58 bp	4.6 bp −$5	8.3 bp −$83	29.0 bp −$2,904	doesn't fit

HYPE on 54 exchanges

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	−0.1272%	1h	95.275	+0.001%	$213K	$261K	7x	as long as short
Phemex HYPEUSDT	−0.0287%	8h	95.237	−0.039%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.269	−0.005%	$18.6M	$35.2M	50x	as long as short
Bullet HYPE-USDlong	−0.0140%	1h	95.274	long leg	$114K	$582K	20x
Aftermath Perps HYPEUSD	−0.0135%	1h	95.243	−0.033%	$22K	$17K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0134%	1h	95.220	−0.057%	$690K	$1.3M	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.258	−0.017%	$1.1M	$2.4M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.087%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0070%	4h	95.261	−0.014%	$54.7M	$53.1M	75x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	95.282	+0.008%	$92K	$346K	20x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.260	−0.015%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0040%	4h	95.227	−0.050%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0026%	4h	95.245	−0.031%	$9.0M	$32.9M	300x	as long as short
Lighter HYPE	−0.0024%	1h	95.251	−0.024%	$16.3M	$57.5M	20x	as long as short
OKX HYPE-USDT-SWAP	−0.0010%	8h	95.235	−0.041%	$119.3M	$303.9M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	−0.016%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.296	+0.023%	$24K	$254K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.309	+0.036%	$100K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	95.333	+0.062%	$201K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.267	−0.008%	$229.0M	$87.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0023%	1h	95.345	+0.074%	$7.5M	$4.3M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	95.270	−0.005%	$321.0M	$266.5M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	95.275	+0.001%	$274K	$1.0M	50x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	−0.006%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.265	−0.010%	$340K	$35K	20x	as long as short
Vest HYPE-PERP	+0.0083%	1h	95.329	+0.057%	—	$80K	5x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	95.253	−0.023%	$5.1M	$29.1M	30x	as long as short
Binance HYPEUSDT	+0.0096%	4h	95.256	−0.020%	$382.8M	$857.3M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.269	−0.006%	$3.3M	$10.0M	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	95.253	−0.022%	$90.7M	$83.0M	100x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.230	−0.047%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.265	−0.010%	$7.3M	$51.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.285	+0.011%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.254	−0.021%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.281	+0.007%	—	$48.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.300	+0.027%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.251	−0.025%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.301	+0.028%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	−0.087%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.269	−0.006%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	95.296	+0.023%	$504K	$2.5M	20x
Bluefin HYPE-PERP	+0.0100%	1h	95.262	−0.013%	$79K	$136K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.350	+0.079%	$33K	$1.4M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	95.260	−0.015%	$2.1M	$373K	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.379	+0.110%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.232	−0.044%	$18.4M	$39.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.256	−0.019%	$403K	$130K	20x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	95.315	+0.043%	$1.8M	$5.1M	2.3x	as long as short
Hyperliquid HYPE	+0.0132%	1h	95.370	+0.100%	$2.11B	$650.3M	10x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.301	+0.028%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.233	−0.044%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.293	+0.019%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0338%	4h	95.266	−0.009%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.132%	$31K	$334K	12x	as long as short