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Funding arb · Price arb /

HYPE

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Alert: funding
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Alert: spread
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Funding you earn now, next payment 02:00 UTC−0.0389%/8h= −42.6% APRnext payment −$0.49 per $10,000 · paid last 24h −0.027%
Price spread now: Polymarket Perps against Deribit+0.027%7-day average −0.045% · you sell dearer than you buy
Net, funding: paid 7d − costs−$27as in the Funding arb table
Net, price: spread back to 7d avg − costs−$18as in the Price arb table
costs, in and out, $10k−$250.251% of the position
Long on DeribitShort on Polymarket Perps
What this pair did over the last
the charts below follow
Funding, last 7 days−0.016%−$2 on $10k
Price spread, last 3 days (all we have)−0.026%−$3 · spread now +0.027%, 7d avg −0.045%
Together, before fees−0.042%−$4 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Polymarket Perps is 0.072% dearer against Deribit than usual: you sell high and buy low (spread +0.027% now, against its 7-day average of −0.045%): +$7 on $10k if it goes back. Holding the pair costs −$12 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.016% in total) that is about 32 days.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.016% in total (about -0.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.49 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDeribit HYPE_USDC-PERPETUAL93.3920.0489pay 0.0061% / 1h47m 07s$7.5M$4.5M50x
ShortPolymarket Perps HYPE-USD93.4170.0100get 0.0013% / 1h47m 07s$467K$2.5M20x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Deribit. 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

Funding earned
−$81.69
Price spread: +0.027% → −0.045%
$7.19
Slippage, 4 orders
−$10.09
Fee Deribit: 3.5 bp × 2 orders
−$7
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Net
−$99.59
Costs to cover
0.251%
Break-even
never at this rate
Slippage from Deribit: live order book, 2 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
LegHalf-spread$10k$100k$1M$5M
Buy Deribit live order book, 2 min ago2.09 bp7.0 bp −$79.4 bp −$94doesn't fitdoesn't fit
Sell Polymarket Perps live order book, 2 min ago1.13 bp5.2 bp −$55.6 bp −$5611.9 bp −$1,185doesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1064%1h93.383−0.009%$197K$229K7xas long as short
Arcus HYPE-USD−0.0786%1h93.276−0.124%$1.2M$3.9M10xas long as short
Aftermath Perps HYPEUSD−0.0184%1h93.371−0.022%$22K$21K10xas long as short
Backpack HYPE_USDC_PERP−0.0125%1h93.296−0.103%$7.8M$10.6M20xas long as short
Ondo Perps HYPE-USD.P−0.0112%1h93.340−0.056%$699K$978K10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.377−0.016%$3K$33125xas long as short
Gate HYPE_USDT−0.0080%4h93.318−0.079%$44.2M$53.8M75xas long as short
01 Exchange HYPEUSD−0.0072%1h93.404+0.013%$85K$361K20xas long as short
Phemex HYPEUSDT−0.0064%8h93.331−0.065%$12.7M$2.7M50xas long as short
Orderly PERP_HYPE_USDC−0.0052%4h93.304−0.094%$158K$646K20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT−0.0025%4h93.318−0.079%$8.9M$36.2M300xas long as short
dYdX HYPE-USD0.0000%1h93.427+0.037%$128K$31K5xas long as short
Perpl HYPE0.0000%43m93.426+0.037%$22K$333K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.382−0.011%$26K—150xas long as short
BingX HYPE-USDT+0.0016%4h93.325−0.072%—$54.2M—as long as short
Bybit HYPEUSDT+0.0018%8h93.300−0.099%$319.3M$283.2M75xas long as short
Bullet HYPE-USD+0.0029%1h93.346−0.049%$111K$579K20xas long as short
Bluefin HYPE-PERP+0.0033%1h93.337−0.059%$79K$174K20xas long as short
Binance HYPEUSDT+0.0044%4h93.322−0.075%$380.4M$905.3M75xas long as short
MEXC HYPE_USDT+0.0046%4h93.331−0.065%$88.2M$82.3M100xas long as short
Derive HYPE-PERP+0.0058%1h93.301−0.098%$16.2M$7.6M10xas long as short
Phoenix HYPE+0.0060%1h93.190−0.216%$212K$1.2M10xas long as short
edgeX HYPEUSDC+0.0062%4h93.437+0.048%$5.1M$29.9M30xas long as short
OKX HYPE-USDT-SWAP+0.0065%8h93.305−0.093%$115.0M$315.5M50xas long as short
Aevo HYPE-PERP+0.0088%1h93.345−0.050%$397K$177K20xas long as short
Lighter HYPE+0.0096%1h93.325−0.072%$16.4M$62.2M20xas long as short
Lighter RH HYPE+0.0096%1h93.315−0.082%$3.1M$11.8M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.407+0.016%$64K$1.2M50xas long as short
Paradex HYPE-USD-PERP+0.0097%8h93.406+0.014%$339K$165K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.420+0.030%$37K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.334−0.062%$6.6M$44.7M10xas long as short
Hyperliquid HYPE+0.0100%1h93.423+0.033%$2.04B$675.1M10xas long as short
Pacifica HYPE+0.0100%1h93.385−0.008%$10.0M$14.7M20xas long as short
Bulk HYPE-USD+0.0100%1h93.404+0.012%$203K$10K10xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.314−0.084%$46.0M$18.4M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.339−0.057%$225.9M$100.8M75xas long as short
Variational Omni HYPE+0.0100%8h93.281−0.119%$30.9M$55.0M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.420+0.030%$7.5M$47.2M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.460+0.073%$338K$1.1M50xas long as short
StandX HYPE-USD+0.0100%1h93.508+0.124%$667K$2.6M20xas long as short
Vest HYPE-PERP+0.0100%1h93.437+0.048%—$243K5xas long as short
Polymarket Perps HYPE-USDshort+0.0100%1h93.417+0.027%$467K$2.5M20x
SunX HYPE-USDT+0.0100%4h93.416+0.026%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.304−0.094%$2.0M$2.0M10xas long as short
Extended HYPE-USD+0.0104%1h93.251−0.151%$18.4M$44.4M50xas long as short
Coinbase International HYPE-PERP-INTX+0.0136%1h93.380−0.013%$4.9M$5.5M50xas long as short
Injective HYPE/USDC PERP+0.0137%1h93.250−0.152%$30K$338K12xas long as short
BloFin HYPE-USDT+0.0175%4h93.407+0.016%$17.0M$12.1M75xas long as short
RISEx HYPE/USDC+0.0210%1h93.452+0.064%$2.7M$6.7M20xas long as short
Reya HYPERUSDPERP+0.0253%1h93.357−0.038%$79K$142K15xas long as short
HTX HYPE-USDT+0.0259%4h93.490+0.105%$1.4M$6.1M75xas long as short
Kalshi KXHYPEPERP+0.0259%8h93.441+0.052%$1.9M$5.2M2.3xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0334% / S −0.0158%1h93.379−0.014%$1.4M—100xas long as short
Deribit HYPE_USDC-PERPETUALlong+0.0489%1h93.392long leg$7.5M$4.5M50x
Kraken Futures PF_HYPEUSD+0.0683%1h93.374−0.019%$20.8M$30.0M50xas long as short