Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0104%/8hnext payment +$0.13 per $10,000 · paid last 24h −0.062%

Price spread now: Polymarket Perps against Injective+0.069%51s7-day average −0.197% · you sell dearer than you buy

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

Long on Injective Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−2.400%−$240 on $10k

Price spread, last 3 days (all we have)+0.150%+$15 · spread now +0.069%, 7d avg −0.197%

Together, before fees−2.249%−$225 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Polymarket Perps is 0.266% dearer against Injective than usual: you sell high and buy low: +$27 more if the spread goes back to its 7-day average of −0.197%. Mind the row above: over the last 7 days funding on this pair cost −2.400%, so the current rate has only just turned in your favour. The two prices were read 51 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	Injective HYPE/USDC PERP	92.820	−0.0004	get 0.0000% / 1h	47m 48s	$30K	$131K	12x
Short	Polymarket Perps HYPE-USD	92.884	0.0100	get 0.0013% / 1h	47m 48s	$464K	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Injective. 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 InjectivebpFee Polymarket PerpsbpOrdersPrice spread, now +0.069%Rate

Funding earned: $21.77
Price spread: +0.069% → −0.197%: $26.6
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $40.35
Costs to cover: 0.080%
Break-even: from the start

Slippage unknown: Injective: live order book, 5 min ago; Polymarket Perps: live order book, 5 min ago. 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 Injective live order book, 5 min ago	19.91 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 5 min ago	0.48 bp	4.5 bp −$4	5.7 bp −$57	13.7 bp −$1,373	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
Hibachi HYPE/USDT-P	−0.0912%	1h	92.826	+0.007%	$194K	$244K	7x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.876	+0.060%	$3K	$331	25x	as long as short
Injective HYPE/USDC PERPlong	−0.0004%	1h	92.820	long leg	$30K	$131K	12x
dYdX HYPE-USD	0.0000%	1h	92.848	+0.030%	$126K	$28K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.930	+0.119%	$2.0M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.849	+0.031%	$25K	$395K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0006%	1h	92.861	+0.044%	$43K	—	150x	as long as short
Aster HYPEUSDT	+0.0029%	4h	92.851	+0.034%	$9.0M	$36.2M	300x	as long as short
01 Exchange HYPEUSD	+0.0032%	1h	92.856	+0.039%	$89K	$323K	20x	as long as short
Aftermath Perps HYPEUSD	+0.0052%	1h	92.883	+0.068%	$22K	$28K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0082%	1h	92.824	+0.004%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0090%	1h	92.820	0.000%	$698K	$1.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	92.925	+0.113%	$18.6M	$57.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.887	+0.072%	$3.1M	$12.0M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.843	+0.025%	$54K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.840	+0.022%	$15K	$1.9M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.833	+0.015%	$6.5M	$43.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.866	+0.050%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.897	+0.083%	$386.9M	$867.9M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	92.861	+0.044%	$325.2M	$288.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.866	+0.050%	$113.9M	$314.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.791	−0.031%	$203K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.863	+0.046%	$43.9M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.895	+0.081%	$91.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.869	+0.053%	$46.2M	$20.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.899	+0.085%	$225.8M	$104.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.874	+0.058%	—	$55.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.914	+0.101%	$7.9M	$11.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.864	+0.047%	$28.6M	$49.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.931	+0.120%	$7.4M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.931	+0.120%	$427K	$905K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.884	+0.069%	$672K	$2.3M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.840	+0.022%	—	$407K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	92.884	+0.069%	$464K	$2.6M	20x
Bullet HYPE-USD	+0.0100%	1h	92.853	+0.036%	$112K	$567K	20x	as long as short
Orderly PERP_HYPE_USDC	+0.0100%	4h	92.867	+0.051%	$192K	$502K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.841	+0.023%	$75K	$175K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.829	+0.010%	$16.3M	$7.1M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.871	+0.055%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.837	+0.018%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.891	+0.076%	$12.5M	$2.4M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0104%	8h	92.911	+0.098%	$339K	$175K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.866	+0.050%	$18.0M	$40.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.848	+0.030%	$395K	$321K	20x	as long as short
edgeX HYPEUSDC	+0.0106%	4h	92.885	+0.070%	$5.1M	$28.9M	30x	as long as short
Kraken Futures PF_HYPEUSD	+0.0152%	1h	92.891	+0.077%	$16.1M	$21.0M	50x	as long as short
Phoenix HYPE	+0.0172%	1h	92.967	+0.158%	$220K	$954K	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0200%	1h	92.990	+0.183%	$4.9M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0240%	1h	92.831	+0.012%	$76K	$157K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	92.836	+0.018%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.875	+0.059%	$17.5M	$12.1M	75x	as long as short
Hyperliquid HYPE	+0.0348%	1h	92.922	+0.110%	$2.01B	$661.8M	10x	as long as short
HTX HYPE-USDT	+0.0463%	4h	93.014	+0.209%	$1.5M	$7.4M	75x	as long as short
RISEx HYPE/USDC	+0.0516%	1h	92.922	+0.110%	$2.6M	$6.3M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0547%	1h	92.941	+0.130%	$7.4M	$4.7M	50x	as long as short