Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0117%/8h= +12.8% APRpaid last 24h +0.048%

Price spread now: Polymarket Perps against Orderly+0.057%7-day average +0.007% · you sell dearer than you buy

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

Long on Orderly Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.125%+$12 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.057%, 7d avg +0.007%

Together, before fees+0.086%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Polymarket Perps is 0.049% dearer against Orderly than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.007%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_HYPE_USDC	93.765	−0.0017	get 0.0008% / 4h	1h 55m	$149K	$680K	20x
Short	Polymarket Perps HYPE-USD	93.818	0.0100	get 0.0013% / 1h	55m 39s	$476K	$2.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Orderly. 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 OrderlybpFee Polymarket PerpsbpOrdersPrice spread, now +0.057%Rate

Funding earned: $24.55
Price spread: +0.057% → +0.007%: $4.91
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $15.46
Costs to cover: 0.140%
Break-even: 2.6 days

Slippage unknown: Orderly: no order-book sample; Polymarket Perps: live order book, 3 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 Orderly no order-book sample	—	—	—	—	—
Sell Polymarket Perps live order book, 3 min ago	0.05 bp	4.3 bp −$4	5.4 bp −$54	12.2 bp −$1,221	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1224%	1h	93.798	+0.036%	$199K	$243K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0272%	1h	94.032	+0.285%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.992	+0.242%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.770	+0.005%	$86K	$372K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0044%	1h	93.730	−0.037%	$707K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDClong	−0.0017%	4h	93.765	long leg	$149K	$680K	20x
dYdX HYPE-USD	0.0000%	1h	93.813	+0.051%	$129K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.831	+0.070%	$22K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.823	+0.062%	$63K	—	150x	as long as short
Bluefin HYPE-PERP	+0.0003%	1h	93.785	+0.021%	$79K	$166K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	+0.0012%	4h	93.781	+0.017%	—	$53.8M	—	as long as short
Bybit HYPEUSDT	+0.0016%	8h	93.745	−0.021%	$316.8M	$287.3M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.872	+0.114%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	93.798	+0.035%	$226.0M	$99.4M	75x	as long as short
Phemex HYPEUSDT	+0.0060%	8h	93.818	+0.057%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.922	+0.167%	$5.0M	$30.4M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.759	−0.006%	$1.0M	$4.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0089%	1h	93.802	+0.039%	$348K	$1.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0090%	8h	93.827	+0.066%	$341K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.785	+0.022%	$16.2M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.794	+0.031%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.750	−0.016%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.750	−0.016%	$20K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.794	+0.031%	$6.3M	$50.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.884	+0.127%	$2.05B	$683.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.761	−0.004%	$8.9M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.818	+0.057%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.763	−0.002%	$376.0M	$929.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.775	+0.011%	$115.8M	$316.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	+0.478%	$217K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.770	+0.005%	$48.3M	$54.8M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.779	+0.015%	$89.0M	$83.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.795	+0.032%	$46.3M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.817	+0.055%	$7.2M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.759	−0.007%	$28.7M	$56.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.839	+0.079%	$7.7M	$47.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.875	+0.117%	$680K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.871	+0.113%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	93.818	+0.057%	$476K	$2.8M	20x
Bullet HYPE-USD	+0.0100%	1h	93.804	+0.042%	$112K	$581K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.774	+0.010%	$16.4M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.893	+0.137%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.779	+0.015%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.965	+0.213%	$1.4M	$6.6M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.739	−0.027%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.797	+0.034%	$396K	$159K	20x	as long as short
Kalshi KXHYPEPERP	+0.0110%	8h	93.901	+0.145%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.870	+0.112%	$4.7M	$6.1M	50x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.760	−0.005%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	93.794	+0.030%	$77K	$130K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0315%	1h	93.888	+0.131%	$7.4M	$4.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.819	+0.057%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.808	+0.046%	$17.1M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0414%	1h	93.865	+0.106%	$20.9M	$29.6M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.798	+0.035%	$3.2M	$6.4M	20x	as long as short