HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0057%/8h= +6.2% APRnext payment +$0.07 per $10,000 · paid last 24h −0.015%

Price spread now: Polymarket Perps against Phoenix+0.108%59s7-day average −0.151% · you sell dearer than you buy

Net, funding: paid 7d − costs−$51as 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−$200.203% of the position

Long on Phoenix Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.304%−$30 on $10k

Price spread, last 7 days−0.319%−$32 · spread now +0.108%, 7d avg −0.151%

Together, before fees−0.623%−$62 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Polymarket Perps is 0.259% dearer against Phoenix than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.151%. Mind the row above: over the last 7 days funding on this pair cost −0.304%, so the current rate has only just turned in your favour. The two prices were read 59 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	Phoenix HYPE	92.652	0.0043	pay 0.0005% / 1h	22m 26s	$210K	$1.2M	10x
Short	Polymarket Perps HYPE-USD	92.752	0.0100	get 0.0013% / 1h	22m 26s	$465K	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Phoenix. 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 PhoenixbpFee Polymarket PerpsbpOrdersPrice spread, now +0.108%Rate

Funding earned: $11.93
Price spread: +0.108% → −0.151%: $25.88
Slippage, 4 orders: −$5.34
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $17.47
Costs to cover: 0.203%
Break-even: from the start

Slippage from Phoenix: live order book, 1 min ago; Polymarket Perps: live order book, 1 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 Phoenix live order book, 1 min ago	1.19 bp	5.8 bp −$6	11.1 bp −$111	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 1 min ago	0.38 bp	4.4 bp −$4	5.4 bp −$54	11.0 bp −$1,103	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
Arcus HYPE-USD	−0.0948%	1h	92.682	+0.032%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0248%	1h	92.684	+0.035%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0226%	1h	92.649	−0.003%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.679	+0.029%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.641	−0.012%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	92.787	+0.146%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.128%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.736	+0.091%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.757	+0.113%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0021%	8h	92.666	+0.015%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0027%	1h	92.725	+0.079%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0033%	1h	92.640	−0.013%	$697K	$1.1M	10x	as long as short
Aster HYPEUSDT	+0.0036%	4h	92.728	+0.082%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.739	+0.094%	—	$53.4M	—	as long as short
Phoenix HYPElong	+0.0043%	1h	92.652	long leg	$210K	$1.2M	10x
Bybit HYPEUSDT	+0.0050%	8h	92.710	+0.063%	$316.6M	$281.9M	75x	as long as short
Gate HYPE_USDT	+0.0086%	4h	92.751	+0.107%	$44.5M	$55.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	92.754	+0.110%	$113.6M	$304.3M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.762	+0.118%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.720	+0.073%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.725	+0.079%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.762	+0.119%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.710	+0.063%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.715	+0.067%	$6.8M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.769	+0.126%	$2.02B	$662.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.772	+0.129%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.738	+0.093%	$372.4M	$904.2M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.744	+0.099%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.756	+0.112%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.757	+0.113%	$224.5M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.659	+0.008%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.026%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.667	+0.016%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.679	+0.029%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.691	+0.042%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.773	+0.131%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDshort	+0.0100%	1h	92.752	+0.108%	$465K	$2.6M	20x
Bluefin HYPE-PERP	+0.0100%	1h	92.647	−0.005%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.670	+0.019%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.676	+0.026%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.682	+0.032%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.843	+0.206%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	+0.053%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.743	+0.098%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.684	+0.034%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	92.646	−0.006%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.376%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.720	+0.073%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0242%	8h	92.747	+0.103%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.737	+0.092%	$79K	$133K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.741	+0.096%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.743	+0.098%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.691	+0.042%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0386%	1h	92.768	+0.125%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.823	+0.185%	$3.2M	$6.4M	20x	as long as short