Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.060%

Price spread now: BloFin against Polymarket Perps−0.049%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs+$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$250.252% of the position

Long on Polymarket Perps Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.518%+$52 on $10k

Price spread, last 4 days (all we have)−0.017%−$2 · spread now −0.049%, 7d avg +0.005%

Together, before fees+0.501%+$50 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.055% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.049% now, against its 7-day average of +0.005%). If the spread goes back, that is −$5 on $10k: about 18 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	93.206	0.0100	pay 0.0013% / 1h	30m 48s	$483K	$2.7M	20x
Short	BloFin HYPE-USDT	93.160	0.0340	get 0.0170% / 4h	2h 30m	$16.9M	$11.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Polymarket Perps. 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 Polymarket PerpsbpFee BloFinbpOrdersPrice spread, now −0.049%Rate

Funding earned: $50.4
Price spread: −0.049% → +0.005%: −$5.45
Slippage, 4 orders: −$5.23
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee BloFin: 6 bp × 2 orders: −$12
Net: $19.72
Costs to cover: 0.252%
Break-even: 4.3 days

Slippage from Polymarket Perps: live order book, 3 min ago; BloFin: live order book, 3 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 Polymarket Perps live order book, 3 min ago	0.70 bp	4.8 bp −$5	5.2 bp −$52	10.9 bp −$1,091	doesn't fit
Sell BloFin live order book, 3 min ago	1.77 bp	7.8 bp −$8	9.0 bp −$90	11.1 bp −$1,113	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	−0.1568%	1h	93.135	−0.076%	$196K	$234K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0359%	1h	93.298	+0.099%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.195	−0.012%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0061%	1h	93.174	−0.035%	$110K	$578K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0023%	4h	93.157	−0.053%	$146K	$662K	20x	as long as short
01 Exchange HYPEUSD	−0.0016%	1h	93.225	+0.020%	$87K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.219	+0.014%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.203	−0.004%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.207	+0.001%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.166	−0.043%	$1.0M	$4.0M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	93.194	−0.013%	$225.2M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	93.200	−0.006%	$316.6M	$282.9M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0024%	1h	93.150	−0.060%	$702K	$1.2M	10x	as long as short
Phoenix HYPE	+0.0026%	1h	93.263	+0.061%	$207K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	93.201	−0.005%	$12.6M	$2.7M	50x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	93.175	−0.033%	$5.0M	$30.0M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.223	+0.018%	$339K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.217	+0.012%	$16.1M	$63.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.209	+0.003%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.189	−0.018%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.160	−0.049%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.207	+0.001%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.241	+0.038%	$2.03B	$669.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.242	+0.039%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.229	+0.025%	$10.0M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.222	+0.017%	$373.5M	$912.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.192	−0.015%	$114.3M	$309.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	+0.026%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.214	+0.009%	$46.7M	$54.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.228	+0.024%	$91.0M	$81.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.218	+0.013%	$46.1M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.226	+0.021%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.225	+0.020%	$7.3M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.131	−0.081%	$28.5M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.218	+0.013%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.165	−0.044%	$342K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.230	+0.026%	$667K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.260	+0.058%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.206	long leg	$483K	$2.7M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.169	−0.040%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.154	−0.056%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.210	+0.004%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.162	−0.047%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.329	+0.132%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.182	−0.026%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.178	−0.030%	$394K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0108%	8h	93.259	+0.057%	$1.8M	$5.7M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.120	−0.092%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.230	+0.026%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.187	−0.021%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.193	−0.014%	$1.4M	—	100x	as long as short
BloFin HYPE-USDTshort	+0.0340%	4h	93.160	−0.049%	$16.9M	$11.9M	75x
Kraken Futures PF_HYPEUSD	+0.0342%	1h	93.225	+0.020%	$20.8M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0426%	1h	93.257	+0.055%	$7.5M	$4.0M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	93.265	+0.063%	$3.2M	$6.3M	20x	as long as short