HYPE

Alert: funding

Alert: spread

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: Deribit against Polymarket Perps−0.027%7-day average +0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$250.251% of the position

Long on Polymarket Perps Short on Deribit

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

Funding pays, the price is against you. Deribit is 0.072% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.027% now, against its 7-day average of +0.045%). If the spread goes back, that is −$7 on $10k: about 15 hours of funding at the current rate (+$12 a day). 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.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	93.417	0.0100	pay 0.0013% / 1h	46m 37s	$467K	$2.5M	20x
Short	Deribit HYPE_USDC-PERPETUAL	93.392	0.0489	get 0.0061% / 1h	46m 37s	$7.5M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.027%Rate

Funding earned: $81.69
Price spread: −0.027% → +0.045%: −$7.19
Slippage, 4 orders: −$10.09
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $49.4
Costs to cover: 0.251%
Break-even: 2.8 days

Slippage from Polymarket Perps: live order book, 2 min ago; Deribit: live order book, 2 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, 2 min ago	1.13 bp	5.3 bp −$5	6.2 bp −$62	11.8 bp −$1,179	doesn't fit
Sell Deribit live order book, 2 min ago	2.09 bp	7.6 bp −$8	13.4 bp −$134	doesn't fit	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	−0.1064%	1h	93.383	−0.036%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.182	−0.252%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0184%	1h	93.371	−0.049%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0125%	1h	93.296	−0.130%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	93.240	−0.189%	$698K	$977K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.377	−0.043%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	93.364	−0.057%	$44.2M	$53.9M	75x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.404	−0.014%	$85K	$361K	20x	as long as short
Phemex HYPEUSDT	−0.0064%	8h	93.331	−0.092%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.304	−0.121%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0026%	4h	93.347	−0.075%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.318	−0.107%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.426	+0.010%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.382	−0.038%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.297	−0.128%	—	$54.3M	—	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.277	−0.150%	$319.2M	$283.1M	75x	as long as short
Bullet HYPE-USD	+0.0029%	1h	93.346	−0.076%	$111K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0033%	1h	93.337	−0.086%	$79K	$174K	20x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	93.305	−0.120%	$88.2M	$82.4M	100x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.316	−0.109%	$380.4M	$904.9M	75x	as long as short
Derive HYPE-PERP	+0.0058%	1h	93.301	−0.125%	$16.2M	$7.6M	10x	as long as short
Phoenix HYPE	+0.0060%	1h	93.190	−0.243%	$212K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.437	+0.021%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.282	−0.145%	$115.0M	$315.3M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.345	−0.077%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.341	−0.081%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.356	−0.065%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.407	−0.011%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.397	−0.021%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.420	+0.003%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.334	−0.088%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.441	+0.026%	$2.04B	$675.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.345	−0.077%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	−0.014%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.365	−0.056%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.300	−0.125%	$225.8M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.146%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.420	+0.003%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.460	+0.046%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.508	+0.097%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.437	+0.021%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.417	long leg	$467K	$2.5M	20x
SunX HYPE-USDT	+0.0100%	4h	93.416	−0.001%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.304	−0.121%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.257	−0.171%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.380	−0.040%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.250	−0.179%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	−0.011%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.367	−0.054%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.357	−0.064%	$79K	$142K	15x	as long as short
HTX HYPE-USDT	+0.0259%	4h	93.490	+0.078%	$1.4M	$6.1M	75x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	93.441	+0.026%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.379	−0.041%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0489%	1h	93.392	−0.027%	$7.5M	$4.5M	50x
Kraken Futures PF_HYPEUSD	+0.0683%	1h	93.374	−0.046%	$20.8M	$30.0M	50x	as long as short