Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0122%/8h= +13.3% APRpaid last 24h −0.047%

Price spread now: Orderly against Polymarket Perps−0.086%7-day average −0.009% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Orderly

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)−0.136%−$14 · spread now −0.086%, 7d avg −0.009%

Together, before fees−0.261%−$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. Orderly is 0.077% cheaper against Polymarket Perps than usual: you would sell low and buy high (spread −0.086% now, against its 7-day average of −0.009%). If the spread goes back, that is −$8 on $10k: about 2.1 days of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −0.125%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps HYPE-USD	94.911	−0.0131	get 0.0016% / 1h	54m 34s	$499K	$2.6M	20x
Short	Orderly PERP_HYPE_USDC	94.829	−0.0009	pay 0.0004% / 4h	2h 54m	$148K	$665K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.086%Rate

Funding earned: $25.56
Price spread: −0.086% → −0.009%: −$7.74
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Orderly: 3 bp × 2 orders: −$6
Net: $3.81
Costs to cover: 0.140%
Break-even: 6.0 days

Slippage unknown: Polymarket Perps: live order book, 4 min ago; Orderly: no order-book sample. 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 Polymarket Perps live order book, 4 min ago	2.42 bp	8.4 bp −$8	10.8 bp −$108	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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 54 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
Bluefin HYPE-PERP	−0.1149%	1h	94.813	−0.103%	$78K	$147K	20x	as long as short
Hibachi HYPE/USDT-P	−0.1112%	1h	94.880	−0.033%	$211K	$265K	7x	as long as short
Bullet HYPE-USD	−0.0525%	1h	94.843	−0.072%	$113K	$580K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0377%	1h	94.828	−0.087%	$18.8M	$35.8M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0365%	1h	94.650	−0.275%	$694K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0248%	1h	94.739	−0.181%	$90K	$353K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0189%	1h	95.095	+0.194%	$22K	$19K	10x	as long as short
Arcus HYPE-USD	−0.0159%	1h	94.711	−0.211%	$1.0M	$3.0M	10x	as long as short
Polymarket Perps HYPE-USDlong	−0.0131%	1h	94.911	long leg	$499K	$2.6M	20x
Phemex HYPEUSDT	−0.0115%	8h	94.853	−0.061%	$12.9M	$2.8M	50x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0096%	4h	94.735	−0.185%	$53.3M	$54.0M	75x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.768	−0.151%	$3K	$331	25x	as long as short
Vest HYPE-PERP	−0.0056%	1h	94.952	+0.043%	—	$88K	5x	as long as short
SoDEX HYPE-USD	−0.0031%	1h	94.815	−0.101%	$2.1M	$1.3M	10x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0024%	1h	94.850	−0.064%	$4.7M	$5.7M	50x	as long as short
Bybit HYPEUSDT	−0.0010%	8h	94.750	−0.170%	$318.9M	$280.3M	75x	as long as short
Orderly PERP_HYPE_USDCshort	−0.0009%	4h	94.829	−0.086%	$148K	$665K	20x
BingX HYPE-USDT	−0.0008%	4h	94.753	−0.166%	—	$50.5M	—	as long as short
dYdX HYPE-USD	0.0000%	1h	94.734	−0.186%	$130K	$93K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.919	+0.008%	$1.8M	$5.2M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.870	−0.043%	$19K	$271K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.100	+0.199%	$86K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	95.043	+0.139%	$203K	$1.0M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0024%	8h	94.745	−0.175%	$118.3M	$317.8M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0034%	8h	94.774	−0.145%	$339K	$38K	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0035%	1h	94.919	+0.008%	$7.5M	$4.3M	50x	as long as short
Bitget HYPEUSDT	+0.0050%	4h	94.759	−0.160%	$227.9M	$92.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0052%	1h	94.727	−0.194%	$7.3M	$10.3M	20x	as long as short
Aster HYPEUSDT	+0.0057%	4h	94.720	−0.201%	$9.0M	$36.2M	300x	as long as short
Lighter RH HYPE	+0.0072%	1h	94.726	−0.195%	$3.2M	$9.9M	20x	as long as short
Lighter HYPE	+0.0080%	1h	94.708	−0.214%	$16.2M	$60.4M	20x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	94.942	+0.032%	$5.0M	$30.9M	30x	as long as short
Bulk HYPE-USD	+0.0094%	1h	94.986	+0.080%	$221K	$14K	10x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.755	−0.164%	$267K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.760	−0.159%	$41K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.873	−0.041%	$7.3M	$55.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.950	+0.041%	$2.10B	$672.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.765	−0.154%	$10.2M	$14.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.731	−0.190%	$380.7M	$904.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.718	−0.203%	$87.5M	$85.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.705	−0.217%	$47.3M	$18.2M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.956	+0.048%	$29.9M	$55.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.006	+0.100%	$7.7M	$43.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.921	+0.011%	$348K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.007	+0.101%	$691K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.762	−0.157%	$32K	$1.5M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.981	+0.074%	$1.4M	$6.7M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.708	−0.214%	$18.3M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.020	+0.115%	$402K	$136K	20x	as long as short
RISEx HYPE/USDC	+0.0166%	1h	94.777	−0.141%	$3.2M	$6.2M	20x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.849	−0.065%	$86K	$93K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	94.919	+0.008%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.754	−0.165%	$17.2M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0850%	1h	95.480	+0.600%	$31K	$335K	12x	as long as short