Settings8H · net · $10k
Funding arb · Price arb /

HYPE

all HYPE markets
SwapBacktest
Alert: funding
Alert: spread
Funding you earn now, next payment 01:00 UTC−0.0108%/8h= −11.9% APRpaid last 24h −0.041%
Price spread now: Orderly against Polymarket Perps−0.046%7-day average −0.003% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
What this pair did over the last
the charts below follow
Funding, last 7 days−0.134%−$13 on $10k
Price spread, last 3 days (all we have)+0.028%+$3 · spread now −0.046%, 7d avg −0.003%
Together, before fees−0.106%−$11 on $10k · with fees, hour by hour
Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Orderly is 0.043% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.003%). Swap the legs.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPolymarket Perps HYPE-USD93.8720.0100pay 0.0013% / 1h55m 40s$471K$2.5M20x
ShortOrderly PERP_HYPE_USDC93.829−0.0008pay 0.0004% / 4h3h 55m$169K$594K20x

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

Funding earned
−$22.73
Price spread: −0.046% → −0.003%
−$4.28
Slippage, 4 orders
no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders
−$8
Fee Orderly: 3 bp × 2 orders
−$6
Net
−$41.01
Costs to cover
0.140%
Break-even
never at this rate
Slippage unknown: Polymarket Perps: live order book, 3 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
LegHalf-spread$10k$100k$1M$5M
Buy Polymarket Perps live order book, 3 min ago0.05 bp4.4 bp −$45.1 bp −$5110.5 bp −$1,048doesn'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 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1432%1h93.897+0.026%$199K$228K7xas long as short
Arcus HYPE-USD−0.0625%1h93.706−0.177%$1.2M$3.8M10xas long as short
Aftermath Perps HYPEUSD−0.0322%1h93.973+0.108%$22K$22K10xas long as short
dYdX HYPE-USD−0.0179%1h93.914+0.045%$128K$30K5xas long as short
Ondo Perps HYPE-USD.P−0.0125%1h93.770−0.109%$705K$925K10xas long as short
Bybit HYPEUSDT−0.0123%8h93.790−0.087%$322.7M$283.5M75xas long as short
01 Exchange HYPEUSD−0.0120%1h93.843−0.031%$86K$365K20xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.868−0.004%$3K$33125xas long as short
Bullet HYPE-USD−0.0075%1h93.825−0.050%$112K$579K20xas long as short
Gate HYPE_USDT−0.0062%4h93.830−0.045%$44.6M$58.8M75xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Derive HYPE-PERP−0.0013%1h93.778−0.100%$16.4M$7.2M10xas long as short
Orderly PERP_HYPE_USDCshort−0.0008%4h93.829−0.046%$169K$594K20x
Perpl HYPE0.0000%43m93.879+0.007%$23K$329K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.860−0.013%$27K150xas long as short
Phoenix HYPE+0.0009%1h94.114+0.258%$218K$1.2M10xas long as short
Aster HYPEUSDT+0.0011%4h93.813−0.063%$8.9M$36.1M300xas long as short
Binance HYPEUSDT+0.0039%4h93.836−0.038%$383.3M$898.1M75xas long as short
Popdex HYPEUSDT+0.0040%1h93.835−0.039%$60K$1.2M50xas long as short
MEXC HYPE_USDT+0.0042%4h93.830−0.045%$88.0M$81.8M100xas long as short
edgeX HYPEUSDC+0.0054%4h93.988+0.123%$5.1M$29.7M30xas long as short
OKX HYPE-USDT-SWAP+0.0086%8h93.805−0.071%$115.8M$321.5M50xas long as short
Lighter HYPE+0.0096%1h93.868−0.005%$18.8M$58.2M20xas long as short
Lighter RH HYPE+0.0096%1h93.851−0.022%$3.1M$12.0M20xas long as short
Aevo HYPE-PERP+0.0096%1h93.904+0.034%$399K$268K20xas long as short
Paradex HYPE-USD-PERP+0.0099%8h93.860−0.013%$341K$171K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.860−0.013%$42K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.835−0.039%$6.6M$44.9M10xas long as short
Hyperliquid HYPE+0.0100%1h93.930+0.062%$2.04B$680.9M10xas long as short
Pacifica HYPE+0.0100%1h93.843−0.031%$10.1M$14.6M20xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.830−0.045%$46.5M$18.5M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.802−0.075%$227.2M$101.9M75xas long as short
BingX HYPE-USDT+0.0100%4h93.822−0.053%$54.0Mas long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.879+0.007%$7.7M$10.5M20xas long as short
Variational Omni HYPE+0.0100%8h93.832−0.042%$31.2M$54.3Mas long as short
GRVT HYPE_USDT_Perp+0.0100%4h94.052+0.191%$7.6M$45.4M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h94.033+0.172%$340K$1.1M50xas long as short
StandX HYPE-USD+0.0100%1h93.964+0.098%$679K$2.5M20xas long as short
Vest HYPE-PERP+0.0100%1h93.895+0.024%$454K5xas long as short
Polymarket Perps HYPE-USDlong+0.0100%1h93.872long leg$471K$2.5M20x
Bluefin HYPE-PERP+0.0100%1h93.828−0.047%$76K$171K20xas long as short
SunX HYPE-USDT+0.0100%4h93.903+0.033%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.850−0.023%$2.0M$2.0M10xas long as short
Phemex HYPEUSDT+0.0100%8h93.890+0.019%$12.8M$2.6M50xas long as short
Bulk HYPE-USD+0.0100%1h93.944+0.076%$205K$6K10xas long as short
Extended HYPE-USD+0.0104%1h93.842−0.032%$18.4M$42.6M50xas long as short
Coinbase International HYPE-PERP-INTX+0.0144%1h93.890+0.019%$4.9M$5.7M50xas long as short
Kalshi KXHYPEPERP+0.0163%8h93.929+0.061%$1.9M$5.1M2.3xas long as short
BloFin HYPE-USDT+0.0175%4h93.897+0.027%$17.0M$12.5M75xas long as short
Injective HYPE/USDC PERP+0.0205%1h94.150+0.296%$31K$338K12xas long as short
RISEx HYPE/USDC+0.0222%1h93.889+0.018%$2.8M$6.9M20xas long as short
Reya HYPERUSDPERP+0.0250%1h93.820−0.055%$78K$143K15xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0251%1h93.948+0.081%$7.5M$4.7M50xas long as short
HTX HYPE-USDT+0.0310%4h94.050+0.190%$1.5M$7.5M75xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0338% / S −0.0157%1h93.862−0.011%$1.4M100xas long as short
Kraken Futures PF_HYPEUSD+0.0672%1h93.955+0.088%$21.0M$29.5M50xas long as short