Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0115%/8h= −12.6% APRpaid last 24h −0.006%

Price spread now: Phemex against Polymarket Perps−0.252%46s7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as 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−$550.549% of the position

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 3 days (all we have)+0.216%+$22 · spread now −0.252%, 7d avg +0.011%

Together, before fees+0.260%+$26 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 Phemex is 0.263% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of +0.011%). Swap the legs. The two prices were read 46 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	Polymarket Perps HYPE-USD	93.248	0.0100	pay 0.0013% / 1h	56m 26s	$474K	$2.4M	20x
Short	Phemex HYPEUSDT	93.013	−0.0015	pay 0.0015% / 8h	5h 56m	$12.6M	$2.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.252%Rate

Funding earned: −$24.11
Price spread: −0.252% → +0.011%: −$26.32
Slippage, 4 orders: −$34.87
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$105.29
Costs to cover: 0.549%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 2 min ago; Phemex: 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, 2 min ago	1.07 bp	5.1 bp −$5	5.6 bp −$56	11.1 bp −$1,108	doesn't fit
Sell Phemex live order book, 3 min ago	6.83 bp	17.0 bp −$17	33.3 bp −$333	doesn't fit	doesn't fit

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
Hibachi HYPE/USDT-P	−0.1136%	1h	93.001	−0.264%	$195K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.118	−0.139%	$1.2M	$3.8M	10x	as long as short
Bluefin HYPE-PERP	−0.0443%	1h	92.909	−0.364%	$79K	$170K	20x	as long as short
Bullet HYPE-USD	−0.0107%	1h	93.171	−0.083%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.260	+0.013%	$85K	$346K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.220	−0.030%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0051%	4h	92.922	−0.350%	$155K	$639K	20x	as long as short
Phemex HYPEUSDTshort	−0.0015%	8h	93.013	−0.252%	$12.6M	$2.7M	50x
Aster HYPEUSDT	−0.0012%	4h	93.123	−0.134%	$8.8M	$35.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.190	−0.063%	$128K	$31K	5x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.224	−0.026%	$22K	$321K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.174	−0.080%	$25K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0006%	1h	92.990	−0.277%	$696K	$905K	10x	as long as short
BingX HYPE-USDT	+0.0008%	4h	93.249	+0.001%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0015%	8h	93.240	−0.009%	$320.0M	$275.2M	75x	as long as short
Aftermath Perps HYPEUSD	+0.0017%	1h	93.247	−0.001%	$22K	$21K	10x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.212	−0.039%	$44.4M	$54.1M	75x	as long as short
Phoenix HYPE	+0.0060%	1h	93.056	−0.206%	$210K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	93.232	−0.017%	$87.8M	$79.8M	100x	as long as short
Binance HYPEUSDT	+0.0077%	4h	93.241	−0.008%	$379.1M	$873.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	93.246	−0.002%	$114.5M	$300.7M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.256	+0.008%	$5.0M	$30.1M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.223	−0.027%	$16.3M	$61.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.187	−0.065%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.242	−0.006%	$68K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.301	+0.057%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.240	−0.009%	$12K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.180	−0.073%	$5.7M	$43.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.294	+0.049%	$2.04B	$659.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.206	−0.045%	$10.0M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	+0.093%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.272	+0.026%	$46.0M	$18.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.221	−0.029%	$225.6M	$96.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.982	−0.285%	$7.3M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.219	−0.031%	$31.1M	$54.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.215	−0.035%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.222	−0.028%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.114	−0.144%	$664K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.229	−0.021%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.248	long leg	$474K	$2.4M	20x
Derive HYPE-PERP	+0.0100%	1h	92.929	−0.342%	$16.1M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.050	−0.212%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.956	−0.313%	$2.0M	$1.9M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.221	−0.029%	$18.3M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.939	−0.331%	$395K	$170K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.070	−0.191%	$4.9M	$5.4M	50x	as long as short
HTX HYPE-USDT	+0.0210%	4h	93.150	−0.105%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0256%	1h	93.204	−0.047%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0276%	8h	93.031	−0.233%	$1.9M	$4.8M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	92.978	−0.289%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0352%	1h	93.043	−0.220%	$7.4M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.352	+0.112%	$3.2M	$6.7M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	92.900	−0.373%	$30K	$338K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0688%	1h	93.030	−0.234%	$20.7M	$29.9M	50x	as long as short