HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0066%/8h= −7.2% APRnext payment −$0.08 per $10,000 · paid last 24h +0.020%

Price spread now: Phoenix against Polymarket Perps−0.225%59s7-day average +0.151% · you buy dearer than you sell

Net, funding: paid 7d − costs+$11as 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−$210.208% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.316%+$32 on $10k

Price spread, last 7 days+0.307%+$31 · spread now −0.225%, 7d avg +0.151%

Together, before fees+0.623%+$62 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.376% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$38 if the spread goes back to its 7-day average of +0.151%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.316%, so the current rate has only just turned against you. The two prices were read 59 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	93.240	0.0100	pay 0.0013% / 1h	19m 49s	$493K	$2.5M	20x
Short	Phoenix HYPE	93.030	0.0034	get 0.0004% / 1h	19m 49s	$214K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.225%Rate

Funding earned: −$13.8
Price spread: −0.225% → +0.151%: −$37.61
Slippage, 4 orders: −$5.81
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$72.22
Costs to cover: 0.208%
Break-even: never at this rate

Slippage from Polymarket Perps: live order book, 4 min ago; Phoenix: 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, 4 min ago	0.64 bp	4.6 bp −$5	5.8 bp −$58	10.9 bp −$1,094	doesn't fit
Sell Phoenix live order book, 3 min ago	0.97 bp	5.4 bp −$5	9.6 bp −$96	119.3 bp −$11.9K	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
Aftermath Perps HYPEUSD	−0.0428%	1h	93.121	−0.128%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0336%	1h	93.216	−0.026%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.167	−0.078%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0127%	1h	93.140	−0.107%	$699K	$928K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	−0.004%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.227	−0.014%	$90K	$361K	20x	as long as short
Popdex HYPEUSDT	−0.0008%	1h	93.209	−0.033%	$58K	$1.2M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.276	+0.039%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.248	+0.009%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	0.0000%	4h	93.215	−0.027%	$8.9M	$35.9M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.231	−0.009%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	93.180	−0.064%	$323.0M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0022%	4h	93.212	−0.030%	$172K	$518K	20x	as long as short
Derive HYPE-PERP	+0.0029%	1h	93.144	−0.103%	$16.3M	$7.1M	10x	as long as short
Phoenix HYPEshort	+0.0034%	1h	93.030	−0.225%	$214K	$1.2M	10x
Bullet HYPE-USD	+0.0052%	1h	93.186	−0.058%	$112K	$580K	20x	as long as short
Gate HYPE_USDT	+0.0054%	4h	93.192	−0.051%	$43.9M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.194	−0.049%	$90.3M	$82.2M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.182	−0.063%	$381.6M	$895.6M	75x	as long as short
edgeX HYPEUSDC	+0.0074%	4h	92.953	−0.308%	$5.0M	$29.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.248	+0.008%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.228	−0.013%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.187	−0.057%	$396K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.246	+0.006%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	−0.032%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.221	−0.021%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.231	−0.010%	$2.03B	$669.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.261	+0.023%	$10.0M	$14.3M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.207	−0.035%	$113.8M	$314.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.008%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.210	−0.032%	$47.0M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.203	−0.040%	$225.9M	$103.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.189	−0.055%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.203	−0.040%	$7.8M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.153	−0.093%	$29.0M	$50.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.008	−0.249%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.016	−0.240%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.100	−0.150%	$673K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.241	+0.001%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USDlong	+0.0100%	1h	93.240	long leg	$493K	$2.5M	20x
Bluefin HYPE-PERP	+0.0100%	1h	93.182	−0.062%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.238	−0.002%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.175	−0.070%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.170	−0.075%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.183	−0.061%	$18.2M	$42.0M	50x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.301	+0.065%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.220	−0.021%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.320	+0.086%	$30K	$338K	12x	as long as short
HTX HYPE-USDT	+0.0239%	4h	93.374	+0.144%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.194	−0.050%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0257%	4h	93.255	+0.016%	$16.9M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.291	+0.055%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0158%	1h	93.226	−0.015%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0340%	1h	93.287	+0.050%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0466%	1h	93.289	+0.053%	$20.9M	$29.0M	50x	as long as short