Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.032%

Price spread now: Polymarket Perps against Hyperliquid−0.040%7-day average −0.089% · you buy dearer than you sell

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

Long on Hyperliquid Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.296%−$30 on $10k

Price spread, last 7 days+0.013%+$1 · spread now −0.040%, 7d avg −0.089%

Together, before fees−0.283%+ Points / potential airdropHyperliquid: Season 2 · farm board−$28 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Polymarket Perps is 0.049% dearer against Hyperliquid than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of −0.089%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid VIRTUAL	0.7184	0.0100	pay 0.0013% / 1h	12m 50s	$8.8M	$4.2M	5x
Short	Polymarket Perps VIRTUAL-USD	0.7181	0.0100	get 0.0013% / 1h	12m 50s	$53K	$1.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps against Hyperliquid. 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 HyperliquidbpFee Polymarket PerpsbpOrdersPrice spread, now −0.040%Rate

Funding earned: $0
Price spread: −0.040% → −0.089%: $4.86
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$12.14
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 10 min ago; Polymarket Perps: live order book, just now. 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 Hyperliquid live order book, 10 min ago	0.35 bp	7.2 bp −$7	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, just now	1.32 bp	7.2 bp −$7	9.1 bp −$91	doesn't fit	doesn't fit

VIRTUAL on 33 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
Lighter VIRTUAL	−0.0216%	1h	0.7167	−0.235%	$326K	$406K	5x	as long as short
01 Exchange VIRTUALUSD	−0.0152%	1h	0.7175	−0.131%	$2K	$106	10x	as long as short
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7178	−0.091%	$24	—	10x	as long as short
SoDEX VIRTUAL-USD	−0.0029%	1h	0.7176	−0.118%	$1K	$9K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	−0.0028%	1h	0.7179	−0.075%	$15K	$40K	10x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7186	+0.017%	$11K	$37K	5x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7183	−0.026%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.938%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0084%	4h	0.7178	−0.089%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUALlong	+0.0100%	1h	0.7184	long leg	$8.8M	$4.2M	5x

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster VIRTUALUSDT	+0.0100%	4h	0.7174	−0.138%	$94K	$299K	20x	as long as short
Pacifica VIRTUAL	+0.0100%	1h	0.7176	−0.122%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7172	−0.179%	$16.2M	$41.1M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7171	−0.187%	$16.6M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7173	−0.159%	$2.9M	$9.9M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7178	−0.089%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7174	−0.145%	$16.2M	$4.8M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7178	−0.089%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7177	−0.103%	$6.2M	$5.9M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7174	−0.145%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7182	−0.033%	$238K	$214K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7178	−0.086%	$537K	$909K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7180	−0.057%	$19K	$262K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7179	−0.081%	$638K	$974K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7194	+0.134%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USDshort	+0.0100%	1h	0.7181	−0.040%	$53K	$1.1M	5x
SunX VIRTUAL-USDT	+0.0100%	4h	0.7176	−0.117%	$2K	$1.3M	20x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7170	−0.195%	$55K	$237K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7176	−0.120%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7184	−0.011%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDT	+0.0340%	4h	0.7173	−0.159%	$797K	$951K	75x	as long as short
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7200	+0.217%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0487%	1h	0.7186	+0.025%	$589K	$669K	50x	as long as short