HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0036%/8h= −3.9% APRnext payment −$0.04 per $10,000 · paid last 24h +0.018%

Price spread now: Phoenix against Aevo+0.007%66s7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as 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−$430.430% of the position

Long on Aevo Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.255%+$26 on $10k

Price spread, last 3 days (all we have)+0.424%+$42 · spread now +0.007%, 7d avg +0.078%

Together, before fees+0.680%+$68 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.071% cheaper against Aevo than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.078%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.255%, so the current rate has only just turned against you. The two prices were read 66 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	Aevo HYPE-PERP	93.361	0.0104	pay 0.0013% / 1h	49m 47s	$397K	$318K	20x
Short	Phoenix HYPE	93.368	0.0068	get 0.0009% / 1h	49m 47s	$215K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Aevo. 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 AevobpFee PhoenixbpOrdersPrice spread, now +0.007%Rate

Funding earned: −$7.46
Price spread: +0.007% → +0.078%: −$7.11
Slippage, 4 orders: −$19.97
Fee Aevo: 8 bp × 2 orders: −$16
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$57.54
Costs to cover: 0.430%
Break-even: never at this rate

Slippage from Aevo: live order book, 39 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 Aevo live order book, 39 min ago	6.65 bp	16.8 bp −$17	18.3 bp −$183	20.3 bp −$2,031	doesn't fit
Sell Phoenix live order book, 3 min ago	1.18 bp	5.6 bp −$6	10.0 bp −$100	126.7 bp −$12.7K	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
Hibachi HYPE/USDT-P	−0.1280%	1h	93.248	−0.121%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0188%	1h	93.210	−0.162%	$700K	$949K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0136%	1h	93.337	−0.026%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	93.395	+0.036%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.301	−0.065%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0034%	1h	93.332	−0.032%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.407	+0.049%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.446	+0.091%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.373	+0.012%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.398	+0.039%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0006%	4h	93.394	+0.035%	$8.9M	$36.3M	300x	as long as short
Gate HYPE_USDT	+0.0008%	4h	93.439	+0.083%	$44.2M	$56.2M	75x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.309	−0.056%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.423	+0.066%	$325.7M	$288.3M	75x	as long as short
Phoenix HYPEshort	+0.0068%	1h	93.368	+0.007%	$215K	$1.2M	10x
Orderly PERP_HYPE_USDC	+0.0076%	4h	93.370	+0.009%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.405	+0.047%	$18.5M	$59.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.375	+0.015%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.388	+0.028%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.370	+0.009%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.394	+0.034%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.497	+0.145%	$2.04B	$668.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.379	+0.019%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.443	+0.087%	$386.4M	$890.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.439	+0.083%	$114.8M	$316.6M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.329	−0.035%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.028%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.415	+0.057%	$92.4M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.410	+0.052%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.458	+0.103%	$227.0M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.417	+0.060%	—	$54.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.384	+0.024%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.295	−0.071%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	+0.023%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.287	−0.080%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.344	−0.019%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.401	+0.042%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.392	+0.033%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.366	+0.005%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.389	+0.030%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.342	−0.021%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.346	−0.017%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.377	+0.017%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.415	+0.058%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERPlong	+0.0104%	1h	93.361	long leg	$397K	$318K	20x
edgeX HYPEUSDC	+0.0113%	4h	93.276	−0.091%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.420	+0.063%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.358	−0.003%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.230	−0.141%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0285%	1h	93.449	+0.094%	$7.4M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.390	+0.030%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.295	−0.071%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0403%	4h	93.550	+0.202%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.424	+0.067%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.446	+0.091%	$19.2M	$25.8M	50x	as long as short