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Funding arb · Price arb /

HYPE

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 02:00 UTC+0.0395%/8h= +43.3% APRnext payment +$0.49 per $10,000 · paid last 24h +0.011%
Price spread now: Deribit against Bluefin+0.117%7-day average +0.049% · you sell dearer than you buy
Net, funding: paid 7d − costs−$40as in the Funding arb table
Net, price: spread back to 7d avg − costs−$41as in the Price arb table
costs, in and out, $10k−$470.474% of the position
Long on BluefinShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 7 days+0.079%+$8 on $10k
Price spread, last 3 days (all we have)−0.076%−$8 · spread now +0.117%, 7d avg +0.049%
Together, before fees+0.002%$0 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Deribit is 0.068% dearer against Bluefin than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.049%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.079% in total (about 4.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.49 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBluefin HYPE-PERP93.8980.0100pay 0.0013% / 1h24m 59s$80K$172K20x
ShortDeribit HYPE_USDC-PERPETUAL94.0080.0495get 0.0062% / 1h24m 59s$7.5M$4.5M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against Bluefin. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$82.95
Price spread: +0.117% → +0.049%
$6.77
Slippage, 4 orders
−$33.42
Fee Bluefin: 3.5 bp × 2 orders
−$7
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$42.3
Costs to cover
0.474%
Break-even
3.4 days
Slippage from Bluefin: live order book, 44 min ago; Deribit: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Bluefin live order book, 44 min ago5.49 bp17.2 bp −$17doesn't fitdoesn't fitdoesn't fit
Sell Deribit live order book, 4 min ago3.19 bp8.5 bp −$812.8 bp −$128doesn't fitdoesn't fit

HYPE on 54 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−0.0968%1h93.788−0.117%$197K$229K7xas long as short
Arcus HYPE-USD−0.0786%1h93.740−0.168%$1.2M$3.8M10xas long as short
Aftermath Perps HYPEUSD−0.0135%1h93.774−0.132%$22K$21K10xas long as short
Phemex HYPEUSDT−0.0129%8h93.855−0.046%$12.7M$2.7M50xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.874−0.026%$3K$33125xas long as short
Ondo Perps HYPE-USD.P−0.0077%1h93.860−0.040%$703K$929K10xas long as short
Orderly PERP_HYPE_USDC−0.0057%4h93.891−0.007%$157K$646K20xas long as short
01 Exchange HYPEUSD−0.0048%1h93.884−0.015%$85K$350K20xas long as short
Backpack HYPE_USDC_PERP−0.0041%1h93.842−0.060%$7.8M$10.3M20xas long as short
Gate HYPE_USDT−0.0028%4h93.883−0.016%$44.4M$55.0M75xas long as short
Show all 54 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
BingX HYPE-USDT−0.0002%4h93.851−0.050%—$53.7M—as long as short
Aster HYPEUSDT−0.0001%4h93.878−0.021%$8.9M$35.9M300xas long as short
dYdX HYPE-USD0.0000%1h93.860−0.041%$129K$31K5xas long as short
Perpl HYPE0.0000%43m93.907+0.009%$22K$326K10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0003%1h93.927+0.030%$26K—150xas long as short
Bybit HYPEUSDT+0.0005%8h93.840−0.062%$322.3M$281.2M75xas long as short
Phoenix HYPE+0.0060%1h93.904+0.006%$213K$1.2M10xas long as short
MEXC HYPE_USDT+0.0066%4h93.858−0.043%$87.8M$82.9M100xas long as short
Binance HYPEUSDT+0.0068%4h93.861−0.039%$382.0M$893.1M75xas long as short
OKX HYPE-USDT-SWAP+0.0069%8h93.839−0.063%$115.4M$308.7M50xas long as short
Bullet HYPE-USD+0.0074%1h93.914+0.017%$112K$578K20xas long as short
edgeX HYPEUSDC+0.0079%4h93.907+0.009%$5.1M$29.9M30xas long as short
Paradex HYPE-USD-PERP+0.0095%8h93.905+0.007%$341K$164K20xas long as short
Lighter HYPE+0.0096%1h93.933+0.037%$16.4M$62.5M20xas long as short
Lighter RH HYPE+0.0096%1h93.928+0.032%$3.1M$11.9M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.866−0.034%$67K$1.2M50xas long as short
Aevo HYPE-PERP+0.0096%1h93.922+0.026%$400K$177K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.860−0.040%$21K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.820−0.083%$5.7M$45.1M10xas long as short
Hyperliquid HYPE+0.0100%1h93.975+0.082%$2.05B$672.8M10xas long as short
Pacifica HYPE+0.0100%1h93.889−0.010%$10.1M$14.7M20xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.889−0.010%$46.5M$18.1M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.850−0.051%$227.4M$98.6M75xas long as short
Variational Omni HYPE+0.0100%8h93.910+0.012%$31.1M$54.7M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.889−0.010%$7.6M$47.5M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.834−0.068%$339K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.920+0.023%$670K$2.6M20xas long as short
Vest HYPE-PERP+0.0100%1h93.922+0.026%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.921+0.024%$474K$2.4M20xas long as short
Bluefin HYPE-PERPlong+0.0100%1h93.898long leg$80K$172K20x
Derive HYPE-PERP+0.0100%1h93.891−0.008%$16.3M$7.7M10xas long as short
SunX HYPE-USDT+0.0100%4h93.949+0.054%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.904+0.006%$2.0M$1.9M10xas long as short
Bulk HYPE-USD+0.0100%1h93.880−0.019%$204K$10K10xas long as short
Extended HYPE-USD+0.0104%1h93.836−0.066%$18.3M$44.3M50xas long as short
Coinbase International HYPE-PERP-INTX+0.0136%1h93.960+0.066%$4.9M$5.5M50xas long as short
Injective HYPE/USDC PERP+0.0137%1h93.760−0.147%$30K$339K12xas long as short
RISEx HYPE/USDC+0.0210%1h93.936+0.041%$3.2M$7.0M20xas long as short
HTX HYPE-USDT+0.0212%4h94.019+0.129%$1.4M$5.9M75xas long as short
Reya HYPERUSDPERP+0.0255%1h93.886−0.013%$80K$140K15xas long as short
Kalshi KXHYPEPERP+0.0274%8h93.918+0.021%$1.9M$4.9M2.3xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0332% / S −0.0156%1h93.922+0.026%$1.4M—100xas long as short
Deribit HYPE_USDC-PERPETUALshort+0.0495%1h94.008+0.117%$7.5M$4.5M50x
Kraken Futures PF_HYPEUSD+0.0678%1h94.001+0.110%$21.0M$29.8M50xas long as short