HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0032%/8h= −3.5% APRnext payment −$0.04 per $10,000 · paid last 24h +0.014%

Price spread now: Phoenix against Bluefin+0.031%67s7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as 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−$510.507% of the position

Long on Bluefin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.377%+$38 on $10k

Price spread, last 3 days (all we have)+0.153%+$15 · spread now +0.031%, 7d avg +0.086%

Together, before fees+0.530%+$53 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 0.055% cheaper against Bluefin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.086%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.377%, so the current rate has only just turned against you. The two prices were read 67 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	Bluefin HYPE-PERP	93.520	0.0100	pay 0.0013% / 1h	30m 20s	$76K	$167K	20x
Short	Phoenix HYPE	93.549	0.0068	get 0.0009% / 1h	30m 20s	$216K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bluefin. 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 BluefinbpFee PhoenixbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$6.62
Price spread: +0.031% → +0.086%: −$5.51
Slippage, 4 orders: −$36.67
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$62.8
Costs to cover: 0.507%
Break-even: never at this rate

Slippage from Bluefin: live order book, 58 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 Bluefin live order book, 58 min ago	5.45 bp	17.5 bp −$18	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 3 min ago	1.50 bp	6.3 bp −$6	10.0 bp −$100	152.6 bp −$15.3K	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	−0.1064%	1h	93.496	−0.026%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0275%	1h	93.536	+0.017%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0242%	1h	93.480	−0.043%	$701K	$941K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.559	+0.042%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.583	+0.067%	$89K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0028%	1h	93.511	−0.010%	$112K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.563	+0.046%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.566	+0.050%	$23K	$337K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	93.475	−0.048%	$16.4M	$7.1M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.551	+0.033%	$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	+0.0020%	4h	93.563	+0.046%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0028%	4h	93.513	−0.007%	$44.1M	$56.6M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.502	−0.019%	$325.7M	$287.1M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0068%	4h	93.527	+0.007%	$175K	$536K	20x	as long as short
Phoenix HYPEshort	+0.0068%	1h	93.549	+0.031%	$216K	$1.2M	10x
Popdex HYPEUSDT	+0.0072%	1h	93.547	+0.029%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.558	+0.041%	$18.5M	$59.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.540	+0.021%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.581	+0.065%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.053%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.546	+0.028%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.650	+0.139%	$2.04B	$669.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.575	+0.059%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.509	−0.011%	$385.8M	$887.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.501	−0.020%	$114.9M	$315.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.538	+0.019%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.540	+0.021%	$93.6M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.573	+0.057%	$46.4M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.529	+0.010%	$227.2M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.510	−0.011%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.587	+0.072%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	+0.022%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.500	−0.021%	$7.5M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.572	+0.056%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.599	+0.084%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.600	+0.086%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.594	+0.079%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	93.520	long leg	$76K	$167K	20x
SunX HYPE-USDT	+0.0100%	4h	93.599	+0.084%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.505	−0.016%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.546	+0.028%	$12.7M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	+0.039%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.494	−0.028%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.550	+0.032%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0115%	4h	93.532	+0.012%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	93.629	+0.117%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0145%	1h	93.615	+0.102%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.600	+0.086%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.547	+0.029%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.490	−0.032%	$30K	$231K	12x	as long as short
HTX HYPE-USDT	+0.0333%	4h	93.724	+0.218%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.563	+0.046%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.545	+0.027%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.615	+0.101%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.608	+0.094%	$19.2M	$26.0M	50x	as long as short