Funding you earn now, next payment 01:00 UTC+0.0372%/8h= +40.7% APRnext payment +$0.46 per $10,000 · paid last 24h +0.018%
Price spread now: Deribit against Bulk+0.410%7-day average +0.009% · you sell dearer than you buy
Net, funding: paid 7d − costs—under 7 days of funding history
Net, price: spread back to 7d avg − costs+$12as in the Price arb table
costs, in and out, $10k−$280.280% of the position
Funding, last 3 days (all we have)−0.012%−$1 on $10k
+Price spread, last 3 days (all we have)−0.332%−$33 · spread now +0.410%, 7d avg +0.009%
=Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Deribit is 0.401% dearer against Bulk than usual: you sell high and buy low: +$40 more if the spread goes back to its 7-day average of +0.009%.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.012% in total (about -1.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.46 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Bulk HYPE-USD | 93.816 | 0.0100 | pay 0.0013% / 1h | 42m 01s | $204K | $5K | 10x |
| Short | Deribit HYPE_USDC-PERPETUAL | 94.201 | 0.0472 | get 0.0059% / 1h | 42m 01s | $7.5M | $4.6M | 50x |
Bulk HYPE-USD
Deribit HYPE_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Bulk. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $78.12
- Price spread: +0.410% → +0.009%
- $40.12
- Slippage, 4 orders
- −$13.99
- Fee Bulk: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $90.25
- Costs to cover
- 0.280%
- Break-even
- from the start
Slippage from Bulk: live order book, 32 min ago; Deribit: live order book, 2 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 Bulk live order book, 32 min ago | 0.53 bp | 4.0 bp −$4 | 5.9 bp −$59 | 12.3 bp −$1,232 | 35.8 bp −$17.9K |
| Sell Deribit live order book, 2 min ago | 1.54 bp | 9.4 bp −$9 | 16.6 bp −$166 | doesn't fit | 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 | −0.1480% | 1h | 93.902 | +0.091% | $199K | $228K | 7x | as long as short |
| Arcus HYPE-USD | −0.0625% | 1h | 93.996 | +0.192% | $1.2M | $3.8M | 10x | as long as short |
| Aftermath Perps HYPEUSD | −0.0287% | 1h | 93.962 | +0.155% | $22K | $23K | 10x | as long as short |
| Phemex HYPEUSDT | −0.0254% | 8h | 94.095 | +0.297% | $12.8M | $2.6M | 50x | as long as short |
| Ondo Perps HYPE-USD.P | −0.0189% | 1h | 93.960 | +0.153% | $703K | $927K | 10x | as long as short |
| Bullet HYPE-USD | −0.0116% | 1h | 94.074 | +0.275% | $113K | $580K | 20x | as long as short |
| Gate HYPE_USDT | −0.0090% | 4h | 94.092 | +0.294% | $44.5M | $59.3M | 75x | as long as short |
| 01 Exchange HYPEUSD | −0.0088% | 1h | 94.125 | +0.329% | $85K | $361K | 20x | as long as short |
| Hotstuff HYPE-PERP | −0.0080% | 1h | 94.091 | +0.293% | $3K | $331 | 25x | as long as short |
| dYdX HYPE-USD | −0.0060% | 1h | 94.085 | +0.287% | $128K | $29K | 5x | as long as short |
Hibachi HYPE/USDT-P
Arcus HYPE-USD
Aftermath Perps HYPEUSD
Phemex HYPEUSDT
Ondo Perps HYPE-USD.P
Bullet HYPE-USD
Gate HYPE_USDT
01 Exchange HYPEUSD
Hotstuff HYPE-PERP
dYdX HYPE-USDShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Bybit HYPEUSDT | −0.0038% | 8h | 94.054 | +0.254% | $323.3M | $281.3M | 75x | as long as short |
| Orderly PERP_HYPE_USDC | −0.0011% | 4h | 94.098 | +0.300% | $170K | $593K | 20x | as long as short |
| Perpl HYPE | 0.0000% | 43m | 94.088 | +0.289% | $23K | $327K | 10x | as long as short |
| gTrade (Gains Network) HYPE/USD | L +0.0002% / S −0.0003% | 1h | 94.123 | +0.327% | $27K | — | 150x | as long as short |
| Aster HYPEUSDT | +0.0014% | 4h | 94.105 | +0.308% | $8.9M | $36.1M | 300x | as long as short |
| Derive HYPE-PERP | +0.0021% | 1h | 94.057 | +0.256% | $16.4M | $7.1M | 10x | as long as short |
| Phoenix HYPE | +0.0034% | 1h | 93.915 | +0.105% | $218K | $1.2M | 10x | as long as short |
| MEXC HYPE_USDT | +0.0040% | 4h | 94.103 | +0.306% | $89.0M | $82.2M | 100x | as long as short |
| Bluefin HYPE-PERP | +0.0042% | 1h | 94.121 | +0.325% | $76K | $171K | 20x | as long as short |
| Binance HYPEUSDT | +0.0043% | 4h | 94.103 | +0.305% | $384.0M | $894.4M | 75x | as long as short |
| edgeX HYPEUSDC | +0.0051% | 4h | 93.859 | +0.045% | $5.1M | $29.9M | 30x | as long as short |
| Popdex HYPEUSDT | +0.0080% | 1h | 94.104 | +0.307% | $63K | $1.2M | 50x | as long as short |
| OKX HYPE-USDT-SWAP | +0.0081% | 8h | 94.055 | +0.255% | $116.0M | $319.5M | 50x | as long as short |
| Aevo HYPE-PERP | +0.0088% | 1h | 94.115 | +0.319% | $400K | $193K | 20x | as long as short |
| Lighter HYPE | +0.0096% | 1h | 94.156 | +0.362% | $18.9M | $58.4M | 20x | as long as short |
| Lighter RH HYPE | +0.0096% | 1h | 94.128 | +0.332% | $3.1M | $12.0M | 20x | as long as short |
| Paradex HYPE-USD-PERP | +0.0099% | 8h | 94.140 | +0.345% | $342K | $170K | 20x | as long as short |
| Katana Perps HYPE-USD | +0.0100% | 8h | 94.100 | +0.303% | $24K | $1.6M | 10x | as long as short |
| Nado HYPE-PERP | +0.0100% | 1h | 94.106 | +0.310% | $6.6M | $44.8M | 10x | as long as short |
| Hyperliquid HYPE | +0.0100% | 1h | 94.189 | +0.397% | $2.05B | $678.0M | 10x | as long as short |
| Pacifica HYPE | +0.0100% | 1h | 94.115 | +0.318% | $10.1M | $14.6M | 20x | as long as short |
| Bulk HYPE-USDlong | +0.0100% | 1h | 93.816 | long leg | $204K | $5K | 10x | |
| KuCoin HYPEUSDTM | +0.0100% | 4h | 94.082 | +0.283% | $46.6M | $18.2M | 75x | as long as short |
| Bitget HYPEUSDT | +0.0100% | 4h | 94.073 | +0.274% | $228.2M | $101.0M | 75x | as long as short |
| BingX HYPE-USDT | +0.0100% | 4h | 94.100 | +0.303% | — | $53.9M | — | as long as short |
| Backpack HYPE_USDC_PERP | +0.0100% | 1h | 94.092 | +0.294% | $7.7M | $10.4M | 20x | as long as short |
| Variational Omni HYPE | +0.0100% | 8h | 93.820 | +0.005% | $31.3M | $54.1M | — | as long as short |
| GRVT HYPE_USDT_Perp | +0.0100% | 4h | 93.912 | +0.102% | $7.6M | $45.7M | 10x | as long as short |
| ApeX Omni HYPEUSDT | +0.0100% | 1h | 93.865 | +0.052% | $340K | $1.1M | 50x | as long as short |
| StandX HYPE-USD | +0.0100% | 1h | 93.913 | +0.103% | $679K | $2.4M | 20x | as long as short |
| Vest HYPE-PERP | +0.0100% | 1h | 94.100 | +0.303% | — | $454K | 5x | as long as short |
| Polymarket Perps HYPE-USD | +0.0100% | 1h | 94.113 | +0.316% | $480K | $2.6M | 20x | as long as short |
| SunX HYPE-USDT | +0.0100% | 4h | 94.185 | +0.393% | $32K | $1.6M | 20x | as long as short |
| SoDEX HYPE-USD | +0.0100% | 1h | 94.107 | +0.310% | $2.0M | $2.0M | 10x | as long as short |
| Extended HYPE-USD | +0.0104% | 1h | 94.042 | +0.240% | $18.9M | $43.5M | 50x | as long as short |
| Coinbase International HYPE-PERP-INTX | +0.0144% | 1h | 94.140 | +0.345% | $4.9M | $5.5M | 50x | as long as short |
| BloFin HYPE-USDT | +0.0164% | 4h | 94.031 | +0.229% | $17.0M | $12.3M | 75x | as long as short |
| Kalshi KXHYPEPERP | +0.0184% | 8h | 94.159 | +0.365% | $1.9M | $5.1M | 2.3x | as long as short |
| Injective HYPE/USDC PERP | +0.0205% | 1h | 94.260 | +0.473% | $31K | $338K | 12x | as long as short |
| RISEx HYPE/USDC | +0.0222% | 1h | 94.146 | +0.352% | $2.8M | $6.7M | 20x | as long as short |
| Reya HYPERUSDPERP | +0.0251% | 1h | 94.094 | +0.296% | $79K | $143K | 15x | as long as short |
| GMX HYPE/USD [WBTC.b-USDC] | L +0.0338% / S −0.0157% | 1h | 94.122 | +0.327% | $1.5M | — | 100x | as long as short |
| HTX HYPE-USDT | +0.0403% | 4h | 94.274 | +0.488% | $1.5M | $6.3M | 75x | as long as short |
| Deribit HYPE_USDC-PERPETUALshort | +0.0472% | 1h | 94.201 | +0.410% | $7.5M | $4.6M | 50x | |
| Kraken Futures PF_HYPEUSD | +0.0670% | 1h | 94.212 | +0.422% | $21.0M | $29.7M | 50x | as long as short |
Bybit HYPEUSDT
Orderly PERP_HYPE_USDC
Perpl HYPE
gTrade (Gains Network) HYPE/USD
Aster HYPEUSDT
Derive HYPE-PERP
Phoenix HYPE
MEXC HYPE_USDT
Bluefin HYPE-PERP
Binance HYPEUSDT
edgeX HYPEUSDC
Popdex HYPEUSDT
OKX HYPE-USDT-SWAP
Aevo HYPE-PERP
Lighter HYPE
Lighter RH HYPE
Paradex HYPE-USD-PERP
Katana Perps HYPE-USD
Nado HYPE-PERP
Hyperliquid HYPE
Pacifica HYPE
KuCoin HYPEUSDTM
Bitget HYPEUSDT
BingX HYPE-USDT
Backpack HYPE_USDC_PERP
Variational Omni HYPE
GRVT HYPE_USDT_Perp
ApeX Omni HYPEUSDT
StandX HYPE-USD
Vest HYPE-PERP
Polymarket Perps HYPE-USD
SunX HYPE-USDT
SoDEX HYPE-USD
Extended HYPE-USD
Coinbase International HYPE-PERP-INTX
BloFin HYPE-USDT
Kalshi KXHYPEPERP
Injective HYPE/USDC PERP
RISEx HYPE/USDC
Reya HYPERUSDPERP
GMX HYPE/USD [WBTC.b-USDC]
HTX HYPE-USDT
Kraken Futures PF_HYPEUSD