HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0554%/8h= +60.7% APRnext payment +$0.69 per $10,000 · paid last 24h +0.052%

Price spread now: Deribit against Bullet+0.139%7-day average +0.039% · 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−$18as in the Price arb table

costs, in and out, $10k−$280.277% of the position

Long on Bullet Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.026%+$3 on $10k

Price spread, last 4 days (all we have)−0.147%−$15 · spread now +0.139%, 7d avg +0.039%

Together, before fees−0.121%−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$17 a day on $10k at the current rate, and Deribit is 0.100% dearer against Bullet than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.039%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.026% in total (about 2.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.69 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	Bullet HYPE-USD	93.315	−0.0065	get 0.0008% / 1h	23m 47s	$111K	$581K	20x
Short	Deribit HYPE_USDC-PERPETUAL	93.445	0.0489	get 0.0061% / 1h	23m 47s	$7.5M	$4.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bullet. 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 BulletbpFee DeribitbpOrdersPrice spread, now +0.139%Rate

Funding earned: $116.42
Price spread: +0.139% → +0.039%: $10.01
Slippage, 4 orders: −$12.72
Fee Bullet: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $98.71
Costs to cover: 0.277%
Break-even: 1.1 days

Slippage from Bullet: live order book, 25 min ago; Deribit: live order book, 5 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 Bullet live order book, 25 min ago	0.48 bp	8.1 bp −$8	13.2 bp −$132	doesn't fit	doesn't fit
Sell Deribit live order book, 5 min ago	0.11 bp	7.4 bp −$7	14.3 bp −$143	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	−0.1424%	1h	93.245	−0.075%	$197K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0375%	1h	93.237	−0.084%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.291	−0.026%	$3K	$331	25x	as long as short
Bullet HYPE-USDlong	−0.0065%	1h	93.315	long leg	$111K	$581K	20x
Orderly PERP_HYPE_USDC	−0.0021%	4h	93.316	+0.001%	$145K	$671K	20x	as long as short
01 Exchange HYPEUSD	−0.0008%	1h	93.376	+0.065%	$87K	$365K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.304	−0.013%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.347	+0.034%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.350	+0.037%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.275	−0.043%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0014%	4h	93.250	−0.070%	$225.0M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.260	−0.059%	$316.7M	$282.2M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.282	−0.036%	$207K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0035%	1h	93.240	−0.081%	$702K	$1.2M	10x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	93.343	+0.030%	$12.7M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.101	−0.230%	$4.9M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.322	+0.008%	$340K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.351	+0.038%	$16.1M	$63.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.350	+0.037%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.347	+0.034%	$75K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.260	−0.059%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.284	−0.033%	$8.0M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.313	−0.002%	$2.03B	$665.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.279	−0.039%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.310	−0.005%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.280	−0.038%	$374.1M	$912.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.274	−0.044%	$114.5M	$309.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.230	−0.092%	$215K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.265	−0.054%	$46.9M	$54.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.255	−0.065%	$90.5M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.245	−0.075%	$46.1M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.260	−0.059%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.341	+0.028%	$7.1M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.070	−0.263%	$28.4M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.241	−0.080%	$7.5M	$47.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.095	−0.236%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.296	−0.021%	$668K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.361	+0.049%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.346	+0.033%	$484K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.353	+0.040%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.337	+0.024%	$16.1M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.375	+0.064%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.359	+0.047%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.450	+0.144%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.228	−0.093%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.357	+0.045%	$395K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0105%	8h	93.353	+0.040%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.620	+0.327%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.370	+0.059%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0269%	1h	93.327	+0.012%	$80K	$127K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.336	+0.022%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.269	−0.050%	$16.8M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0341%	1h	93.403	+0.094%	$20.8M	$29.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0489%	1h	93.445	+0.139%	$7.5M	$4.0M	50x
RISEx HYPE/USDC	+0.0527%	1h	93.373	+0.062%	$3.2M	$6.2M	20x	as long as short