HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0140%/8h= −15.3% APRnext payment −$0.17 per $10,000 · paid last 24h +0.043%

Price spread now: Phoenix against Coinbase International−0.024%7-day average +0.114% · you buy dearer than you sell

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Coinbase International Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.368%+$37 on $10k

Price spread, last 3 days (all we have)+0.393%+$39 · spread now −0.024%, 7d avg +0.114%

Together, before fees+0.760%+$76 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Phoenix is 0.138% cheaper against Coinbase International than usual: you would sell low and buy high (−$14 if the spread goes back to its 7-day average of +0.114%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.368%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International HYPE-PERP-INTX	93.390	0.0208	pay 0.0026% / 1h	50m 59s	$4.9M	$5.7M	50x
Short	Phoenix HYPE	93.368	0.0068	get 0.0009% / 1h	50m 59s	$215K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Coinbase International. 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 Coinbase InternationalbpFee PhoenixbpOrdersPrice spread, now −0.024%Rate

Funding earned: −$29.3
Price spread: −0.024% → +0.114%: −$13.79
Slippage, 4 orders: −$11.66
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$71.75
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Phoenix: 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 Coinbase International live order book, 3 min ago	3.21 bp	8.5 bp −$9	13.2 bp −$132	37.9 bp −$3,794	doesn't fit
Sell Phoenix live order book, 2 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	−0.1304%	1h	93.259	−0.141%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0191%	1h	93.210	−0.193%	$700K	$949K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0128%	1h	93.305	−0.091%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0096%	1h	93.334	−0.060%	$89K	$344K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.320	−0.075%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0039%	1h	93.271	−0.127%	$113K	$583K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.326	−0.069%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.387	−0.003%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.269	−0.129%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.336	−0.057%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	+0.0004%	4h	93.330	−0.064%	$44.1M	$56.2M	75x	as long as short
Aster HYPEUSDT	+0.0006%	4h	93.361	−0.031%	$8.9M	$36.3M	300x	as long as short
Derive HYPE-PERP	+0.0024%	1h	93.253	−0.146%	$16.4M	$7.1M	10x	as long as short
Bybit HYPEUSDT	+0.0041%	8h	93.340	−0.054%	$325.4M	$288.3M	75x	as long as short
Phoenix HYPEshort	+0.0068%	1h	93.368	−0.024%	$215K	$1.2M	10x
Orderly PERP_HYPE_USDC	+0.0077%	4h	93.320	−0.075%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.379	−0.011%	$18.5M	$59.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.338	−0.056%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.291	−0.106%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.290	−0.107%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.302	−0.095%	$6.0M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.396	+0.006%	$2.03B	$668.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.308	−0.088%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.342	−0.051%	$386.0M	$890.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.336	−0.058%	$114.8M	$316.2M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.261	−0.138%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.058%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.355	−0.037%	$92.4M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.370	−0.021%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.364	−0.028%	$226.8M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.338	−0.056%	—	$54.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.368	−0.024%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.285	−0.113%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.383	−0.007%	$7.5M	$46.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.287	−0.110%	$405K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.340	−0.054%	$675K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.341	−0.052%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.324	−0.071%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.305	−0.091%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.322	−0.073%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.309	−0.087%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.325	−0.070%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.306	−0.090%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.332	−0.062%	$18.4M	$41.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.326	−0.069%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.276	−0.122%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0208%	1h	93.390	long leg	$4.9M	$5.7M	50x
Reya HYPERUSDPERP	+0.0245%	1h	93.304	−0.092%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.230	−0.171%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.331	−0.064%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0339%	1h	93.410	+0.021%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.295	−0.102%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0404%	4h	93.466	+0.081%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.358	−0.034%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.425	+0.037%	$19.2M	$25.8M	50x	as long as short