HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0730%/8h= −79.9% APRnext payment −$0.91 per $10,000 · paid last 24h −0.063%

Price spread now: Arcus against Deribit−0.227%7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Deribit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.059%−$6 on $10k

Price spread, last 3 days (all we have)+0.199%+$20 · spread now −0.227%, 7d avg −0.079%

Together, before fees+0.140%+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and Arcus is 0.148% cheaper against Deribit than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.079%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.059% in total (about -6.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.91 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	Deribit HYPE_USDC-PERPETUAL	93.767	0.0497	pay 0.0062% / 1h	28m 53s	$7.4M	$4.6M	50x
Short	Arcus HYPE-USD	93.554	−0.0233	pay 0.0029% / 1h	28m 53s	$1.2M	$3.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Deribit. 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 DeribitbpFee ArcusbpOrdersPrice spread, now −0.227%Rate

Funding earned: −$153.2
Price spread: −0.227% → −0.079%: −$14.84
Slippage, 4 orders: −$9.19
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$188.72
Costs to cover: 0.207%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Arcus: 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 Deribit live order book, 5 min ago	1.97 bp	6.8 bp −$7	11.9 bp −$119	doesn't fit	doesn't fit
Sell Arcus live order book, 5 min ago	0.37 bp	3.0 bp −$3	4.8 bp −$48	23.3 bp −$2,327	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	−0.0840%	1h	93.550	−0.231%	$198K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0353%	1h	93.784	+0.018%	$22K	$22K	10x	as long as short
Arcus HYPE-USDshort	−0.0233%	1h	93.554	−0.227%	$1.2M	$3.8M	10x
Hotstuff HYPE-PERP	−0.0080%	1h	93.647	−0.128%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0059%	1h	93.560	−0.221%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.637	−0.139%	$86K	$366K	20x	as long as short
Derive HYPE-PERP	−0.0017%	1h	93.592	−0.186%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.663	−0.111%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.644	−0.131%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.665	−0.109%	$166K	$583K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.690	−0.082%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	−0.085%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0015%	4h	93.656	−0.118%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.610	−0.167%	$321.7M	$283.3M	75x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.634	−0.142%	$87.8M	$81.8M	100x	as long as short
Binance HYPEUSDT	+0.0057%	4h	93.636	−0.139%	$383.1M	$895.4M	75x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.676	−0.097%	$12.8M	$2.6M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	93.817	+0.053%	$5.1M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0084%	4h	93.617	−0.160%	$44.5M	$59.1M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.669	−0.104%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.665	−0.109%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.655	−0.119%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.669	−0.105%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.661	−0.114%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.610	−0.167%	$43K	$1.6M	10x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.633	−0.143%	$112K	$578K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.645	−0.130%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.674	−0.099%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.615	−0.162%	$115.3M	$320.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.152%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.670	−0.103%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.635	−0.141%	$226.7M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.615	−0.162%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.648	−0.127%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.564	−0.216%	$31.2M	$53.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	−0.144%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.819	+0.055%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.617	−0.160%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.676	−0.097%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.666	−0.108%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.659	−0.115%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.708	−0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.666	−0.108%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.686%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.609	−0.168%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0130%	8h	93.726	−0.044%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.690	−0.082%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.820	+0.057%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0226%	4h	93.652	−0.123%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.650	−0.125%	$77K	$142K	15x	as long as short
Hyperliquid HYPE	+0.0262%	1h	93.668	−0.106%	$2.03B	$676.2M	10x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.693	−0.079%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.677	−0.096%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0497%	1h	93.767	long leg	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0579%	1h	93.759	−0.008%	$20.9M	$29.4M	50x	as long as short