HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0299%/8h= −32.7% APRnext payment −$0.37 per $10,000 · paid last 24h −0.020%

Price spread now: Bluefin against Deribit−0.103%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$460.456% of the position

Long on Deribit Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)+0.052%+$5 · spread now −0.103%, 7d avg −0.051%

Together, before fees−0.036%−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bluefin is 0.051% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.088% in total (about -4.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.37 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	93.649	0.0391	pay 0.0049% / 1h	55m 59s	$7.5M	$4.0M	50x
Short	Bluefin HYPE-PERP	93.553	0.0092	get 0.0012% / 1h	55m 59s	$79K	$167K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.103%Rate

Funding earned: −$62.71
Price spread: −0.103% → −0.051%: −$5.12
Slippage, 4 orders: −$31.6
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$113.43
Costs to cover: 0.456%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Bluefin: live order book, 58 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, 3 min ago	1.50 bp	5.0 bp −$5	10.7 bp −$107	doesn't fit	doesn't fit
Sell Bluefin live order book, 58 min ago	5.54 bp	16.1 bp −$16	doesn't fit	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	−0.1896%	1h	93.498	−0.161%	$197K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0364%	1h	93.451	−0.212%	$22K	$21K	10x	as long as short
Bullet HYPE-USD	−0.0131%	1h	93.513	−0.145%	$112K	$578K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.476	−0.185%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0037%	4h	93.554	−0.101%	$146K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.535	−0.122%	$88K	$366K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.608	−0.044%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.556	−0.099%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.576	−0.078%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.514	−0.144%	$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
Phemex HYPEUSDT	+0.0020%	8h	93.499	−0.160%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0024%	4h	93.530	−0.127%	$226.3M	$99.2M	75x	as long as short
Bybit HYPEUSDT	+0.0026%	8h	93.515	−0.143%	$318.1M	$283.8M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.546	−0.110%	$209K	$1.2M	10x	as long as short
Ondo Perps HYPE-USD.P	+0.0061%	1h	93.560	−0.095%	$705K	$1.2M	10x	as long as short
Bluefin HYPE-PERPshort	+0.0092%	1h	93.553	−0.103%	$79K	$167K	20x
Paradex HYPE-USD-PERP	+0.0095%	8h	93.581	−0.072%	$341K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.541	−0.115%	$16.1M	$62.9M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.560	−0.095%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.524	−0.133%	$77K	$1.1M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	93.351	−0.318%	$5.0M	$29.9M	30x	as long as short
Gate HYPE_USDT	+0.0098%	4h	93.518	−0.140%	$46.3M	$53.8M	75x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.510	−0.148%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.544	−0.112%	$7.0M	$47.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.565	−0.090%	$2.04B	$667.2M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.535	−0.122%	$8.7M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.574	−0.080%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.526	−0.131%	$375.1M	$910.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.529	−0.128%	$114.9M	$308.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.328	−0.343%	$203K	$3K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.526	−0.131%	$92.2M	$80.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.558	−0.097%	$46.2M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.517	−0.141%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.578	−0.076%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.529	−0.129%	$28.7M	$56.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.423	−0.242%	$7.5M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.617	−0.034%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.612	−0.040%	$669K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.585	−0.069%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.548	−0.108%	$490K	$2.7M	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.544	−0.112%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.549	−0.107%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.563	−0.092%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.800	+0.161%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.500	−0.159%	$18.1M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.566	−0.088%	$396K	$161K	20x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.410	−0.255%	$30K	$339K	12x	as long as short
Kalshi KXHYPEPERP	+0.0137%	8h	93.633	−0.017%	$1.8M	$5.6M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.720	+0.076%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0267%	1h	93.508	−0.151%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.558	−0.098%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.642	−0.007%	$16.9M	$11.9M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.618	−0.033%	$20.9M	$29.6M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0391%	1h	93.649	long leg	$7.5M	$4.0M	50x
RISEx HYPE/USDC	+0.0527%	1h	93.602	−0.050%	$3.2M	$6.3M	20x	as long as short