HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0350%/8h= −38.3% APRnext payment −$0.44 per $10,000 · paid last 24h −0.030%

Price spread now: Bulk against Deribit−0.070%7-day average −0.002% · 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−$34as in the Price arb table

costs, in and out, $10k−$270.268% of the position

Long on Deribit Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.008%+$1 on $10k

Price spread, last 4 days (all we have)+0.410%+$41 · spread now −0.070%, 7d avg −0.002%

Together, before fees+0.418%+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bulk is 0.068% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.008% in total (about 0.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.44 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	92.865	0.0450	pay 0.0056% / 1h	52m 27s	$7.5M	$4.4M	50x
Short	Bulk HYPE-USD	92.800	0.0100	get 0.0013% / 1h	52m 27s	$202K	$13K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.070%Rate

Funding earned: −$73.5
Price spread: −0.070% → −0.002%: −$6.82
Slippage, 4 orders: −$12.76
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$107.07
Costs to cover: 0.268%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; Bulk: live order book, 6 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, 2 min ago	1.02 bp	9.1 bp −$9	12.2 bp −$122	doesn't fit	doesn't fit
Sell Bulk live order book, 6 min ago	1.08 bp	4.9 bp −$5	6.3 bp −$63	12.0 bp −$1,198	35.1 bp −$17.5K

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
Arcus HYPE-USD	−0.0948%	1h	92.446	−0.451%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0760%	1h	92.788	−0.083%	$195K	$227K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0110%	1h	92.736	−0.138%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	92.553	−0.336%	$86K	$351K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.573	−0.314%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0065%	4h	92.552	−0.337%	$158K	$663K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0064%	1h	92.720	−0.156%	$699K	$1.1M	10x	as long as short
Bullet HYPE-USD	−0.0048%	1h	92.565	−0.323%	$111K	$579K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.691	−0.187%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.571	−0.316%	$23K	$309K	10x	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 −0.0002%	1h	92.608	−0.277%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0006%	8h	92.719	−0.157%	$12.5M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0006%	4h	92.635	−0.248%	$8.7M	$36.2M	300x	as long as short
Derive HYPE-PERP	+0.0018%	1h	92.535	−0.355%	$16.0M	$7.5M	10x	as long as short
BingX HYPE-USDT	+0.0032%	4h	92.579	−0.308%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0037%	8h	92.580	−0.307%	$317.8M	$279.1M	75x	as long as short
Phoenix HYPE	+0.0043%	1h	92.855	−0.011%	$211K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0050%	4h	92.583	−0.304%	$44.5M	$54.5M	75x	as long as short
ApeX Omni HYPEUSDT	+0.0068%	1h	92.356	−0.548%	$337K	$1.0M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	92.577	−0.310%	$113.2M	$300.9M	50x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.552	−0.337%	$67K	$1.2M	50x	as long as short
MEXC HYPE_USDT	+0.0084%	4h	92.577	−0.310%	$87.8M	$80.1M	100x	as long as short
Binance HYPEUSDT	+0.0084%	4h	92.580	−0.307%	$372.3M	$892.0M	75x	as long as short
edgeX HYPEUSDC	+0.0090%	4h	92.792	−0.079%	$5.1M	$29.2M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.623	−0.260%	$338K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.597	−0.288%	$16.0M	$62.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.595	−0.291%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.540	−0.350%	$14K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.579	−0.307%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.634	−0.249%	$2.02B	$657.8M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.620	−0.264%	$10.0M	$14.9M	20x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	92.800	−0.070%	$202K	$13K	10x
KuCoin HYPEUSDTM	+0.0100%	4h	92.596	−0.290%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.566	−0.322%	$224.0M	$97.5M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.698	−0.180%	$7.4M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.820	−0.049%	$28.4M	$57.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.596	−0.290%	$7.5M	$45.7M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.793	−0.078%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.646	−0.236%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.612	−0.272%	$468K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.839	−0.028%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.757	−0.116%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.873	+0.009%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.537	−0.354%	$18.1M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.580	−0.307%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.145%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.840	−0.027%	$4.7M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0260%	1h	92.568	−0.319%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0263%	8h	92.857	−0.009%	$1.8M	$5.4M	2.3x	as long as short
BloFin HYPE-USDT	+0.0325%	4h	92.787	−0.084%	$16.8M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0153%	1h	92.602	−0.284%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.793	−0.078%	$20.7M	$30.3M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0450%	1h	92.865	long leg	$7.5M	$4.4M	50x
RISEx HYPE/USDC	+0.0687%	1h	92.626	−0.257%	$3.1M	$6.4M	20x	as long as short
Bluefin HYPE-PERP	+0.1674%	1h	92.565	−0.323%	$78K	$169K	20x	as long as short