HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0423%/8h= −46.4% APRnext payment −$0.53 per $10,000 · paid last 24h −0.061%

Price spread now: Bullet against Deribit−0.109%7-day average −0.040% · 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−$270.275% of the position

Long on Deribit Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.033%−$3 on $10k

Price spread, last 4 days (all we have)+0.119%+$12 · spread now −0.109%, 7d avg −0.040%

Together, before fees+0.086%+$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Bullet is 0.069% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.040%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.033% in total (about -3.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.53 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	94.658	0.0236	pay 0.0029% / 1h	1m 15s	$7.5M	$4.4M	50x
Short	Bullet HYPE-USD	94.555	−0.0187	pay 0.0023% / 1h	1m 15s	$112K	$575K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.109%Rate

Funding earned: −$88.9
Price spread: −0.109% → −0.040%: −$6.88
Slippage, 4 orders: −$12.46
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$123.25
Costs to cover: 0.275%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Bullet: live order book, 38 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	2.12 bp	8.4 bp −$8	13.1 bp −$131	doesn't fit	doesn't fit
Sell Bullet live order book, 38 min ago	0.21 bp	4.7 bp −$5	8.0 bp −$80	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	−0.1496%	1h	94.529	−0.137%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERP	−0.0382%	1h	94.523	−0.143%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0205%	1h	94.503	−0.163%	$22K	$20K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0202%	1h	94.460	−0.209%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USDshort	−0.0187%	1h	94.555	−0.109%	$112K	$575K	20x
01 Exchange HYPEUSD	−0.0112%	1h	94.536	−0.129%	$88K	$363K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.527	−0.138%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.511	−0.155%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.570	−0.093%	$318.1M	$288.5M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.528	−0.137%	$147K	$686K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	−0.0001%	1h	94.468	−0.200%	$16.3M	$7.3M	10x	as long as short
Lighter HYPE	0.0000%	1h	94.561	−0.103%	$16.4M	$64.9M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.542	−0.122%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.611	−0.050%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	−0.096%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.547	−0.117%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.588	−0.074%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.550	−0.114%	$227.1M	$100.4M	75x	as long as short
Polymarket Perps HYPE-USD	+0.0025%	1h	94.561	−0.102%	$499K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0042%	8h	94.568	−0.095%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0046%	8h	94.543	−0.122%	$338K	$154K	20x	as long as short
SoDEX HYPE-USD	+0.0048%	1h	94.561	−0.102%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.570	−0.093%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	94.549	−0.115%	$118.0M	$325.8M	50x	as long as short
Vest HYPE-PERP	+0.0074%	1h	94.594	−0.067%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0078%	4h	94.550	−0.114%	$50.7M	$57.1M	75x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.209%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.560	−0.104%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.543	−0.121%	$85K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.510	−0.156%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.523	−0.142%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.628	−0.032%	$2.08B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.560	−0.104%	$8.9M	$37.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.544	−0.120%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.569	−0.094%	$379.3M	$933.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.243%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.562	−0.101%	$93.6M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.526	−0.139%	$47.0M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.550	−0.114%	—	$52.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.496	−0.171%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.362	−0.312%	$29.6M	$54.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.513	−0.153%	$7.6M	$44.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.208%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.519	−0.147%	$695K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.652	−0.006%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.650	−0.008%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.526	−0.140%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.540	−0.125%	$400K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.595	−0.067%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.087%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.597	−0.065%	$20.3M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0236%	1h	94.658	long leg	$7.5M	$4.4M	50x
RISEx HYPE/USDC	+0.0249%	1h	94.560	−0.104%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.534	−0.131%	$83K	$121K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.490	−0.177%	$17.1M	$12.4M	75x	as long as short