HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0203%/8h= −22.2% APRnext payment −$0.25 per $10,000 · paid last 24h −0.008%

Price spread now: Extended against Deribit−0.164%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$230.231% of the position

Long on Deribit Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.068%+$7 on $10k

Price spread, last 3 days (all we have)+0.167%+$17 · spread now −0.164%, 7d avg −0.083%

Together, before fees+0.236%+ Points / potential airdropExtended: Active · farm board+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Extended is 0.082% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.083%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.068%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.068% in total (about 3.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.25 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	93.414	0.0307	pay 0.0038% / 1h	11m 47s	$7.4M	$4.6M	50x
Short	Extended HYPE-USD	93.260	0.0104	get 0.0013% / 1h	11m 47s	$18.2M	$41.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.164%Rate

Funding earned: −$42.63
Price spread: −0.164% → −0.083%: −$8.15
Slippage, 4 orders: −$11.13
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$73.91
Costs to cover: 0.231%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; Extended: 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 Deribit live order book, 2 min ago	1.50 bp	5.4 bp −$5	12.5 bp −$125	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	0.05 bp	2.6 bp −$3	2.9 bp −$29	20.8 bp −$2,077	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
Aftermath Perps HYPEUSD	−0.0450%	1h	93.258	−0.167%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0376%	1h	93.322	−0.098%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.196	−0.233%	$1.2M	$3.9M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0123%	1h	93.190	−0.240%	$699K	$912K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.313	−0.108%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.348	−0.071%	$91K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.308	−0.114%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.317	−0.104%	$57K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.310	−0.111%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.351	−0.067%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0003%	4h	93.291	−0.132%	$8.9M	$35.8M	300x	as long as short
Orderly PERP_HYPE_USDC	+0.0019%	4h	93.339	−0.080%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	93.250	−0.176%	$323.0M	$283.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	93.249	−0.177%	$214K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0042%	1h	93.323	−0.098%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.282	−0.141%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0062%	4h	93.287	−0.136%	$44.0M	$58.7M	75x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.274	−0.150%	$382.9M	$889.3M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.271	−0.153%	$90.2M	$82.3M	100x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.260%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.329	−0.090%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.320	−0.101%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.329	−0.091%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.282	−0.141%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.300	−0.122%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.322	−0.099%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.320	−0.101%	$2.03B	$669.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.292	−0.131%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.258	−0.167%	$114.2M	$313.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.195%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.296	−0.126%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.281	−0.142%	$226.2M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.270	−0.154%	—	$53.7M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.313	−0.108%	$7.8M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.203	−0.226%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.199	−0.230%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.279%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.317	−0.104%	$675K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.355	−0.063%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.351	−0.067%	$494K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.321	−0.100%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.348	−0.071%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.316	−0.105%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.299	−0.123%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USDshort	+0.0104%	1h	93.260	−0.164%	$18.2M	$41.7M	50x
Kalshi KXHYPEPERP	+0.0119%	8h	93.374	−0.043%	$1.9M	$5.2M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.440	+0.028%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0228%	4h	93.483	+0.074%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.420	+0.006%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.322	−0.098%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0268%	4h	93.316	−0.105%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.373	−0.044%	$2.7M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0307%	1h	93.414	long leg	$7.4M	$4.6M	50x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.349	−0.070%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.413	−0.001%	$20.9M	$28.9M	50x	as long as short