HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0077%/8h= −8.4% APRnext payment −$0.10 per $10,000 · paid last 24h +0.045%

Price spread now: Hyperliquid against Deribit−0.005%7-day average +0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$240.238% of the position

Long on Deribit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.113%+$11 on $10k

Price spread, last 3 days (all we have)+0.136%+$14 · spread now −0.005%, 7d avg +0.008%

Together, before fees+0.249%+ Points / potential airdropHyperliquid: Season 2 · farm board+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.008%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.113%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.717	0.0177	pay 0.0022% / 1h	17m 04s	$7.4M	$4.6M	50x
Short	Hyperliquid HYPE	93.712	0.0100	get 0.0013% / 1h	17m 04s	$2.04B	$670.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$16.17
Price spread: −0.005% → +0.008%: −$1.37
Slippage, 4 orders: −$7.77
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$41.31
Costs to cover: 0.238%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; Hyperliquid: live order book, 7 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	1.60 bp	5.9 bp −$6	10.7 bp −$107	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	0.05 bp	5.0 bp −$5	6.1 bp −$61	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	−0.0984%	1h	93.593	−0.133%	$198K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0283%	1h	93.650	−0.072%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.590	−0.136%	$703K	$934K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.603	−0.122%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.621	−0.102%	$90K	$347K	20x	as long as short
Bullet HYPE-USD	−0.0024%	1h	93.600	−0.125%	$112K	$582K	20x	as long as short
Derive HYPE-PERP	−0.0021%	1h	93.562	−0.165%	$16.4M	$7.0M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.645	−0.077%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.597	−0.128%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.649	−0.073%	$20K	—	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	+0.0021%	4h	93.592	−0.133%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.593	−0.132%	$44.1M	$57.2M	75x	as long as short
Bybit HYPEUSDT	+0.0035%	8h	93.590	−0.136%	$326.0M	$287.0M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	93.601	−0.124%	$59K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0060%	4h	93.625	−0.098%	$176K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.603	−0.122%	$216K	$1.2M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.655	−0.066%	$18.6M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.640	−0.082%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.626	−0.098%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.620	−0.104%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.615	−0.109%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPEshort	+0.0100%	1h	93.712	−0.005%	$2.04B	$670.4M	10x
Pacifica HYPE	+0.0100%	1h	93.638	−0.084%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.618	−0.106%	$386.3M	$889.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.586	−0.140%	$115.0M	$315.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.581	−0.145%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	−0.029%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.603	−0.122%	$93.7M	$82.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.613	−0.111%	$46.4M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.620	−0.104%	$227.4M	$102.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.609	−0.115%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.646	−0.076%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.660	−0.061%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.579	−0.147%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.678	−0.042%	$407K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.594	−0.131%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.638	−0.085%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.646	−0.076%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.608	−0.116%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.690	−0.029%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.603	−0.122%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.657	−0.064%	$12.8M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.594	−0.131%	$18.3M	$41.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.614	−0.110%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.571	−0.156%	$5.1M	$29.7M	30x	as long as short
Kalshi KXHYPEPERP	+0.0122%	8h	93.675	−0.045%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0177%	1h	93.717	long leg	$7.4M	$4.6M	50x
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.680	−0.039%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.614	−0.109%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.206%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0300%	4h	93.800	+0.089%	$1.5M	$7.6M	75x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.599	−0.126%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.654	−0.067%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.674	−0.046%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.724	+0.008%	$19.2M	$26.0M	50x	as long as short