HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0006%/8h= −0.7% APRnext payment −$0.01 per $10,000 · paid last 24h −0.044%

Price spread now: Lighter against Deribit−0.087%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$140.145% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 4 days (all we have)+0.121%+$12 · spread now −0.087%, 7d avg −0.009%

Together, before fees+0.120%+ Points / potential airdropLighter: Season 3 · farm board+$12 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.078% cheaper against Deribit than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	94.539	0.0078	pay 0.0010% / 1h	43m 03s	$7.4M	$4.3M	50x
Short	Lighter HYPE	94.457	0.0072	get 0.0009% / 1h	43m 03s	$16.3M	$64.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.087%Rate

Funding earned: −$1.26
Price spread: −0.087% → −0.009%: −$7.84
Slippage, 4 orders: −$7.45
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$23.55
Costs to cover: 0.145%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; Lighter: 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, 1 min ago	0.11 bp	6.4 bp −$6	11.9 bp −$119	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.36 bp	0.6 bp −$1	2.8 bp −$28	11.5 bp −$1,145	42.6 bp −$21.3K

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	−0.1400%	1h	94.230	−0.327%	$201K	$250K	7x	as long as short
Bluefin HYPE-PERP	−0.0359%	1h	94.442	−0.103%	$80K	$154K	20x	as long as short
Bullet HYPE-USD	−0.0153%	1h	94.451	−0.094%	$111K	$576K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0150%	1h	94.430	−0.115%	$712K	$1.2M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0132%	1h	94.467	−0.076%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0104%	1h	94.490	−0.052%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.436	−0.109%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.428	−0.117%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0012%	8h	94.460	−0.084%	$317.6M	$289.6M	75x	as long as short
Derive HYPE-PERP	−0.0008%	1h	94.405	−0.142%	$16.5M	$7.5M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.502	−0.040%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.484	−0.058%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.489	−0.053%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.459	−0.085%	$19K	$287K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0001%	4h	94.425	−0.121%	$146K	$685K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.480	−0.062%	$123K	—	150x	as long as short
Bitget HYPEUSDT	+0.0040%	4h	94.468	−0.075%	$227.1M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	94.426	−0.120%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0058%	8h	94.462	−0.081%	$338K	$156K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.450	−0.094%	$4.7M	$6.2M	50x	as long as short
Lighter HYPEshort	+0.0072%	1h	94.457	−0.087%	$16.3M	$64.0M	20x
Deribit HYPE_USDC-PERPETUALlong	+0.0078%	1h	94.539	long leg	$7.4M	$4.3M	50x
OKX HYPE-USDT-SWAP	+0.0084%	8h	94.461	−0.083%	$117.8M	$324.9M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.499	−0.042%	$5.0M	$30.8M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.470	−0.073%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.475	−0.068%	$75K	$1.2M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0098%	1h	94.481	−0.061%	$496K	$2.8M	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.460	−0.084%	$29K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.417	−0.129%	$7.3M	$51.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.598	+0.062%	$2.08B	$690.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.472	−0.071%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.470	−0.073%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.466	−0.078%	$378.4M	$934.0M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.332	−0.219%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.480	−0.062%	$49.7M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.467	−0.076%	$90.5M	$82.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.467	−0.076%	$46.5M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.482	−0.060%	—	$53.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.466	−0.077%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.467	−0.077%	$29.4M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.461	−0.082%	$7.6M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.450	−0.094%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.463	−0.080%	$683K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.524	−0.015%	—	$243K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.543	+0.004%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.448	−0.096%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.572	+0.035%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.422	−0.124%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.461	−0.083%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.501	−0.040%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.213%	$31K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.505	−0.036%	$20.3M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.479	−0.064%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.439	−0.105%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.460	−0.084%	$17.1M	$12.4M	75x	as long as short