HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0386%/8h= −42.3% APRnext payment −$0.48 per $10,000 · paid last 24h −0.025%

Price spread now: Pacifica against Deribit−0.099%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$260.261% of the position

Long on Deribit Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.059%−$6 on $10k

Price spread, last 3 days (all we have)+0.130%+$13 · spread now −0.099%, 7d avg −0.024%

Together, before fees+0.071%+ Points / potential airdropPacifica: Active · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Pacifica is 0.075% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.024%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.059% in total (about -3.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.48 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	93.767	0.0486	pay 0.0061% / 1h	31m 18s	$7.5M	$4.5M	50x
Short	Pacifica HYPE	93.674	0.0100	get 0.0013% / 1h	31m 18s	$10.1M	$14.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.099%Rate

Funding earned: −$81.06
Price spread: −0.099% → −0.024%: −$7.53
Slippage, 4 orders: −$11.15
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$114.74
Costs to cover: 0.261%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Pacifica: live order book, 3 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	1.55 bp	8.2 bp −$8	11.4 bp −$114	doesn't fit	doesn't fit
Sell Pacifica live order book, 3 min ago	0.43 bp	5.8 bp −$6	doesn't fit	doesn't fit	doesn't fit

HYPE on 54 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	−0.0888%	1h	93.597	−0.181%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.533	−0.250%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0162%	1h	93.464	−0.323%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0112%	8h	93.655	−0.119%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0089%	1h	93.560	−0.221%	$701K	$988K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.675	−0.098%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	93.697	−0.075%	$86K	$351K	20x	as long as short
Backpack HYPE_USDC_PERP	−0.0059%	1h	93.619	−0.158%	$7.8M	$10.4M	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	93.638	−0.138%	$156K	$651K	20x	as long as short
Gate HYPE_USDT	−0.0052%	4h	93.677	−0.096%	$44.5M	$54.7M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0024%	4h	93.678	−0.095%	$8.8M	$36.1M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.622	−0.155%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.668	−0.105%	$22K	$331K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.691	−0.081%	$26K	—	150x	as long as short
Bybit HYPEUSDT	+0.0006%	8h	93.643	−0.132%	$321.6M	$282.6M	75x	as long as short
BingX HYPE-USDT	+0.0006%	4h	93.672	−0.101%	—	$53.9M	—	as long as short
MEXC HYPE_USDT	+0.0054%	4h	93.680	−0.093%	$88.1M	$82.7M	100x	as long as short
Bullet HYPE-USD	+0.0055%	1h	93.673	−0.100%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.674	−0.099%	$381.1M	$902.2M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	93.458	−0.330%	$5.1M	$30.0M	30x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.066%	$211K	$1.2M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0066%	8h	93.670	−0.103%	$115.2M	$310.2M	50x	as long as short
Derive HYPE-PERP	+0.0079%	1h	93.634	−0.142%	$16.2M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.695	−0.077%	$340K	$165K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.683	−0.089%	$16.4M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.682	−0.091%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.675	−0.098%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.677	−0.096%	$398K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.660	−0.114%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.644	−0.132%	$5.7M	$45.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.777	+0.011%	$2.05B	$670.4M	10x	as long as short
Pacifica HYPEshort	+0.0100%	1h	93.674	−0.099%	$10.1M	$14.8M	20x
KuCoin HYPEUSDTM	+0.0100%	4h	93.665	−0.109%	$46.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.681	−0.092%	$226.6M	$99.6M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.167%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.468	−0.319%	$7.5M	$48.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.468	−0.319%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.655	−0.119%	$668K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.706	−0.065%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.708	−0.063%	$469K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.645	−0.130%	$79K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.749	−0.019%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.652	−0.123%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.447%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.627	−0.149%	$18.3M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.720	−0.050%	$4.9M	$5.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.610	−0.167%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.701	−0.070%	$2.7M	$6.7M	20x	as long as short
HTX HYPE-USDT	+0.0217%	4h	93.807	+0.043%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0254%	1h	93.678	−0.095%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0267%	8h	93.719	−0.051%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0335% / S −0.0158%	1h	93.689	−0.083%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0486%	1h	93.767	long leg	$7.5M	$4.5M	50x
Kraken Futures PF_HYPEUSD	+0.0680%	1h	93.751	−0.017%	$20.9M	$30.1M	50x	as long as short