HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0217%/8h= −23.7% APRnext payment −$0.27 per $10,000 · paid last 24h +0.011%

Price spread now: Phoenix against Deribit−0.154%70s7-day average +0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs+$9as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$230.230% of the position

Long on Deribit Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.318%+$32 on $10k

Price spread, last 3 days (all we have)+0.300%+$30 · spread now −0.154%, 7d avg +0.040%

Together, before fees+0.618%+$62 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 Phoenix is 0.194% cheaper against Deribit than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.040%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.318%, so the current rate has only just turned against you. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.552	0.0285	pay 0.0036% / 1h	46m 06s	$7.4M	$4.6M	50x
Short	Phoenix HYPE	93.408	0.0068	get 0.0009% / 1h	46m 06s	$216K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.154%Rate

Funding earned: −$45.47
Price spread: −0.154% → +0.040%: −$19.38
Slippage, 4 orders: −$8.95
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$87.8
Costs to cover: 0.230%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Phoenix: 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, 3 min ago	0.21 bp	4.6 bp −$5	10.8 bp −$108	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	1.07 bp	5.4 bp −$5	9.7 bp −$97	113.3 bp −$11.3K	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	−0.1240%	1h	93.362	−0.203%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0186%	1h	93.330	−0.237%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0175%	1h	93.418	−0.143%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.472	−0.086%	$89K	$345K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.410	−0.152%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	−0.052%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.520	−0.034%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.446	−0.114%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.494	−0.062%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0014%	4h	93.430	−0.130%	$8.9M	$36.2M	300x	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	+0.0017%	1h	93.397	−0.166%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	+0.0020%	1h	93.455	−0.104%	$112K	$583K	20x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.433	−0.127%	$44.2M	$56.3M	75x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.401	−0.161%	$325.4M	$287.9M	75x	as long as short
Phoenix HYPEshort	+0.0068%	1h	93.408	−0.154%	$216K	$1.2M	10x
Orderly PERP_HYPE_USDC	+0.0075%	4h	93.462	−0.096%	$180K	$536K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0092%	1h	93.318	−0.250%	$405K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.505	−0.050%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.467	−0.091%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.448	−0.111%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.500	−0.056%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.455	−0.104%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.500	−0.056%	$2.04B	$669.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.456	−0.102%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.419	−0.142%	$385.8M	$888.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.401	−0.161%	$114.8M	$315.5M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.433	−0.127%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.232%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.451	−0.108%	$93.1M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.448	−0.111%	$46.3M	$19.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.439	−0.121%	$226.9M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.429	−0.131%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.475	−0.082%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.295	−0.274%	$28.8M	$49.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.407	−0.155%	$7.5M	$46.2M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.504	−0.051%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.490	−0.066%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.483	−0.074%	$494K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.445	−0.114%	$76K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.496	−0.060%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.446	−0.113%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.429	−0.131%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.483	−0.074%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.438	−0.122%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.488	−0.068%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0108%	4h	93.395	−0.168%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	−0.056%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.462	−0.096%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.360	−0.205%	$30K	$231K	12x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0285%	1h	93.552	long leg	$7.4M	$4.6M	50x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.499	−0.057%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.408	−0.154%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0388%	4h	93.628	+0.081%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.518	−0.036%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0573%	1h	93.537	−0.016%	$19.2M	$25.8M	50x	as long as short