HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0442%/8h= −48.4% APRnext payment −$0.55 per $10,000 · paid last 24h −0.030%

Price spread now: SoDEX against Deribit−0.102%7-day average −0.046% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$250.251% of the position

Long on Deribit Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.004%$0 on $10k

Price spread, last 4 days (all we have)+0.076%+$8 · spread now −0.102%, 7d avg −0.046%

Together, before fees+0.072%+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and SoDEX is 0.056% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.046%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.004% in total (about -0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.55 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	92.294	0.0542	pay 0.0068% / 1h	45m 44s	$7.5M	$4.4M	50x
Short	SoDEX HYPE-USD	92.200	0.0100	get 0.0013% / 1h	45m 44s	$2.0M	$2.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.102%Rate

Funding earned: −$92.82
Price spread: −0.102% → −0.046%: −$5.55
Slippage, 4 orders: −$10.06
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$123.43
Costs to cover: 0.251%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; SoDEX: 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	0.60 bp	6.8 bp −$7	12.4 bp −$124	doesn't fit	doesn't fit
Sell SoDEX live order book, 3 min ago	0.05 bp	7.1 bp −$7	12.6 bp −$126	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
Arcus HYPE-USD	−0.0948%	1h	92.180	−0.124%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0648%	1h	92.231	−0.069%	$193K	$228K	7x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.151	−0.155%	$86K	$353K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0128%	1h	92.409	+0.124%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.174	−0.130%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0071%	4h	92.155	−0.151%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0058%	1h	92.163	−0.142%	$110K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0026%	1h	92.180	−0.124%	$696K	$1.1M	10x	as long as short
Aster HYPEUSDT	−0.0012%	4h	92.197	−0.105%	$8.6M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.238	−0.061%	$126K	$31K	5x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	92.224	−0.076%	$22K	$310K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.192	−0.111%	$61K	—	150x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.179	−0.125%	—	$53.2M	—	as long as short
Bybit HYPEUSDT	+0.0040%	8h	92.165	−0.140%	$315.4M	$280.8M	75x	as long as short
Derive HYPE-PERP	+0.0041%	1h	92.141	−0.166%	$16.0M	$7.5M	10x	as long as short
Phoenix HYPE	+0.0043%	1h	92.430	+0.147%	$209K	$1.2M	10x	as long as short
Gate HYPE_USDT	+0.0048%	4h	92.195	−0.107%	$44.3M	$54.7M	75x	as long as short
Phemex HYPEUSDT	+0.0064%	8h	92.224	−0.076%	$12.5M	$2.7M	50x	as long as short
Binance HYPEUSDT	+0.0075%	4h	92.188	−0.115%	$369.6M	$898.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	92.160	−0.145%	$112.6M	$300.7M	50x	as long as short
MEXC HYPE_USDT	+0.0076%	4h	92.209	−0.092%	$87.0M	$80.4M	100x	as long as short
Popdex HYPEUSDT	+0.0080%	1h	92.184	−0.119%	$67K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0080%	4h	92.311	+0.019%	$4.9M	$29.4M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.238	−0.061%	$338K	$163K	20x	as long as short
ApeX Omni HYPEUSDT	+0.0093%	1h	92.333	+0.042%	$337K	$1.0M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.191	−0.111%	$16.0M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.185	−0.118%	$3.1M	$11.6M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	92.164	−0.141%	$390K	$164K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.160	−0.145%	$13K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.151	−0.154%	$5.7M	$43.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.209	−0.092%	$2.01B	$663.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.235	−0.064%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	+0.548%	$202K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.220	−0.080%	$45.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.151	−0.155%	$223.5M	$98.2M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.195	−0.107%	$7.2M	$10.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.158	−0.147%	$28.3M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.327	+0.036%	$7.5M	$45.9M	10x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.256	−0.041%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.224	−0.076%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.183	−0.120%	$474K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.250	−0.048%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	92.200	−0.102%	$2.0M	$2.0M	10x
HTX HYPE-USDT	+0.0100%	4h	92.300	+0.007%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.193	−0.109%	$18.1M	$43.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.765%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.210	−0.091%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0259%	8h	92.280	−0.015%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.158	−0.147%	$78K	$140K	15x	as long as short
BloFin HYPE-USDT	+0.0311%	4h	92.180	−0.124%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0329% / S −0.0153%	1h	92.181	−0.122%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0334%	1h	92.255	−0.042%	$20.5M	$30.4M	50x	as long as short
Bluefin HYPE-PERP	+0.0401%	1h	92.137	−0.170%	$78K	$169K	20x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0542%	1h	92.294	long leg	$7.5M	$4.4M	50x
RISEx HYPE/USDC	+0.0687%	1h	92.275	−0.021%	$3.1M	$6.4M	20x	as long as short