HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0532%/8h= −58.3% APRnext payment −$0.66 per $10,000 · paid last 24h −0.055%

Price spread now: 01 Exchange against Deribit−0.148%7-day average −0.016% · 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−$42as in the Price arb table

costs, in and out, $10k−$290.285% of the position

Long on Deribit Short on 01 Exchange

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.031%−$3 on $10k

Price spread, last 3 days (all we have)+0.200%+$20 · spread now −0.148%, 7d avg −0.016%

Together, before fees+0.169%+$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and 01 Exchange is 0.132% cheaper against Deribit than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.016%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.031% in total (about -3.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.66 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	94.058	0.0484	pay 0.0060% / 1h	27m 41s	$7.5M	$4.5M	50x
Short	01 Exchange HYPEUSD	93.919	−0.0048	pay 0.0006% / 1h	27m 41s	$85K	$350K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

01 Exchange 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 01 ExchangebpOrdersPrice spread, now −0.148%Rate

Funding earned: −$111.72
Price spread: −0.148% → −0.016%: −$13.21
Slippage, 4 orders: −$14.51
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Net: −$153.44
Costs to cover: 0.285%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; 01 Exchange: live order book, 41 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	3.19 bp	6.9 bp −$7	10.5 bp −$105	doesn't fit	doesn't fit
Sell 01 Exchange live order book, 41 min ago	0.16 bp	6.1 bp −$6	11.0 bp −$110	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	−0.0912%	1h	93.720	−0.359%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.807	−0.267%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0147%	1h	93.636	−0.448%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0137%	8h	93.909	−0.158%	$12.7M	$2.7M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0083%	1h	93.910	−0.157%	$701K	$938K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.973	−0.090%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0056%	4h	93.911	−0.156%	$157K	$648K	20x	as long as short
01 Exchange HYPEUSDshort	−0.0048%	1h	93.919	−0.148%	$85K	$350K	20x
Backpack HYPE_USDC_PERP	−0.0045%	1h	93.914	−0.153%	$7.8M	$10.3M	20x	as long as short
Gate HYPE_USDT	−0.0036%	4h	93.925	−0.141%	$44.5M	$54.9M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0002%	4h	93.928	−0.138%	—	$53.7M	—	as long as short
Aster HYPEUSDT	0.0000%	4h	93.977	−0.086%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.946	−0.119%	$129K	$31K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.894	−0.174%	$322.5M	$281.6M	75x	as long as short
Perpl HYPE	0.0000%	43m	93.926	−0.141%	$22K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.956	−0.108%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0060%	1h	93.705	−0.375%	$211K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.927	−0.139%	$88.1M	$82.8M	100x	as long as short
Bullet HYPE-USD	+0.0064%	1h	93.911	−0.156%	$112K	$578K	20x	as long as short
Binance HYPEUSDT	+0.0068%	4h	93.944	−0.121%	$382.4M	$894.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	93.916	−0.151%	$115.5M	$309.4M	50x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.800	−0.274%	$5.1M	$29.9M	30x	as long as short
Derive HYPE-PERP	+0.0092%	1h	93.908	−0.160%	$16.3M	$7.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	94.013	−0.048%	$341K	$164K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.989	−0.074%	$16.4M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.988	−0.074%	$3.1M	$11.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.903	−0.165%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.965	−0.098%	$400K	$177K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.890	−0.179%	$21K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.828	−0.244%	$5.7M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.088	+0.032%	$2.05B	$671.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.988	−0.074%	$10.1M	$14.7M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.953	−0.112%	$46.5M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.919	−0.148%	$227.2M	$98.4M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.610	−0.476%	$31.0M	$54.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.824	−0.249%	$7.6M	$47.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.658	−0.425%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.837	−0.235%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.902	−0.166%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.950	−0.115%	$470K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.929	−0.137%	$80K	$172K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.933	−0.133%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.957	−0.107%	$2.0M	$1.9M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.348	−0.755%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.891	−0.177%	$18.3M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	94.010	−0.051%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.790	−0.285%	$30K	$339K	12x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.978	−0.085%	$3.2M	$7.0M	20x	as long as short
HTX HYPE-USDT	+0.0220%	4h	94.050	−0.009%	$1.4M	$5.9M	75x	as long as short
Reya HYPERUSDPERP	+0.0255%	1h	93.904	−0.164%	$80K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0270%	8h	93.922	−0.145%	$1.9M	$5.1M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0156%	1h	93.929	−0.138%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0484%	1h	94.058	long leg	$7.5M	$4.5M	50x
Kraken Futures PF_HYPEUSD	+0.0678%	1h	94.051	−0.008%	$21.0M	$29.7M	50x	as long as short