Funding you earn now, next payment 20:00 UTC+0.0036%/8h= +3.9% APRnext payment +$0.04 per $10,000 · paid last 24h +0.032%
Price spread now: Phoenix against Derive+0.235%68s7-day average +0.111% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Funding, last 7 days+0.289%+$29 on $10k
+Price spread, last 3 days (all we have)+0.188%+$19 · spread now +0.235%, 7d avg +0.111%
=Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.124% dearer against Derive than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.111%. The two prices were read 68 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 | Derive HYPE-PERP | 93.225 | 0.0058 | pay 0.0007% / 1h | 58m 20s | $16.4M | $7.1M | 10x |
| Short | Phoenix HYPE | 93.444 | 0.0094 | get 0.0012% / 1h | 58m 20s | $216K | $1.1M | 10x |
Derive HYPE-PERP
Phoenix HYPEFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Derive. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $7.54
- Price spread: +0.235% → +0.111%
- $12.37
- Slippage, 4 orders
- no order book: not counted
- Fee Derive: 3 bp × 2 orders
- −$6
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- $6.91
- Costs to cover
- 0.130%
- Break-even
- 0.6 days
Slippage unknown: Derive: no order-book sample; Phoenix: live order book, 5 min ago. Net counts fees only.
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 Derive no order-book sample | — | — | — | — | — |
| Sell Phoenix live order book, 5 min ago | 1.18 bp | 5.7 bp −$6 | 10.1 bp −$101 | 129.0 bp −$12.9K | doesn't fit |
Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.
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 | −0.1368% | 1h | 93.352 | +0.136% | $197K | $240K | 7x | as long as short |
| Ondo Perps HYPE-USD.P | −0.0154% | 1h | 93.290 | +0.070% | $700K | $952K | 10x | as long as short |
| 01 Exchange HYPEUSD | −0.0104% | 1h | 93.310 | +0.091% | $89K | $342K | 20x | as long as short |
| Hotstuff HYPE-PERP | −0.0080% | 1h | 93.371 | +0.157% | $3K | $331 | 25x | as long as short |
| Aftermath Perps HYPEUSD | −0.0068% | 1h | 93.398 | +0.186% | $22K | $22K | 10x | as long as short |
| Popdex HYPEUSDT | −0.0008% | 1h | 93.301 | +0.082% | $56K | $1.2M | 50x | as long as short |
| Bullet HYPE-USD | −0.0006% | 1h | 93.292 | +0.072% | $112K | $583K | 20x | as long as short |
| Gate HYPE_USDT | −0.0006% | 4h | 93.295 | +0.075% | $44.1M | $56.0M | 75x | as long as short |
| SoDEX HYPE-USD | −0.0003% | 1h | 93.247 | +0.024% | $2.0M | $2.0M | 10x | as long as short |
| dYdX HYPE-USD | 0.0000% | 1h | 93.425 | +0.214% | $127K | $33K | 5x | as long as short |
Hibachi HYPE/USDT-P
Ondo Perps HYPE-USD.P
01 Exchange HYPEUSD
Hotstuff HYPE-PERP
Aftermath Perps HYPEUSD
Popdex HYPEUSDT
Bullet HYPE-USD
Gate HYPE_USDT
SoDEX HYPE-USD
dYdX HYPE-USDShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Kalshi KXHYPEPERP | 0.0000% | 8h | 93.452 | +0.243% | $1.9M | $5.4M | 2.3x | as long as short |
| Perpl HYPE | 0.0000% | 43m | 93.356 | +0.141% | $24K | $343K | 10x | as long as short |
| gTrade (Gains Network) HYPE/USD | L +0.0002% / S −0.0001% | 1h | 93.311 | +0.092% | $20K | — | 150x | as long as short |
| Aster HYPEUSDT | +0.0008% | 4h | 93.305 | +0.086% | $8.9M | $36.6M | 300x | as long as short |
| Bybit HYPEUSDT | +0.0041% | 8h | 93.252 | +0.029% | $325.0M | $289.4M | 75x | as long as short |
| Bluefin HYPE-PERP | +0.0057% | 1h | 93.273 | +0.051% | $76K | $168K | 20x | as long as short |
| Derive HYPE-PERPlong | +0.0058% | 1h | 93.225 | long leg | $16.4M | $7.1M | 10x | |
| Orderly PERP_HYPE_USDC | +0.0078% | 4h | 93.298 | +0.078% | $180K | $537K | 20x | as long as short |
| Phoenix HYPEshort | +0.0094% | 1h | 93.444 | +0.235% | $216K | $1.1M | 10x | |
| Lighter HYPE | +0.0096% | 1h | 93.315 | +0.096% | $18.6M | $58.5M | 20x | as long as short |
| Lighter RH HYPE | +0.0096% | 1h | 93.281 | +0.060% | $3.1M | $12.3M | 20x | as long as short |
| Katana Perps HYPE-USD | +0.0100% | 8h | 93.360 | +0.145% | $38K | $1.7M | 10x | as long as short |
| Nado HYPE-PERP | +0.0100% | 1h | 93.332 | +0.114% | $6.0M | $44.6M | 10x | as long as short |
| Hyperliquid HYPE | +0.0100% | 1h | 93.367 | +0.152% | $2.03B | $673.9M | 10x | as long as short |
| Pacifica HYPE | +0.0100% | 1h | 93.360 | +0.145% | $10.0M | $14.5M | 20x | as long as short |
| Binance HYPEUSDT | +0.0100% | 4h | 93.262 | +0.040% | $386.0M | $893.5M | 75x | as long as short |
| OKX HYPE-USDT-SWAP | +0.0100% | 8h | 93.241 | +0.017% | $114.6M | $317.3M | 50x | as long as short |
| Arcus HYPE-USD | +0.0100% | 1h | 93.320 | +0.102% | $1.2M | $4.0M | 10x | as long as short |
| Bulk HYPE-USD | +0.0100% | 1h | 93.386 | +0.173% | $204K | $12K | 10x | as long as short |
| MEXC HYPE_USDT | +0.0100% | 4h | 93.299 | +0.079% | $92.4M | $81.3M | 100x | as long as short |
| KuCoin HYPEUSDTM | +0.0100% | 4h | 93.308 | +0.089% | $46.3M | $19.6M | 75x | as long as short |
| Bitget HYPEUSDT | +0.0100% | 4h | 93.262 | +0.040% | $226.6M | $103.1M | 75x | as long as short |
| BingX HYPE-USDT | +0.0100% | 4h | 93.277 | +0.056% | — | $54.5M | — | as long as short |
| Backpack HYPE_USDC_PERP | +0.0100% | 1h | 93.395 | +0.182% | $7.9M | $11.7M | 20x | as long as short |
| Variational Omni HYPE | +0.0100% | 8h | 93.466 | +0.259% | $28.9M | $50.1M | — | as long as short |
| GRVT HYPE_USDT_Perp | +0.0100% | 4h | 93.411 | +0.199% | $7.5M | $46.8M | 10x | as long as short |
| ApeX Omni HYPEUSDT | +0.0100% | 1h | 93.411 | +0.199% | $406K | $1.1M | 50x | as long as short |
| StandX HYPE-USD | +0.0100% | 1h | 93.419 | +0.208% | $675K | $2.4M | 20x | as long as short |
| Vest HYPE-PERP | +0.0100% | 1h | 93.365 | +0.150% | — | $454K | 5x | as long as short |
| Polymarket Perps HYPE-USD | +0.0100% | 1h | 93.330 | +0.113% | $503K | $2.6M | 20x | as long as short |
| SunX HYPE-USDT | +0.0100% | 4h | 93.337 | +0.120% | $32K | $1.6M | 20x | as long as short |
| Phemex HYPEUSDT | +0.0100% | 8h | 93.290 | +0.070% | $12.7M | $2.6M | 50x | as long as short |
| Paradex HYPE-USD-PERP | +0.0101% | 8h | 93.361 | +0.146% | $339K | $171K | 20x | as long as short |
| Extended HYPE-USD | +0.0104% | 1h | 93.236 | +0.012% | $18.4M | $41.1M | 50x | as long as short |
| Aevo HYPE-PERP | +0.0104% | 1h | 93.282 | +0.062% | $397K | $318K | 20x | as long as short |
| edgeX HYPEUSDC | +0.0113% | 4h | 93.404 | +0.192% | $5.1M | $29.5M | 30x | as long as short |
| Coinbase International HYPE-PERP-INTX | +0.0208% | 1h | 93.380 | +0.166% | $4.9M | $5.7M | 50x | as long as short |
| Reya HYPERUSDPERP | +0.0244% | 1h | 93.293 | +0.073% | $77K | $157K | 15x | as long as short |
| Injective HYPE/USDC PERP | +0.0285% | 1h | 93.340 | +0.123% | $30K | $231K | 12x | as long as short |
| Deribit HYPE_USDC-PERPETUAL | +0.0286% | 1h | 93.359 | +0.144% | $7.4M | $4.6M | 50x | as long as short |
| GMX HYPE/USD [WBTC.b-USDC] | L +0.0338% / S −0.0165% | 1h | 93.317 | +0.098% | $1.4M | — | 100x | as long as short |
| BloFin HYPE-USDT | +0.0340% | 4h | 93.363 | +0.148% | $17.2M | $12.7M | 75x | as long as short |
| HTX HYPE-USDT | +0.0441% | 4h | 93.450 | +0.241% | $1.5M | $7.6M | 75x | as long as short |
| RISEx HYPE/USDC | +0.0467% | 1h | 93.370 | +0.156% | $2.7M | $6.9M | 20x | as long as short |
| Kraken Futures PF_HYPEUSD | +0.0574% | 1h | 93.388 | +0.174% | $18.7M | $24.8M | 50x | as long as short |
Kalshi KXHYPEPERP
Perpl HYPE
gTrade (Gains Network) HYPE/USD
Aster HYPEUSDT
Bybit HYPEUSDT
Bluefin HYPE-PERP
Orderly PERP_HYPE_USDC
Lighter HYPE
Lighter RH HYPE
Katana Perps HYPE-USD
Nado HYPE-PERP
Hyperliquid HYPE
Pacifica HYPE
Binance HYPEUSDT
OKX HYPE-USDT-SWAP
Arcus HYPE-USD
Bulk HYPE-USD
MEXC HYPE_USDT
KuCoin HYPEUSDTM
Bitget HYPEUSDT
BingX HYPE-USDT
Backpack HYPE_USDC_PERP
Variational Omni HYPE
GRVT HYPE_USDT_Perp
ApeX Omni HYPEUSDT
StandX HYPE-USD
Vest HYPE-PERP
Polymarket Perps HYPE-USD
SunX HYPE-USDT
Phemex HYPEUSDT
Paradex HYPE-USD-PERP
Extended HYPE-USD
Aevo HYPE-PERP
edgeX HYPEUSDC
Coinbase International HYPE-PERP-INTX
Reya HYPERUSDPERP
Injective HYPE/USDC PERP
Deribit HYPE_USDC-PERPETUAL
GMX HYPE/USD [WBTC.b-USDC]
BloFin HYPE-USDT
HTX HYPE-USDT
RISEx HYPE/USDC
Kraken Futures PF_HYPEUSD