HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0043%/8h= +4.7% APRnext payment +$0.05 per $10,000 · paid last 24h +0.042%

Price spread now: Phoenix against dYdX−0.118%46s7-day average +0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as 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−$740.739% of the position

Long on dYdX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.395%+$39 on $10k

Price spread, last 4 days (all we have)+0.166%+$17 · spread now −0.118%, 7d avg +0.083%

Together, before fees+0.561%+$56 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.201% cheaper against dYdX than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of +0.083%). If the spread goes back, that is −$20 on $10k: about 16 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.395% in total) that is about 3.6 days. The two prices were read 46 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	dYdX HYPE-USD	92.865	0	get 0.0000% / 1h	2m 14s	$127K	$29K	5x
Short	Phoenix HYPE	92.755	0.0043	get 0.0005% / 1h	2m 14s	$210K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against dYdX. 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 dYdXbpFee PhoenixbpOrdersPrice spread, now −0.118%Rate

Funding earned: $9.07
Price spread: −0.118% → +0.083%: −$20.12
Slippage, 4 orders: −$56.9
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$84.95
Costs to cover: 0.739%
Break-even: 72.6 days

Slippage from dYdX: live order book, 57 min ago; Phoenix: live order book, 1 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 dYdX live order book, 57 min ago	26.34 bp	31.3 bp −$31	43.7 bp −$437	139.8 bp −$14.0K	1018.5 bp −$509.3K
Sell Phoenix live order book, 1 min ago	1.08 bp	5.6 bp −$6	9.6 bp −$96	133.6 bp −$13.4K	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	92.815	−0.054%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0408%	1h	92.738	−0.137%	$194K	$225K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0271%	1h	92.811	−0.058%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.878	+0.014%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.852	−0.014%	$157K	$653K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	92.865	long leg	$127K	$29K	5x
01 Exchange HYPEUSD	0.0000%	1h	92.871	+0.007%	$86K	$361K	20x	as long as short
Perpl HYPE	0.0000%	43m	92.859	−0.006%	$22K	$302K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.880	+0.016%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0025%	8h	92.865	0.000%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0029%	1h	92.837	−0.030%	$111K	$579K	20x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.869	+0.004%	—	$53.5M	—	as long as short
Ondo Perps HYPE-USD.P	+0.0038%	1h	92.800	−0.070%	$697K	$1.1M	10x	as long as short
Phoenix HYPEshort	+0.0043%	1h	92.755	−0.118%	$210K	$1.2M	10x
Bybit HYPEUSDT	+0.0045%	8h	92.858	−0.007%	$316.7M	$281.2M	75x	as long as short
Aster HYPEUSDT	+0.0066%	4h	92.876	+0.012%	$8.7M	$36.1M	300x	as long as short
Bitget HYPEUSDT	+0.0088%	4h	92.873	+0.009%	$224.8M	$98.7M	75x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	92.749	−0.125%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	92.887	+0.023%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.882	+0.018%	$16.1M	$62.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.886	+0.023%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.859	−0.006%	$69K	$1.1M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0097%	8h	92.857	−0.008%	$113.9M	$303.6M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.850	−0.016%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.856	−0.010%	$7.5M	$45.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.904	+0.042%	$2.02B	$663.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.891	+0.028%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.877	+0.013%	$373.2M	$901.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.800	−0.070%	$202K	$13K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.862	−0.003%	$44.5M	$55.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.876	+0.012%	$88.2M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.875	+0.011%	$46.1M	$18.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.877	+0.013%	$7.3M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.689	−0.190%	$28.5M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.776	−0.096%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.773	−0.099%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.867	+0.002%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.900	+0.038%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.902	+0.040%	$468K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.867	+0.002%	$79K	$168K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.838	−0.029%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.839	−0.028%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.882	+0.018%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.000	+0.146%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.858	−0.008%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.850	−0.016%	$393K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.960	+0.102%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.920	+0.059%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0226%	8h	92.925	+0.065%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0263%	1h	92.875	+0.011%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.857	−0.009%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0331%	1h	92.962	+0.105%	$7.5M	$4.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.933	+0.074%	$20.6M	$30.4M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.869	+0.004%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.915	+0.054%	$3.2M	$6.4M	20x	as long as short