HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0381%/8h= −41.8% APRnext payment −$0.48 per $10,000 · paid last 24h +0.040%

Price spread now: Bluefin against gTrade (Gains Network)−0.058%7-day average −0.014% · 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−$302as in the Price arb table

costs, in and out, $10k−$2982.977% of the position

Long on gTrade (Gains Network)Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.054%+$5 on $10k

Price spread, last 4 days (all we have)−0.032%−$3 · spread now −0.058%, 7d avg −0.014%

Together, before fees+0.022%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Bluefin is 0.043% cheaper against gTrade (Gains Network) than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.014%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.054%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.054% in total (about 5.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.48 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	gTrade (Gains Network) HYPE/USD	94.285	L +0.0002% / S 0.0000%	pay 0.0000% / 1h	38m 11s	$123K	—	150x
Short	Bluefin HYPE-PERP	94.231	−0.0380	pay 0.0047% / 1h	38m 11s	$80K	$154K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against gTrade (Gains Network). 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 gTrade (Gains Network)bpFee BluefinbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$80.11
Price spread: −0.058% → −0.014%: −$4.32
Slippage, 4 orders: −$280.66
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$382.1
Costs to cover: 2.977%
Break-even: never at this rate

Slippage from gTrade (Gains Network): virtual book (oracle venue), 31 min ago; Bluefin: 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 gTrade (Gains Network) virtual book (oracle venue), 31 min ago	130.01 bp	135.0 bp −$135	135.0 bp −$1,350	731.2 bp −$73.1K	7341.5 bp −$3.67M
Sell Bluefin live order book, 1 min ago	1.75 bp	13.6 bp −$14	doesn't fit	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
Hibachi HYPE/USDT-P	−0.1576%	1h	94.099	−0.198%	$201K	$253K	7x	as long as short
Bluefin HYPE-PERPshort	−0.0380%	1h	94.231	−0.058%	$80K	$154K	20x
Ondo Perps HYPE-USD.P	−0.0210%	1h	94.210	−0.080%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0191%	1h	94.264	−0.023%	$112K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0143%	1h	94.418	+0.141%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.310	+0.026%	$86K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.328	+0.045%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.300	+0.015%	$1.0M	$3.6M	10x	as long as short
Derive HYPE-PERP	−0.0030%	1h	94.212	−0.078%	$16.5M	$7.5M	10x	as long as short
Bybit HYPEUSDT	−0.0015%	8h	94.194	−0.097%	$316.8M	$289.1M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0001%	4h	94.231	−0.058%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.308	+0.024%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.378	+0.098%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.440	+0.164%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.271	−0.016%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USDlong	L +0.0002% / S 0.0000%	1h	94.285	long leg	$123K	—	150x
Bitget HYPEUSDT	+0.0038%	4h	94.185	−0.106%	$226.4M	$99.7M	75x	as long as short
Lighter HYPE	+0.0040%	1h	94.227	−0.062%	$16.3M	$64.1M	20x	as long as short
Phemex HYPEUSDT	+0.0042%	8h	94.269	−0.017%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0052%	8h	94.355	+0.074%	$337K	$156K	20x	as long as short
Polymarket Perps HYPE-USD	+0.0057%	1h	94.311	+0.027%	$495K	$2.8M	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.360	+0.079%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0080%	8h	94.201	−0.090%	$117.5M	$324.1M	50x	as long as short
edgeX HYPEUSDC	+0.0093%	4h	94.370	+0.090%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.231	−0.058%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.286	+0.001%	$81K	$1.2M	50x	as long as short
SoDEX HYPE-USD	+0.0097%	1h	94.245	−0.043%	$2.1M	$1.9M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.320	+0.037%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.245	−0.043%	$7.0M	$52.2M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.329	+0.046%	$2.07B	$688.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.242	−0.046%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.357	+0.076%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.226	−0.063%	$377.6M	$933.9M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	−0.006%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.200	−0.091%	$49.7M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.213	−0.077%	$90.6M	$82.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.232	−0.057%	$46.7M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.207	−0.083%	—	$53.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.191	−0.100%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.327	+0.044%	$29.5M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.408	+0.130%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.340	+0.058%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.325	+0.042%	$682K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.263	−0.024%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.400	+0.122%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.360	+0.079%	—	$190K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.219	−0.071%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.252	−0.036%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.306	+0.022%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.280	−0.006%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0206%	1h	94.349	+0.067%	$7.4M	$4.3M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.280	−0.006%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.332	+0.049%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.236	−0.052%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.373	+0.093%	$17.1M	$12.4M	75x	as long as short