HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0287%/8h= +31.4% APRnext payment +$0.36 per $10,000 · paid last 24h −0.045%

Price spread now: Deribit against GMX+0.075%54s7-day average +0.029% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on GMX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.186%−$19 on $10k

Price spread, last 3 days (all we have)−0.112%−$11 · spread now +0.075%, 7d avg +0.029%

Together, before fees−0.297%−$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Deribit is 0.047% dearer against GMX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.029%. Mind the row above: over the last 3 days funding on this pair cost −0.186%, so the current rate has only just turned in your favour. The two prices were read 54 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	GMX HYPE/USD [WBTC.b-USDC]	94.094	L +0.0335% / S −0.0156%	pay 0.0042% / 1h	14m 21s	$1.4M	—	100x
Short	Deribit HYPE_USDC-PERPETUAL	94.165	0.0622	get 0.0078% / 1h	14m 21s	$7.5M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against GMX. 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 GMXbpFee DeribitbpOrdersPrice spread, now +0.075%Rate

Funding earned: $60.26
Price spread: +0.075% → +0.029%: $4.66
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $45.92
Costs to cover: 0.190%
Break-even: 1.7 days

Slippage unknown: GMX: no order-book sample; Deribit: 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 GMX no order-book sample	—	—	—	—	—
Sell Deribit live order book, 5 min ago	1.76 bp	9.8 bp −$10	14.4 bp −$144	doesn't fit	doesn't fit

GMX: 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	−0.1240%	1h	93.973	−0.129%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	93.958	−0.145%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0203%	1h	93.924	−0.180%	$22K	$21K	10x	as long as short
Phemex HYPEUSDT	−0.0123%	8h	94.039	−0.059%	$12.8M	$2.6M	50x	as long as short
Ondo Perps HYPE-USD.P	−0.0116%	1h	94.010	−0.089%	$708K	$960K	10x	as long as short
dYdX HYPE-USD	−0.0099%	1h	94.086	−0.009%	$129K	$31K	5x	as long as short
01 Exchange HYPEUSD	−0.0088%	1h	94.079	−0.016%	$85K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.066	−0.030%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0071%	1h	94.050	−0.047%	$113K	$581K	20x	as long as short
Gate HYPE_USDT	−0.0034%	4h	94.065	−0.031%	$44.5M	$60.2M	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	−0.0027%	4h	94.066	−0.030%	$160K	$646K	20x	as long as short
Bybit HYPEUSDT	−0.0011%	8h	94.079	−0.016%	$323.8M	$280.4M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.082	−0.013%	$23K	$326K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.099	+0.005%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	94.086	−0.009%	$8.9M	$36.1M	300x	as long as short
Derive HYPE-PERP	+0.0017%	1h	93.989	−0.111%	$16.4M	$7.3M	10x	as long as short
Phoenix HYPE	+0.0034%	1h	93.678	−0.442%	$218K	$1.2M	10x	as long as short
MEXC HYPE_USDT	+0.0044%	4h	94.078	−0.017%	$88.7M	$83.2M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.110	+0.017%	$383.9M	$895.3M	75x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.602	−0.523%	$5.1M	$30.1M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0075%	8h	94.106	+0.013%	$116.3M	$316.8M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	94.049	−0.048%	$400K	$180K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.101	+0.007%	$19.1M	$60.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.085	−0.010%	$3.0M	$12.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.072	−0.024%	$65K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.112	+0.018%	$342K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.080	−0.015%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.068	−0.027%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.113	+0.020%	$2.05B	$676.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.103	+0.009%	$10.2M	$14.6M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.528	−0.601%	$204K	$12K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.069	−0.027%	$46.7M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.070	−0.026%	$227.9M	$101.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.084	−0.011%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.064	−0.032%	$7.7M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.810	−0.302%	$31.4M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.614	−0.510%	$7.5M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.656	−0.466%	$339K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.843	−0.267%	$670K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.085	−0.010%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.100	+0.006%	$475K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.104	+0.010%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.142	+0.051%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.076	−0.019%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.036	−0.062%	$18.4M	$45.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.060	−0.036%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0181%	4h	94.072	−0.024%	$17.1M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.421%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.110	+0.017%	$2.7M	$6.8M	20x	as long as short
Kalshi KXHYPEPERP	+0.0227%	8h	94.094	0.000%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0252%	1h	94.059	−0.037%	$79K	$143K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]long	L +0.0335% / S −0.0156%	1h	94.094	long leg	$1.4M	—	100x
HTX HYPE-USDT	+0.0379%	4h	94.200	+0.112%	$1.5M	$6.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0622%	1h	94.165	+0.075%	$7.5M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0671%	1h	94.160	+0.070%	$21.0M	$29.8M	50x	as long as short