HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1579%/8h= +172.9% APRnext payment +$1.97 per $10,000 · paid last 24h +0.314%

Price spread now: Deribit against Hibachi+0.281%7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs+$100as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$710.713% of the position

Long on Hibachi Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+1.712%+$171 on $10k

Price spread, last 4 days (all we have)−0.141%−$14 · spread now +0.281%, 7d avg +0.125%

Together, before fees+1.570%+ Points / potential airdropHibachi: Active · farm board+$157 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$47 a day on $10k at the current rate, and Deribit is 0.156% dearer against Hibachi than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.125%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	94.196	−0.1480	get 0.0185% / 1h	40m 26s	$201K	$250K	7x
Short	Deribit HYPE_USDC-PERPETUAL	94.461	0.0099	get 0.0012% / 1h	40m 26s	$7.4M	$4.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Hibachi. 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 HibachibpFee DeribitbpOrdersPrice spread, now +0.281%Rate

Funding earned: $331.59
Price spread: +0.281% → +0.125%: $15.64
Slippage, 4 orders: −$55.31
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $275.92
Costs to cover: 0.713%
Break-even: 1.2 days

Slippage from Hibachi: live order book, 63 min ago; Deribit: live order book, 4 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 Hibachi live order book, 63 min ago	18.66 bp	33.9 bp −$34	53.7 bp −$537	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	0.11 bp	6.6 bp −$7	10.9 bp −$109	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-Plong	−0.1480%	1h	94.196	long leg	$201K	$250K	7x
Bluefin HYPE-PERP	−0.0370%	1h	94.339	+0.151%	$80K	$154K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0177%	1h	94.350	+0.163%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0171%	1h	94.385	+0.200%	$112K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0130%	1h	94.471	+0.291%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.383	+0.198%	$87K	$366K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.398	+0.214%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.361	+0.175%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0014%	8h	94.357	+0.171%	$317.3M	$289.3M	75x	as long as short
Derive HYPE-PERP	−0.0008%	1h	94.317	+0.129%	$16.5M	$7.5M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.413	+0.230%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.537	+0.362%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.440	+0.259%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.423	+0.241%	$19K	$287K	10x	as long as short
Orderly PERP_HYPE_USDC	0.0000%	4h	94.347	+0.160%	$146K	$685K	20x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.410	+0.227%	$123K	—	150x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.378	+0.193%	$226.9M	$99.7M	75x	as long as short
Phemex HYPEUSDT	+0.0043%	8h	94.365	+0.179%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0054%	8h	94.412	+0.228%	$337K	$156K	20x	as long as short
Lighter HYPE	+0.0064%	1h	94.393	+0.209%	$16.3M	$64.0M	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.460	+0.280%	$4.7M	$6.2M	50x	as long as short
Polymarket Perps HYPE-USD	+0.0072%	1h	94.394	+0.210%	$495K	$2.8M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0081%	8h	94.370	+0.184%	$117.7M	$324.7M	50x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.428	+0.246%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.393	+0.209%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.366	+0.180%	$81K	$1.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0099%	1h	94.461	+0.281%	$7.4M	$4.3M	50x
Katana Perps HYPE-USD	+0.0100%	8h	94.380	+0.195%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.391	+0.206%	$7.4M	$52.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.498	+0.320%	$2.08B	$690.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.388	+0.203%	$8.8M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.412	+0.229%	$10.2M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.385	+0.201%	$378.2M	$934.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.332	+0.144%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.376	+0.191%	$49.7M	$56.4M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.384	+0.199%	$90.5M	$82.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.377	+0.192%	$46.8M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.373	+0.188%	—	$53.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.391	+0.207%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.327	+0.138%	$29.5M	$54.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.461	+0.281%	$7.6M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.450	+0.269%	$369K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.414	+0.231%	$683K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.438	+0.257%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.366	+0.180%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.572	+0.399%	$1.4M	$6.8M	75x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.457	+0.277%	—	$190K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.340	+0.152%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.372	+0.187%	$399K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.427	+0.245%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.400	+0.216%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.434	+0.252%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.398	+0.215%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.347	+0.160%	$84K	$124K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.388	+0.203%	$17.1M	$12.4M	75x	as long as short