HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0338%/8h= −37.1% APRnext payment −$0.42 per $10,000 · paid last 24h −0.079%

Price spread now: dYdX against Hyperliquid+0.024%7-day average −0.045% · you sell dearer than you buy

Net, funding: paid 7d − costs−$89as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$690.693% of the position

Long on Hyperliquid Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.201%−$20 on $10k

Price spread, last 4 days (all we have)−0.107%−$11 · spread now +0.024%, 7d avg −0.045%

Together, before fees−0.309%+ Points / potential airdropHyperliquid: Season 2 · farm board−$31 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.069% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.024% now, against its 7-day average of −0.045%): +$7 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 16 hours. At the pace of the last 7 days (−0.201% in total) that is about 2.4 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.201% in total (about -10.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.42 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	Hyperliquid HYPE	93.796	0.0338	pay 0.0042% / 1h	58m 45s	$2.04B	$666.4M	10x
Short	dYdX HYPE-USD	93.819	0	get 0.0000% / 1h	58m 45s	$128K	$32K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX against Hyperliquid. 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 HyperliquidbpFee dYdXbpOrdersPrice spread, now +0.024%Rate

Funding earned: −$71.08
Price spread: +0.024% → −0.045%: $6.92
Slippage, 4 orders: −$50.29
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$133.45
Costs to cover: 0.693%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; dYdX: live order book, 20 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 Hyperliquid live order book, 5 min ago	0.05 bp	4.6 bp −$5	6.9 bp −$69	doesn't fit	doesn't fit
Sell dYdX live order book, 20 min ago	25.09 bp	30.1 bp −$30	72.2 bp −$722	306.1 bp −$30.6K	1561.5 bp −$780.8K

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
Aftermath Perps HYPEUSD	−0.0489%	1h	93.552	−0.260%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0464%	1h	93.565	−0.246%	$198K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.698	−0.104%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.776	−0.021%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0027%	1h	93.690	−0.113%	$701K	$901K	10x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	93.819	+0.024%	$128K	$32K	5x
Perpl HYPE	0.0000%	43m	93.745	−0.055%	$23K	$330K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.780	−0.017%	$28K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0014%	4h	93.761	−0.037%	$176K	$524K	20x	as long as short
Bybit HYPEUSDT	+0.0019%	8h	93.760	−0.038%	$324.3M	$280.4M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0020%	4h	93.746	−0.054%	$8.9M	$35.7M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	93.753	−0.046%	$215K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	93.790	−0.006%	$91K	$355K	20x	as long as short
Derive HYPE-PERP	+0.0061%	1h	93.704	−0.098%	$16.4M	$6.9M	10x	as long as short
Gate HYPE_USDT	+0.0066%	4h	93.718	−0.083%	$44.2M	$57.7M	75x	as long as short
MEXC HYPE_USDT	+0.0066%	4h	93.772	−0.026%	$90.7M	$80.2M	100x	as long as short
Binance HYPEUSDT	+0.0067%	4h	93.774	−0.023%	$384.9M	$884.8M	75x	as long as short
edgeX HYPEUSDC	+0.0071%	4h	93.562	−0.249%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0078%	8h	93.696	−0.107%	$12.8M	$2.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.807	+0.012%	$18.7M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.752	−0.047%	$3.0M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.749	−0.050%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.727	−0.073%	$399K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.767	−0.031%	$341K	$169K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.730	−0.070%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.769	−0.028%	$5.9M	$44.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.794	−0.002%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.768	−0.030%	$114.7M	$313.7M	50x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.757	−0.042%	$47.2M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.778	−0.019%	$227.4M	$102.3M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.765	−0.033%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.764	−0.034%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.552	−0.260%	$30.9M	$51.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.616	−0.192%	$7.5M	$45.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.565	−0.246%	$416K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.677	−0.127%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.756	−0.043%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.772	−0.026%	$496K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	93.753	−0.046%	$112K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.764	−0.034%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.820	+0.026%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.759	−0.039%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.680	−0.124%	$205K	$7K	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	93.680	−0.124%	$30K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.757	−0.041%	$18.3M	$41.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0120%	8h	93.804	+0.009%	$1.9M	$5.1M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.790	−0.006%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0219%	1h	93.849	+0.057%	$7.4M	$4.5M	50x	as long as short
HTX HYPE-USDT	+0.0219%	4h	93.915	+0.127%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	93.740	−0.059%	$77K	$155K	15x	as long as short
BloFin HYPE-USDT	+0.0267%	4h	93.753	−0.046%	$17.0M	$12.3M	75x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.835	+0.042%	$2.7M	$6.8M	20x	as long as short
Hyperliquid HYPElong	+0.0338%	1h	93.796	long leg	$2.04B	$666.4M	10x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	93.752	−0.047%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0578%	1h	93.876	+0.085%	$21.0M	$28.9M	50x	as long as short