HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0057%/8h= −6.2% APRnext payment −$0.07 per $10,000 · paid last 24h −0.025%

Price spread now: Phoenix against Hyperliquid−0.365%101s7-day average +0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as 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−$200.202% of the position

Long on Hyperliquid Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.187%+$19 on $10k

Price spread, last 7 days+0.496%+$50 · spread now −0.365%, 7d avg +0.092%

Together, before fees+0.684%+ Points / potential airdropHyperliquid: Season 2 · farm board+$68 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.457% cheaper against Hyperliquid than usual: you would sell low and buy high (−$46 if the spread goes back to its 7-day average of +0.092%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.187%, so the current rate has only just turned against you. The two prices were read 101 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	Hyperliquid HYPE	92.616	0.0100	pay 0.0013% / 1h	31m 37s	$2.01B	$665.7M	10x
Short	Phoenix HYPE	92.278	0.0043	get 0.0005% / 1h	31m 37s	$209K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.365%Rate

Funding earned: −$11.93
Price spread: −0.365% → +0.092%: −$45.71
Slippage, 4 orders: −$4.25
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$77.9
Costs to cover: 0.202%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 13 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 Hyperliquid live order book, 13 min ago	0.05 bp	4.7 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 1 min ago	1.08 bp	5.5 bp −$6	9.4 bp −$94	140.4 bp −$14.0K	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	92.530	−0.093%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0304%	1h	92.464	−0.164%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0184%	1h	92.363	−0.273%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.545	−0.077%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0067%	4h	92.521	−0.103%	$157K	$663K	20x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	92.645	+0.031%	$87K	$356K	20x	as long as short
Bullet HYPE-USD	−0.0012%	1h	92.552	−0.069%	$111K	$580K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0001%	1h	92.480	−0.147%	$696K	$1.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.615	−0.001%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.522	−0.102%	$22K	$309K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.560	−0.060%	$62K	—	150x	as long as short
Aster HYPEUSDT	+0.0018%	4h	92.622	+0.006%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0035%	4h	92.611	−0.005%	—	$53.3M	—	as long as short
Phoenix HYPEshort	+0.0043%	1h	92.278	−0.365%	$209K	$1.2M	10x
Phemex HYPEUSDT	+0.0046%	8h	92.542	−0.080%	$12.5M	$2.7M	50x	as long as short
Bybit HYPEUSDT	+0.0054%	8h	92.596	−0.022%	$316.4M	$281.8M	75x	as long as short
Gate HYPE_USDT	+0.0070%	4h	92.611	−0.005%	$44.4M	$55.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0082%	8h	92.608	−0.009%	$113.4M	$304.0M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.654	+0.041%	$339K	$163K	20x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	92.615	−0.001%	$87.5M	$80.7M	100x	as long as short
Lighter HYPE	+0.0096%	1h	92.623	+0.008%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.633	+0.018%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.605	−0.012%	$69K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.570	−0.050%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.612	−0.004%	$6.8M	$44.2M	10x	as long as short
Hyperliquid HYPElong	+0.0100%	1h	92.616	long leg	$2.01B	$665.7M	10x
Pacifica HYPE	+0.0100%	1h	92.648	+0.035%	$10.0M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.618	+0.002%	$371.3M	$903.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.343%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.617	+0.001%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.601	−0.016%	$224.6M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.548	−0.073%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.139	−0.515%	$28.2M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.290	−0.352%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.436	−0.194%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.553	−0.068%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.564	−0.056%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.560	−0.060%	$476K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.520	−0.104%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.534	−0.089%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.534	−0.089%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.553	−0.068%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.679	+0.068%	$1.4M	$6.2M	75x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	92.227	−0.420%	$4.9M	$29.6M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.593	−0.025%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.548	−0.074%	$391K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	92.380	−0.255%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.540	−0.082%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0249%	8h	92.588	−0.030%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.536	−0.086%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.560	−0.060%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0330%	4h	92.477	−0.150%	$16.7M	$11.5M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.600	−0.018%	$20.5M	$30.5M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0409%	1h	92.635	+0.021%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.676	+0.065%	$3.1M	$6.4M	20x	as long as short