HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0486%/8h= −53.2% APRnext payment −$0.61 per $10,000 · paid last 24h +0.006%

Price spread now: Bluefin against Lighter RH−0.150%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on Lighter RH Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.067%−$7 on $10k

Price spread, last 4 days (all we have)−0.210%−$21 · spread now −0.150%, 7d avg −0.023%

Together, before fees−0.277%+ Points / potential airdropLighter RH: Points live · farm board−$28 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$15 a day on $10k at the current rate, and Bluefin is 0.126% cheaper against Lighter RH than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.067% in total (about -3.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.61 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	Lighter RH HYPE	94.905	0.0096	pay 0.0012% / 1h	47m 31s	$3.2M	$10.2M	20x
Short	Bluefin HYPE-PERP	94.763	−0.0390	pay 0.0049% / 1h	47m 31s	$80K	$150K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Lighter RH. 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 Lighter RHbpFee BluefinbpOrdersPrice spread, now −0.150%Rate

Funding earned: −$102.09
Price spread: −0.150% → −0.023%: −$12.63
Slippage, 4 orders: −$25.39
Fee Lighter RH: 0 bp × 2 orders: $0
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$147.11
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from Lighter RH: live order book, 6 min ago; Bluefin: live order book, 52 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 Lighter RH live order book, 6 min ago	1.05 bp	1.8 bp −$2	4.1 bp −$41	23.6 bp −$2,360	doesn't fit
Sell Bluefin live order book, 52 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	−0.1320%	1h	94.754	−0.159%	$208K	$268K	7x	as long as short
Bluefin HYPE-PERPshort	−0.0390%	1h	94.763	−0.150%	$80K	$150K	20x
Aftermath Perps HYPEUSD	−0.0310%	1h	94.816	−0.094%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0165%	1h	94.853	−0.055%	$112K	$577K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.877	−0.030%	$1.0M	$3.5M	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.913	+0.008%	$89K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.908	+0.003%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0048%	1h	94.900	−0.005%	$715K	$1.3M	10x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.784	−0.128%	$19.3M	$34.5M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.776	−0.136%	$147K	$685K	20x	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	94.913	+0.009%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.763	−0.150%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.773	−0.139%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.880	−0.026%	$95K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.846	−0.062%	$211K	$1.2M	10x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.879	−0.027%	$227.8M	$99.9M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.750	−0.163%	$4.8M	$6.3M	50x	as long as short
Derive HYPE-PERP	+0.0051%	1h	94.682	−0.235%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0054%	8h	94.887	−0.019%	$339K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0059%	1h	94.936	+0.033%	—	$190K	5x	as long as short
OKX HYPE-USDT-SWAP	+0.0062%	8h	94.877	−0.030%	$118.5M	$329.4M	50x	as long as short
SoDEX HYPE-USD	+0.0083%	1h	94.781	−0.131%	$2.1M	$2.0M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.770	−0.142%	$5.0M	$30.8M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.910	+0.005%	$16.3M	$62.2M	20x	as long as short
Lighter RH HYPElong	+0.0096%	1h	94.905	long leg	$3.2M	$10.2M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.891	−0.015%	$147K	$1.3M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.880	−0.026%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.895	−0.011%	$7.3M	$52.6M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.985	+0.084%	$2.09B	$692.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.864	−0.043%	$9.6M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.916	+0.011%	$10.2M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.900	−0.005%	$381.8M	$937.8M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.880	−0.026%	$317.8M	$292.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.690	−0.226%	$221K	$14K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.851	−0.057%	$51.1M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.859	−0.048%	$93.9M	$85.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.850	−0.058%	$47.3M	$19.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.863	−0.044%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.779	−0.133%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.809	−0.101%	$30.0M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.757	−0.156%	$7.7M	$44.7M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.688	−0.229%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.762	−0.151%	$695K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.936	+0.033%	$501K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.916	+0.012%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.882	−0.024%	$1.4M	$6.9M	75x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	94.821	−0.089%	$12.9M	$2.9M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.844	−0.064%	$18.5M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.884	−0.022%	$401K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.782	−0.130%	$3.1M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.279%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0246%	1h	94.900	−0.005%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.827	−0.082%	$83K	$115K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.836	−0.073%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.724	−0.191%	$17.2M	$12.4M	75x	as long as short