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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 05:00 UTC+0.0522%/8h= +57.2% APRnext payment +$0.65 per $10,000 · paid last 24h +0.068%
Price spread now: Deribit against Ondo Perps+0.209%7-day average +0.127% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on Ondo PerpsShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 7 days+0.112%+$11 on $10k
Price spread, last 4 days (all we have)−0.125%−$13 · spread now +0.209%, 7d avg +0.127%
Together, before fees−0.013%+ Points / potential airdropOndo Perps: Active · farm board−$1 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Deribit is 0.082% dearer against Ondo Perps than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.127%.
The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.112% in total (about 5.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.65 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongOndo Perps HYPE-USD.P92.9700.0001pay 0.0000% / 1h11m 01s$700K$1.1M10x
ShortDeribit HYPE_USDC-PERPETUAL93.1640.0523get 0.0065% / 1h11m 01s$7.5M$4.5M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against Ondo Perps. Falling: the short leg gains. Rising: it loses.
latest
Price spreadloading…

Funding on every exchange

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latest
How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Funding earned
$109.66
Price spread: +0.209% → +0.127%
$8.19
Slippage, 4 orders
no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders
−$5
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$105.85
Costs to cover
0.120%
Break-even
0.2 days
Slippage unknown: Ondo Perps: no order-book sample; Deribit: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Ondo Perps no order-book sample—————
Sell Deribit live order book, 3 min ago2.63 bp6.8 bp −$712.6 bp −$126doesn't fitdoesn't fit
Ondo Perps: 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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1808%1h93.008+0.041%$194K$231K7xas long as short
Aftermath Perps HYPEUSD−0.0321%1h93.016+0.049%$22K$21K10xas long as short
Arcus HYPE-USD−0.0194%1h93.045+0.081%$1.1M$3.9M10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.053+0.089%$3K$33125xas long as short
Orderly PERP_HYPE_USDC−0.0052%4h93.043+0.079%$146K$671K20xas long as short
dYdX HYPE-USD0.0000%1h93.075+0.113%$128K$29K5xas long as short
Perpl HYPE0.0000%43m93.060+0.097%$22K$293K10xas long as short
Ondo Perps HYPE-USD.Plong+0.0001%1h92.970long leg$700K$1.1M10x
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0002%1h93.100+0.140%$62K—150xas long as short
Bullet HYPE-USD+0.0007%1h93.065+0.102%$111K$578K20xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
01 Exchange HYPEUSD+0.0016%1h93.108+0.148%$87K$365K20xas long as short
Phoenix HYPE+0.0026%1h93.056+0.093%$208K$1.2M10xas long as short
Bybit HYPEUSDT+0.0027%8h93.052+0.088%$317.4M$284.4M75xas long as short
Phemex HYPEUSDT+0.0028%8h93.033+0.068%$12.6M$2.7M50xas long as short
Bitget HYPEUSDT+0.0036%4h93.064+0.101%$225.1M$98.8M75xas long as short
Popdex HYPEUSDT+0.0048%1h93.081+0.119%$76K$1.1M50xas long as short
Gate HYPE_USDT+0.0058%4h93.053+0.089%$45.5M$54.7M75xas long as short
Paradex HYPE-USD-PERP+0.0096%8h93.109+0.150%$339K$162K20xas long as short
Lighter HYPE+0.0096%1h93.076+0.114%$16.0M$62.9M20xas long as short
Lighter RH HYPE+0.0096%1h93.085+0.124%$3.1M$11.6M20xas long as short
edgeX HYPEUSDC+0.0099%4h93.100+0.140%$4.9M$29.7M30xas long as short
Katana Perps HYPE-USD+0.0099%8h93.070+0.108%$28K$1.7M10xas long as short
Nado HYPE-PERP+0.0100%1h93.037+0.073%$6.8M$46.5M10xas long as short
Hyperliquid HYPE+0.0100%1h93.114+0.155%$2.03B$670.0M10xas long as short
Aster HYPEUSDT+0.0100%4h93.067+0.104%$8.7M$36.4M300xas long as short
Pacifica HYPE+0.0100%1h93.103+0.143%$10.0M$15.2M20xas long as short
Binance HYPEUSDT+0.0100%4h93.070+0.107%$373.6M$909.9M75xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.079+0.117%$114.0M$305.3M50xas long as short
Bulk HYPE-USD+0.0100%1h93.125+0.167%$203K$3K10xas long as short
MEXC HYPE_USDT+0.0100%4h93.067+0.104%$91.5M$81.4M100xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.061+0.098%$46.1M$18.5M75xas long as short
BingX HYPE-USDT+0.0100%4h93.065+0.102%—$53.9M—as long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.096+0.136%$7.3M$11.2M20xas long as short
Variational Omni HYPE+0.0100%8h93.028+0.062%$28.6M$56.7M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.156+0.200%$7.5M$46.8M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.126+0.168%$342K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.097+0.137%$665K$2.9M20xas long as short
Vest HYPE-PERP+0.0100%1h93.120+0.161%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.106+0.146%$488K$2.7M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.077+0.115%$79K$167K20xas long as short
Derive HYPE-PERP+0.0100%1h93.052+0.089%$16.0M$7.5M10xas long as short
SunX HYPE-USDT+0.0100%4h93.140+0.183%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.069+0.106%$2.0M$2.0M10xas long as short
HTX HYPE-USDT+0.0100%4h93.228+0.278%$1.4M$6.3M75xas long as short
Extended HYPE-USD+0.0104%1h93.039+0.074%$18.1M$43.5M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.070+0.108%$393K$164K20xas long as short
Kalshi KXHYPEPERP+0.0117%8h93.139+0.182%$1.8M$5.5M2.3xas long as short
Coinbase International HYPE-PERP-INTX+0.0144%1h93.120+0.161%$4.7M$5.6M50xas long as short
Kraken Futures PF_HYPEUSD+0.0196%1h93.136+0.179%$20.7M$29.4M50xas long as short
Injective HYPE/USDC PERP+0.0242%1h93.410+0.473%$30K$339K12xas long as short
Reya HYPERUSDPERP+0.0266%1h93.085+0.123%$79K$131K15xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0331% / S −0.0154%1h93.094+0.134%$1.4M—100xas long as short
BloFin HYPE-USDT+0.0340%4h93.074+0.112%$16.8M$11.8M75xas long as short
Deribit HYPE_USDC-PERPETUALshort+0.0523%1h93.164+0.209%$7.5M$4.5M50x
RISEx HYPE/USDC+0.0598%1h93.141+0.184%$3.2M$6.3M20xas long as short