HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0018%/8h= −2.0% APRnext payment −$0.18 per $10,000 · paid last 24h −0.012%

Price spread now: Bybit against Phemex−0.065%7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$520.524% of the position

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.068%−$7 on $10k

Price spread, last 3 days (all we have)+0.094%+$9 · spread now −0.065%, 7d avg −0.035%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.030% cheaper against Phemex than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.035%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex HYPEUSDT	93.901	0.0037	pay 0.0037% / 8h	6m 31s	$12.8M	$2.6M	50x
Short	Bybit HYPEUSDT	93.840	0.0019	get 0.0019% / 8h	6m 31s	$322.9M	$283.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$3.77
Price spread: −0.065% → −0.035%: −$2.99
Slippage, 4 orders: −$29.43
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$59.19
Costs to cover: 0.524%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Bybit: live order book, 3 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 Phemex live order book, 2 min ago	3.30 bp	19.0 bp −$19	37.4 bp −$374	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.53 bp	6.0 bp −$6	8.2 bp −$82	17.9 bp −$1,790	41.5 bp −$20.7K

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	93.960	+0.063%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0379%	1h	93.902	+0.001%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.759	−0.151%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0122%	1h	93.750	−0.161%	$704K	$916K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.840	−0.065%	$86K	$368K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.872	−0.031%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0004%	4h	93.877	−0.026%	$170K	$593K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.941	+0.043%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.862	−0.042%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.893	−0.008%	$27K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0003%	1h	93.811	−0.096%	$16.4M	$7.2M	10x	as long as short
Phoenix HYPE	+0.0009%	1h	93.978	+0.082%	$217K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0016%	4h	93.863	−0.041%	$8.9M	$36.1M	300x	as long as short
Bybit HYPEUSDTshort	+0.0019%	8h	93.840	−0.065%	$322.9M	$283.9M	75x
Phemex HYPEUSDTlong	+0.0037%	8h	93.901	long leg	$12.8M	$2.6M	50x
Binance HYPEUSDT	+0.0050%	4h	93.850	−0.054%	$383.6M	$898.2M	75x	as long as short
MEXC HYPE_USDT	+0.0052%	4h	93.848	−0.056%	$88.3M	$82.3M	100x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.851	−0.053%	$60K	$1.2M	50x	as long as short
Gate HYPE_USDT	+0.0068%	4h	93.846	−0.059%	$44.1M	$60.0M	75x	as long as short
edgeX HYPEUSDC	+0.0070%	4h	93.898	−0.003%	$5.1M	$29.7M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	93.827	−0.079%	$115.8M	$322.4M	50x	as long as short
Bullet HYPE-USD	+0.0094%	1h	93.867	−0.036%	$112K	$578K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.908	+0.008%	$18.9M	$60.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.866	−0.037%	$3.0M	$12.3M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.877	−0.026%	$399K	$318K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.860	−0.044%	$38K	$1.6M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.886	−0.016%	$341K	$171K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.849	−0.056%	$5.7M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.968	+0.071%	$2.04B	$679.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.871	−0.032%	$10.1M	$14.5M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.889	−0.013%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.845	−0.060%	$46.5M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.839	−0.066%	$227.2M	$102.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.854	−0.050%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.912	+0.012%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.811	−0.095%	$31.2M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.967	+0.070%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.874	−0.029%	$364K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.906	+0.005%	$679K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.879	−0.023%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.867	−0.036%	$471K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.861	−0.043%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.865	−0.038%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.870	−0.033%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.542%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.840	−0.065%	$18.3M	$42.8M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.940	+0.042%	$4.9M	$5.7M	50x	as long as short
Kalshi KXHYPEPERP	+0.0156%	8h	93.887	−0.015%	$1.9M	$5.0M	2.3x	as long as short
HTX HYPE-USDT	+0.0191%	4h	94.050	+0.159%	$1.5M	$7.8M	75x	as long as short
BloFin HYPE-USDT	+0.0210%	4h	93.870	−0.033%	$17.0M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0250%	1h	93.819	−0.088%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.903	+0.003%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0314%	1h	93.968	+0.071%	$7.5M	$4.6M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0163%	1h	93.896	−0.006%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0577%	1h	93.987	+0.091%	$21.0M	$29.5M	50x	as long as short