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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
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Alert: spread
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Funding you earn now, next payment 22:00 UTC+0.0002%/8h= +0.2% APRpaid last 24h +0.007%
Price spread now: Deribit against Phemex+0.107%7-day average +0.030% · you sell dearer than you buy
Net, funding: paid 7d − costs−$67as in the Funding arb table
Net, price: spread back to 7d avg − costs−$54as in the Price arb table
costs, in and out, $10k−$610.615% of the position
Long on PhemexShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 7 days−0.055%−$5 on $10k
Price spread, last 3 days (all we have)−0.079%−$8 · spread now +0.107%, 7d avg +0.030%
Together, before fees−0.134%−$13 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.077% dearer against Phemex than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.030%.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongPhemex HYPEUSDT93.5510.0100pay 0.0100% / 8h2h 31m$12.7M$2.6M50x
ShortDeribit HYPE_USDC-PERPETUAL93.6510.0102get 0.0013% / 1h31m 44s$7.4M$4.6M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit 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

Funding earned
$0.42
Price spread: +0.107% → +0.030%
$7.67
Slippage, 4 orders
−$42.48
Fee Phemex: 6 bp × 2 orders
−$12
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
−$53.39
Costs to cover
0.615%
Break-even
896.8 days
Slippage from Phemex: live order book, 2 min ago; Deribit: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Phemex live order book, 2 min ago2.73 bp20.4 bp −$2032.7 bp −$327doesn't fitdoesn't fit
Sell Deribit live order book, 2 min ago3.37 bp9.1 bp −$913.5 bp −$135doesn't fitdoesn't fit

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−0.1080%1h93.498−0.057%$197K$233K7xas long as short
Aftermath Perps HYPEUSD−0.0269%1h93.502−0.052%$22K$22K10xas long as short
Ondo Perps HYPE-USD.P−0.0240%1h93.520−0.033%$701K$941K10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.567+0.017%$3K$33125xas long as short
01 Exchange HYPEUSD−0.0072%1h93.593+0.045%$89K$348K20xas long as short
Bullet HYPE-USD−0.0034%1h93.554+0.003%$112K$583K20xas long as short
dYdX HYPE-USD0.0000%1h93.563+0.013%$127K$32K5xas long as short
Perpl HYPE0.0000%43m93.573+0.023%$23K$337K10xas long as short
Derive HYPE-PERP+0.0001%1h93.510−0.044%$16.4M$7.1M10xas long as short
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0001%1h93.598+0.050%$20K—150xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aster HYPEUSDT+0.0020%4h93.561+0.011%$9.0M$35.8M300xas long as short
Gate HYPE_USDT+0.0034%4h93.547−0.004%$44.1M$56.6M75xas long as short
Bybit HYPEUSDT+0.0037%8h93.546−0.005%$325.9M$287.0M75xas long as short
Phoenix HYPE+0.0068%1h93.549−0.002%$216K$1.2M10xas long as short
Orderly PERP_HYPE_USDC+0.0069%4h93.566+0.016%$179K$530K20xas long as short
Popdex HYPEUSDT+0.0080%1h93.558+0.007%$57K$1.2M50xas long as short
Lighter HYPE+0.0096%1h93.594+0.046%$18.6M$59.5M20xas long as short
Lighter RH HYPE+0.0096%1h93.583+0.034%$3.1M$12.3M20xas long as short
Paradex HYPE-USD-PERP+0.0100%8h93.571+0.022%$340K$170K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.570+0.020%$40K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.561+0.011%$6.0M$44.1M10xas long as short
Hyperliquid HYPE+0.0100%1h93.650+0.106%$2.04B$668.6M10xas long as short
Pacifica HYPE+0.0100%1h93.571+0.021%$10.0M$14.4M20xas long as short
Binance HYPEUSDT+0.0100%4h93.546−0.005%$386.0M$888.1M75xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.540−0.012%$114.9M$315.3M50xas long as short
Arcus HYPE-USD+0.0100%1h93.534−0.018%$1.2M$4.0M10xas long as short
Bulk HYPE-USD+0.0100%1h93.403−0.159%$204K$12K10xas long as short
MEXC HYPE_USDT+0.0100%4h93.547−0.004%$93.5M$82.2M100xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.573+0.024%$46.4M$18.8M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.585+0.036%$227.3M$102.2M75xas long as short
BingX HYPE-USDT+0.0100%4h93.550−0.001%—$54.2M—as long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.590+0.042%$7.9M$11.7M20xas long as short
Variational Omni HYPE+0.0100%8h93.402−0.160%$28.9M$49.8M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.500−0.054%$7.5M$45.1M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.482−0.074%$406K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.585+0.036%$677K$2.4M20xas long as short
Vest HYPE-PERP+0.0100%1h93.595+0.047%—$454K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.593+0.045%$494K$2.6M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.558+0.007%$76K$168K20xas long as short
SunX HYPE-USDT+0.0100%4h93.612+0.065%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.549−0.002%$2.0M$2.0M10xas long as short
Phemex HYPEUSDTlong+0.0100%8h93.551long leg$12.7M$2.6M50x
Deribit HYPE_USDC-PERPETUALshort+0.0102%1h93.651+0.107%$7.4M$4.6M50x
Extended HYPE-USD+0.0104%1h93.535−0.017%$18.4M$41.1M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.577+0.027%$398K$318K20xas long as short
edgeX HYPEUSDC+0.0117%4h93.456−0.102%$5.1M$29.6M30xas long as short
Kalshi KXHYPEPERP+0.0123%8h93.644+0.099%$1.9M$5.3M2.3xas long as short
Coinbase International HYPE-PERP-INTX+0.0208%1h93.610+0.063%$4.9M$5.7M50xas long as short
Reya HYPERUSDPERP+0.0245%1h93.557+0.006%$78K$158K15xas long as short
Injective HYPE/USDC PERP+0.0285%1h93.710+0.170%$30K$231K12xas long as short
HTX HYPE-USDT+0.0335%4h93.732+0.193%$1.5M$7.6M75xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0339% / S −0.0164%1h93.595+0.047%$1.4M—100xas long as short
BloFin HYPE-USDT+0.0340%4h93.559+0.009%$17.1M$12.5M75xas long as short
RISEx HYPE/USDC+0.0467%1h93.623+0.077%$2.7M$6.8M20xas long as short
Kraken Futures PF_HYPEUSD+0.0572%1h93.654+0.110%$19.2M$26.0M50xas long as short