HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0074%/8h= +8.1% APRnext payment +$0.09 per $10,000 · paid last 24h +0.003%

Price spread now: Bluefin against Phoenix+0.571%67s7-day average −0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$80as 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−$430.433% of the position

Long on Phoenix Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.365%−$36 on $10k

Price spread, last 4 days (all we have)−0.637%−$64 · spread now +0.571%, 7d avg −0.086%

Together, before fees−1.002%−$100 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bluefin is 0.657% dearer against Phoenix than usual: you sell high and buy low: +$66 more if the spread goes back to its 7-day average of −0.086%. Mind the row above: over the last 7 days funding on this pair cost −0.365%, so the current rate has only just turned in your favour. The two prices were read 67 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	Phoenix HYPE	93.624	0.0026	pay 0.0003% / 1h	18m 25s	$208K	$1.2M	10x
Short	Bluefin HYPE-PERP	94.159	0.0100	get 0.0013% / 1h	18m 25s	$80K	$165K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Phoenix. 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 PhoenixbpFee BluefinbpOrdersPrice spread, now +0.571%Rate

Funding earned: $15.61
Price spread: +0.571% → −0.086%: $65.7
Slippage, 4 orders: −$29.3
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: $38.01
Costs to cover: 0.433%
Break-even: from the start

Slippage from Phoenix: live order book, 5 min ago; Bluefin: live order book, 31 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 Phoenix live order book, 5 min ago	1.07 bp	5.6 bp −$6	10.5 bp −$105	doesn't fit	doesn't fit
Sell Bluefin live order book, 31 min ago	3.36 bp	15.8 bp −$16	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	−0.1376%	1h	93.862	+0.254%	$199K	$239K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0415%	1h	93.610	−0.015%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.007	+0.409%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0035%	1h	94.114	+0.523%	$112K	$580K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0018%	4h	94.120	+0.530%	$147K	$674K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.993	+0.394%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	94.049	+0.454%	$88K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	94.054	+0.459%	$23K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	94.160	+0.573%	$63K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.989	+0.390%	$1.0M	$3.9M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget HYPEUSDT	+0.0016%	4h	94.042	+0.446%	$227.0M	$99.0M	75x	as long as short
Bybit HYPEUSDT	+0.0020%	8h	94.130	+0.540%	$319.4M	$283.6M	75x	as long as short
Phoenix HYPElong	+0.0026%	1h	93.624	long leg	$208K	$1.2M	10x
Phemex HYPEUSDT	+0.0031%	8h	93.952	+0.350%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0049%	1h	93.930	+0.327%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.626	+0.002%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	94.061	+0.467%	$342K	$158K	20x	as long as short
Lighter HYPE	+0.0096%	1h	94.052	+0.457%	$16.3M	$63.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.050	+0.455%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.023	+0.426%	$71K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.020	+0.423%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.007	+0.409%	$7.8M	$48.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.110	+0.519%	$2.06B	$672.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.140	+0.552%	$8.8M	$36.5M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.058	+0.464%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.128	+0.539%	$377.9M	$917.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.160	+0.573%	$116.0M	$314.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.284%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.108	+0.517%	$47.4M	$54.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.080	+0.487%	$90.6M	$81.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.016	+0.419%	$46.5M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.134	+0.545%	—	$53.5M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.021	+0.424%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	+0.080%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.275	−0.373%	$7.5M	$47.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.227	−0.424%	$342K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.924	+0.320%	$672K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.082	+0.489%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.046	+0.451%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERPshort	+0.0100%	1h	94.159	+0.571%	$80K	$165K	20x
Derive HYPE-PERP	+0.0100%	1h	93.933	+0.330%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.003	+0.405%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.944	+0.342%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.100	+0.508%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.983	+0.383%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.948	+0.346%	$397K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0119%	8h	93.986	+0.387%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	94.080	+0.487%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.950	+0.348%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	94.041	+0.446%	$80K	$127K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0293%	1h	94.028	+0.432%	$7.5M	$4.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	94.127	+0.538%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0339%	1h	94.012	+0.415%	$21.0M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.930	+0.327%	$16.9M	$12.0M	75x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.085	+0.492%	$3.2M	$6.3M	20x	as long as short