Funding you earn now, next payment 21:00 UTC+0.0174%/8h= +19.0% APRnext payment +$0.22 per $10,000 · paid last 24h −0.011%
Price spread now: Deribit against Phoenix+0.093%7-day average −0.040% · you sell dearer than you buy
Net, funding: paid 7d − costs−$55as in the Funding arb table
Net, price: spread back to 7d avg − costs−$10as in the Price arb table
costs, in and out, $10k−$230.230% of the position
Funding, last 7 days−0.318%−$32 on $10k
+Price spread, last 3 days (all we have)−0.239%−$24 · spread now +0.093%, 7d avg −0.040%
=Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Deribit is 0.133% dearer against Phoenix than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.040%. Mind the row above: over the last 7 days funding on this pair cost −0.318%, so the current rate has only just turned in your favour.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix HYPE | 93.408 | 0.0068 | pay 0.0009% / 1h | 44m 55s | $216K | $1.2M | 10x |
| Short | Deribit HYPE_USDC-PERPETUAL | 93.495 | 0.0242 | get 0.0030% / 1h | 44m 55s | $7.4M | $4.6M | 50x |
Phoenix HYPE
Deribit HYPE_USDC-PERPETUALFunding history
latest
Range statsloading…
Price spread between the two exchanges
Deribit against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- $36.44
- Price spread: +0.093% → −0.040%
- $13.3
- Slippage, 4 orders
- −$8.95
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Deribit: 3.5 bp × 2 orders
- −$7
- Net
- $26.79
- Costs to cover
- 0.230%
- Break-even
- 1.9 days
Slippage from Phoenix: live order book, 3 min ago; Deribit: live order book, 4 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, 3 min ago | 1.07 bp | 5.4 bp −$5 | 9.9 bp −$99 | doesn't fit | doesn't fit |
| Sell Deribit live order book, 4 min ago | 0.21 bp | 7.6 bp −$8 | 13.8 bp −$138 | 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 | −0.1240% | 1h | 93.386 | −0.023% | $197K | $233K | 7x | as long as short |
| Ondo Perps HYPE-USD.P | −0.0202% | 1h | 93.330 | −0.084% | $701K | $943K | 10x | as long as short |
| Aftermath Perps HYPEUSD | −0.0188% | 1h | 93.399 | −0.010% | $22K | $22K | 10x | as long as short |
| 01 Exchange HYPEUSD | −0.0080% | 1h | 93.422 | +0.015% | $89K | $345K | 20x | as long as short |
| Hotstuff HYPE-PERP | −0.0080% | 1h | 93.423 | +0.016% | $3K | $331 | 25x | as long as short |
| dYdX HYPE-USD | 0.0000% | 1h | 93.504 | +0.102% | $127K | $33K | 5x | as long as short |
| Kalshi KXHYPEPERP | 0.0000% | 8h | 93.504 | +0.103% | $1.9M | $5.4M | 2.3x | as long as short |
| Perpl HYPE | 0.0000% | 43m | 93.434 | +0.028% | $23K | $343K | 10x | as long as short |
| gTrade (Gains Network) HYPE/USD | L +0.0002% / S −0.0001% | 1h | 93.430 | +0.024% | $19K | — | 150x | as long as short |
| Aster HYPEUSDT | +0.0012% | 4h | 93.413 | +0.005% | $8.9M | $36.1M | 300x | as long as short |
Hibachi HYPE/USDT-P
Ondo Perps HYPE-USD.P
Aftermath Perps HYPEUSD
01 Exchange HYPEUSD
Hotstuff HYPE-PERP
dYdX HYPE-USD
Kalshi KXHYPEPERP
Perpl HYPE
gTrade (Gains Network) HYPE/USD
Aster HYPEUSDTShow all 55 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Derive HYPE-PERP | +0.0017% | 1h | 93.351 | −0.061% | $16.4M | $7.1M | 10x | as long as short |
| Bullet HYPE-USD | +0.0019% | 1h | 93.411 | +0.003% | $113K | $583K | 20x | as long as short |
| Gate HYPE_USDT | +0.0022% | 4h | 93.390 | −0.019% | $44.2M | $56.3M | 75x | as long as short |
| Bybit HYPEUSDT | +0.0039% | 8h | 93.370 | −0.041% | $325.2M | $287.9M | 75x | as long as short |
| Phoenix HYPElong | +0.0068% | 1h | 93.408 | long leg | $216K | $1.2M | 10x | |
| Orderly PERP_HYPE_USDC | +0.0075% | 4h | 93.419 | +0.012% | $180K | $536K | 20x | as long as short |
| Lighter HYPE | +0.0096% | 1h | 93.435 | +0.029% | $18.5M | $59.4M | 20x | as long as short |
| Lighter RH HYPE | +0.0096% | 1h | 93.413 | +0.005% | $3.1M | $12.3M | 20x | as long as short |
| Popdex HYPEUSDT | +0.0096% | 1h | 93.397 | −0.012% | $56K | $1.2M | 50x | as long as short |
| Katana Perps HYPE-USD | +0.0100% | 8h | 93.440 | +0.034% | $40K | $1.7M | 10x | as long as short |
| Nado HYPE-PERP | +0.0100% | 1h | 93.396 | −0.012% | $6.0M | $44.3M | 10x | as long as short |
| Hyperliquid HYPE | +0.0100% | 1h | 93.455 | +0.050% | $2.03B | $669.3M | 10x | as long as short |
| Pacifica HYPE | +0.0100% | 1h | 93.428 | +0.022% | $10.0M | $14.5M | 20x | as long as short |
| Binance HYPEUSDT | +0.0100% | 4h | 93.374 | −0.036% | $385.7M | $888.3M | 75x | as long as short |
| OKX HYPE-USDT-SWAP | +0.0100% | 8h | 93.365 | −0.046% | $114.7M | $315.3M | 50x | as long as short |
| Arcus HYPE-USD | +0.0100% | 1h | 93.396 | −0.013% | $1.2M | $4.0M | 10x | as long as short |
| Bulk HYPE-USD | +0.0100% | 1h | 93.335 | −0.078% | $204K | $12K | 10x | as long as short |
| MEXC HYPE_USDT | +0.0100% | 4h | 93.374 | −0.036% | $93.0M | $81.9M | 100x | as long as short |
| KuCoin HYPEUSDTM | +0.0100% | 4h | 93.395 | −0.014% | $46.3M | $19.3M | 75x | as long as short |
| Bitget HYPEUSDT | +0.0100% | 4h | 93.392 | −0.017% | $226.8M | $102.0M | 75x | as long as short |
| BingX HYPE-USDT | +0.0100% | 4h | 93.387 | −0.022% | — | $54.3M | — | as long as short |
| Backpack HYPE_USDC_PERP | +0.0100% | 1h | 93.415 | +0.007% | $7.9M | $11.7M | 20x | as long as short |
| Variational Omni HYPE | +0.0100% | 8h | 93.375 | −0.035% | $28.8M | $49.9M | — | as long as short |
| GRVT HYPE_USDT_Perp | +0.0100% | 4h | 93.445 | +0.039% | $7.5M | $45.8M | 10x | as long as short |
| ApeX Omni HYPEUSDT | +0.0100% | 1h | 93.456 | +0.051% | $406K | $1.0M | 50x | as long as short |
| StandX HYPE-USD | +0.0100% | 1h | 93.481 | +0.078% | $676K | $2.4M | 20x | as long as short |
| Vest HYPE-PERP | +0.0100% | 1h | 93.462 | +0.058% | — | $454K | 5x | as long as short |
| Polymarket Perps HYPE-USD | +0.0100% | 1h | 93.447 | +0.042% | $493K | $2.6M | 20x | as long as short |
| Bluefin HYPE-PERP | +0.0100% | 1h | 93.402 | −0.006% | $76K | $168K | 20x | as long as short |
| SunX HYPE-USDT | +0.0100% | 4h | 93.445 | +0.040% | $32K | $1.6M | 20x | as long as short |
| SoDEX HYPE-USD | +0.0100% | 1h | 93.375 | −0.035% | $2.0M | $2.0M | 10x | as long as short |
| Phemex HYPEUSDT | +0.0100% | 8h | 93.407 | −0.001% | $12.7M | $2.6M | 50x | as long as short |
| Paradex HYPE-USD-PERP | +0.0100% | 8h | 93.450 | +0.045% | $339K | $171K | 20x | as long as short |
| Extended HYPE-USD | +0.0104% | 1h | 93.366 | −0.045% | $18.4M | $41.1M | 50x | as long as short |
| Aevo HYPE-PERP | +0.0104% | 1h | 93.420 | +0.013% | $397K | $318K | 20x | as long as short |
| edgeX HYPEUSDC | +0.0107% | 4h | 93.435 | +0.028% | $5.1M | $29.5M | 30x | as long as short |
| Coinbase International HYPE-PERP-INTX | +0.0208% | 1h | 93.500 | +0.098% | $4.9M | $5.7M | 50x | as long as short |
| Deribit HYPE_USDC-PERPETUALshort | +0.0242% | 1h | 93.495 | +0.093% | $7.4M | $4.6M | 50x | |
| Reya HYPERUSDPERP | +0.0245% | 1h | 93.404 | −0.004% | $77K | $157K | 15x | as long as short |
| Injective HYPE/USDC PERP | +0.0285% | 1h | 93.330 | −0.084% | $30K | $231K | 12x | as long as short |
| GMX HYPE/USD [WBTC.b-USDC] | L +0.0339% / S −0.0165% | 1h | 93.445 | +0.040% | $1.4M | — | 100x | as long as short |
| BloFin HYPE-USDT | +0.0340% | 4h | 93.405 | −0.003% | $17.1M | $12.5M | 75x | as long as short |
| HTX HYPE-USDT | +0.0381% | 4h | 93.573 | +0.177% | $1.5M | $7.6M | 75x | as long as short |
| RISEx HYPE/USDC | +0.0467% | 1h | 93.474 | +0.071% | $2.7M | $6.8M | 20x | as long as short |
| Kraken Futures PF_HYPEUSD | +0.0574% | 1h | 93.481 | +0.078% | $19.2M | $25.8M | 50x | as long as short |
Derive HYPE-PERP
Bullet HYPE-USD
Gate HYPE_USDT
Bybit HYPEUSDT
Orderly PERP_HYPE_USDC
Lighter HYPE
Lighter RH HYPE
Popdex HYPEUSDT
Katana Perps HYPE-USD
Nado HYPE-PERP
Hyperliquid HYPE
Pacifica HYPE
Binance HYPEUSDT
OKX HYPE-USDT-SWAP
Arcus HYPE-USD
Bulk HYPE-USD
MEXC HYPE_USDT
KuCoin HYPEUSDTM
Bitget HYPEUSDT
BingX HYPE-USDT
Backpack HYPE_USDC_PERP
Variational Omni HYPE
GRVT HYPE_USDT_Perp
ApeX Omni HYPEUSDT
StandX HYPE-USD
Vest HYPE-PERP
Polymarket Perps HYPE-USD
Bluefin HYPE-PERP
SunX HYPE-USDT
SoDEX HYPE-USD
Phemex HYPEUSDT
Paradex HYPE-USD-PERP
Extended HYPE-USD
Aevo HYPE-PERP
edgeX HYPEUSDC
Coinbase International HYPE-PERP-INTX
Reya HYPERUSDPERP
Injective HYPE/USDC PERP
GMX HYPE/USD [WBTC.b-USDC]
BloFin HYPE-USDT
HTX HYPE-USDT
RISEx HYPE/USDC
Kraken Futures PF_HYPEUSD