HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0074%/8h= −8.1% APRnext payment −$0.09 per $10,000 · paid last 24h −0.023%

Price spread now: Derive against Phoenix−0.266%68s7-day average −0.115% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.276%−$28 on $10k

Price spread, last 4 days (all we have)+0.197%+$20 · spread now −0.266%, 7d avg −0.115%

Together, before fees−0.079%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Derive is 0.151% cheaper against Phoenix than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.115%). Swap the legs. The two prices were read 68 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	94.232	0	get 0.0000% / 1h	23m 57s	$209K	$1.1M	10x
Short	Derive HYPE-PERP	93.982	−0.0074	pay 0.0009% / 1h	23m 57s	$16.4M	$7.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now −0.266%Rate

Funding earned: −$15.45
Price spread: −0.266% → −0.115%: −$15.11
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Derive: 3 bp × 2 orders: −$6
Net: −$43.56
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 4 min ago; Derive: no order-book sample. Net counts fees only.

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, 4 min ago	1.48 bp	6.2 bp −$6	12.7 bp −$127	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.1744%	1h	94.075	−0.167%	$202K	$255K	7x	as long as short
Bluefin HYPE-PERP	−0.0411%	1h	93.998	−0.248%	$79K	$152K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0232%	1h	93.970	−0.278%	$711K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0229%	1h	94.012	−0.233%	$111K	$577K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0129%	1h	94.199	−0.035%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.044	−0.200%	$87K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.143	−0.094%	$3K	$331	25x	as long as short
Derive HYPE-PERPshort	−0.0074%	1h	93.982	−0.266%	$16.4M	$7.5M	10x
Lighter HYPE	−0.0056%	1h	94.007	−0.238%	$16.3M	$64.4M	20x	as long as short
Arcus HYPE-USD	−0.0045%	1h	93.986	−0.261%	$1.0M	$3.6M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0019%	8h	93.982	−0.265%	$315.9M	$289.2M	75x	as long as short
BingX HYPE-USDT	−0.0018%	4h	93.977	−0.271%	—	$52.9M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.013	−0.232%	$146K	$684K	20x	as long as short
Polymarket Perps HYPE-USD	−0.0002%	1h	94.065	−0.177%	$496K	$2.8M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.059	−0.183%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.121	−0.118%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPElong	0.0000%	1h	94.232	long leg	$209K	$1.1M	10x
Perpl HYPE	0.0000%	43m	94.049	−0.194%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.066	−0.177%	$123K	—	150x	as long as short
Paradex HYPE-USD-PERP	+0.0031%	8h	94.009	−0.237%	$336K	$154K	20x	as long as short
Bitget HYPEUSDT	+0.0034%	4h	94.000	−0.246%	$225.8M	$100.0M	75x	as long as short
SoDEX HYPE-USD	+0.0040%	1h	94.013	−0.232%	$2.0M	$1.9M	10x	as long as short
Vest HYPE-PERP	+0.0047%	1h	94.097	−0.143%	—	$190K	5x	as long as short
Phemex HYPEUSDT	+0.0051%	8h	94.059	−0.184%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.090	−0.151%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0068%	8h	94.000	−0.246%	$117.2M	$323.1M	50x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	94.209	−0.024%	$5.0M	$30.7M	30x	as long as short
Gate HYPE_USDT	+0.0094%	4h	93.998	−0.248%	$49.8M	$56.7M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.015	−0.230%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.020	−0.225%	$81K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.040	−0.204%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.981	−0.266%	$7.2M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.124	−0.115%	$2.07B	$687.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.000	−0.246%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.012	−0.233%	$10.1M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.987	−0.260%	$376.4M	$933.1M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.240	+0.009%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.982	−0.265%	$88.1M	$83.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.000	−0.246%	$46.7M	$18.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.999	−0.247%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.108	−0.132%	$29.5M	$54.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.230	−0.002%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.231	−0.001%	$370K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.194	−0.040%	$681K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.088	−0.153%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.150	−0.087%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.970	−0.278%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.043	−0.201%	$398K	$154K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.086	−0.155%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.539%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0224%	1h	94.065	−0.178%	$20.2M	$30.2M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.024	−0.221%	$3.2M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0250%	1h	94.113	−0.126%	$7.4M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	93.989	−0.258%	$84K	$123K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.108	−0.132%	$17.1M	$12.3M	75x	as long as short