HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.1448%/8h= −158.6% APRnext payment −$1.81 per $10,000 · paid last 24h −0.277%

Price spread now: Hibachi against Phoenix−0.039%61s7-day average −0.160% · you buy dearer than you sell

Net, funding: paid 7d − costs−$268as 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−$700.704% of the position

Long on Phoenix Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.975%−$197 on $10k

Price spread, last 4 days (all we have)−0.117%−$12 · spread now −0.039%, 7d avg −0.160%

Together, before fees−2.092%+ Points / potential airdropHibachi: Active · farm board−$209 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hibachi is 0.120% dearer against Phoenix than usual: you sell high and buy low (spread −0.039% now, against its 7-day average of −0.160%): +$12 on $10k if it goes back. Holding the pair costs −$43 a day in funding at the current rate, which eats that in about 7 hours. The two prices were read 61 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	94.723	0	get 0.0000% / 1h	55m 52s	$210K	$1.2M	10x
Short	Hibachi HYPE/USDT-P	94.686	−0.1448	pay 0.0181% / 1h	55m 52s	$207K	$268K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.039%Rate

Funding earned: −$304.08
Price spread: −0.039% → −0.160%: $12.03
Slippage, 4 orders: −$54.39
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$362.44
Costs to cover: 0.704%
Break-even: never at this rate

Slippage from Phoenix: live order book, 2 min ago; Hibachi: live order book, 43 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, 2 min ago	1.48 bp	6.2 bp −$6	12.7 bp −$127	doesn't fit	doesn't fit
Sell Hibachi live order book, 43 min ago	17.49 bp	23.9 bp −$24	43.4 bp −$434	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-Pshort	−0.1448%	1h	94.686	−0.039%	$207K	$268K	7x
Bluefin HYPE-PERP	−0.0328%	1h	94.533	−0.201%	$80K	$151K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0285%	1h	94.576	−0.155%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0168%	8h	94.583	−0.148%	$12.9M	$2.9M	50x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.634	−0.094%	$1.0M	$3.5M	10x	as long as short
Bullet HYPE-USD	−0.0097%	1h	94.571	−0.160%	$112K	$575K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.668	−0.058%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0074%	1h	94.630	−0.098%	$714K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	94.630	−0.098%	$87K	$364K	20x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.607	−0.122%	$20.3M	$30.3M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0006%	4h	94.575	−0.156%	$147K	$686K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.744	+0.022%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.740	+0.018%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPElong	0.0000%	1h	94.723	long leg	$210K	$1.2M	10x
Perpl HYPE	0.0000%	43m	94.648	−0.079%	$19K	$285K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.597	−0.133%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.492	−0.244%	$226.7M	$100.5M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.570	−0.162%	$4.7M	$6.2M	50x	as long as short
Derive HYPE-PERP	+0.0022%	1h	94.691	−0.034%	$16.4M	$7.4M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0049%	8h	94.758	+0.037%	$339K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0063%	8h	94.495	−0.241%	$117.7M	$326.3M	50x	as long as short
Vest HYPE-PERP	+0.0073%	1h	94.718	−0.005%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0076%	1h	94.556	−0.176%	$2.1M	$1.9M	10x	as long as short
Lighter HYPE	+0.0080%	1h	94.553	−0.179%	$16.2M	$61.7M	20x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	94.580	−0.151%	$5.0M	$30.6M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.555	−0.177%	$3.2M	$10.2M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.613	−0.116%	$121K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.640	−0.088%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.635	−0.093%	$7.3M	$53.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.612	−0.117%	$2.08B	$690.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.514	−0.221%	$9.6M	$37.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.742	+0.020%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.496	−0.240%	$379.5M	$933.9M	75x	as long as short
Bybit HYPEUSDT	+0.0100%	8h	94.490	−0.246%	$317.5M	$288.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.685	−0.041%	$219K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.491	−0.245%	$50.7M	$53.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.448	−0.290%	$93.2M	$84.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.472	−0.265%	$46.8M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.491	−0.245%	—	$53.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.490	−0.246%	$7.5M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.549	−0.183%	$29.9M	$55.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.625	−0.103%	$7.6M	$44.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.574	−0.157%	$351K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.715	−0.008%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.705	−0.019%	$499K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.691	−0.034%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.750	+0.029%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.396	−0.345%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.667	−0.059%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.655	−0.072%	$3.2M	$6.4M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	94.840	+0.124%	$31K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.574	−0.157%	$83K	$118K	15x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0279%	1h	94.653	−0.074%	$7.5M	$4.4M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0326% / S −0.0152%	1h	94.636	−0.092%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.728	+0.005%	$15.8M	$12.4M	75x	as long as short