HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0114%/8h= −12.5% APRnext payment −$0.14 per $10,000 · paid last 24h −0.072%

Price spread now: Hotstuff against Phoenix−0.251%53s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Hotstuff is 0.251% cheaper against Phoenix than usual: you would sell low and buy high (−$25 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 53 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	93.222	0.0034	pay 0.0004% / 1h	51m 48s	$216K	$1.2M	10x
Short	Hotstuff HYPE-PERP	92.988	−0.0080	pay 0.0010% / 1h	51m 48s	$3K	$331	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.251%Rate

Funding earned: −$24
Price spread: −0.251% → 0.000%: −$25.1
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$61.1
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 1 min ago; Hotstuff: 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, 1 min ago	1.13 bp	5.7 bp −$6	11.0 bp −$110	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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
Aftermath Perps HYPEUSD	−0.0295%	1h	93.123	−0.106%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	92.960	−0.281%	$1.2M	$4.0M	10x	as long as short
Hotstuff HYPE-PERPshort	−0.0080%	1h	92.988	−0.251%	$3K	$331	25x
Hibachi HYPE/USDT-P	−0.0048%	1h	93.010	−0.228%	$196K	$231K	7x	as long as short
Derive HYPE-PERP	−0.0012%	1h	92.913	−0.331%	$16.3M	$7.1M	10x	as long as short
Aster HYPEUSDT	0.0000%	4h	92.944	−0.298%	$8.9M	$35.9M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.009	−0.229%	$127K	$32K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.009	−0.228%	$90K	$362K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	92.970	−0.270%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	92.995	−0.244%	$23K	$331K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.009	−0.229%	$20K	—	150x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.900	−0.345%	$323.1M	$286.6M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	92.997	−0.241%	$56K	$1.2M	50x	as long as short
Phoenix HYPElong	+0.0034%	1h	93.222	long leg	$216K	$1.2M	10x
Orderly PERP_HYPE_USDC	+0.0042%	4h	92.992	−0.247%	$165K	$515K	20x	as long as short
Gate HYPE_USDT	+0.0052%	4h	92.913	−0.331%	$43.9M	$56.8M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0067%	1h	92.840	−0.410%	$699K	$925K	10x	as long as short
Bullet HYPE-USD	+0.0081%	1h	92.973	−0.268%	$112K	$579K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.954	−0.287%	$18.4M	$58.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.008	−0.230%	$3.0M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.018	−0.219%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	92.980	−0.260%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.943	−0.299%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.960	−0.281%	$2.02B	$669.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.036	−0.200%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.920	−0.324%	$382.4M	$892.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.909	−0.336%	$114.0M	$313.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.053%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.911	−0.334%	$90.6M	$81.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.920	−0.324%	$47.0M	$19.0M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.926	−0.318%	$225.2M	$102.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.914	−0.330%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.017	−0.220%	$7.8M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.107	−0.123%	$29.0M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.245	+0.025%	$7.5M	$44.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.221	−0.001%	$412K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.100	−0.131%	$673K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.018	−0.219%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.991	−0.248%	$75K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.001	−0.237%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.986	−0.253%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	92.991	−0.248%	$12.7M	$2.6M	50x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.029	−0.206%	—	$454K	5x	as long as short
edgeX HYPEUSDC	+0.0103%	4h	93.179	−0.046%	$5.1M	$29.4M	30x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.895	−0.350%	$18.3M	$42.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.990	−0.249%	$396K	$318K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.050	−0.185%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	92.990	−0.249%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	92.973	−0.267%	$77K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.055	−0.180%	$2.7M	$6.8M	20x	as long as short
HTX HYPE-USDT	+0.0295%	4h	93.172	−0.054%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0338% / S −0.0158%	1h	93.003	−0.235%	$1.5M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.007	−0.231%	$17.0M	$12.4M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0406%	1h	93.097	−0.134%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0467%	1h	93.104	−0.126%	$20.8M	$28.4M	50x	as long as short