HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0244%/8h= −26.7% APRnext payment −$0.30 per $10,000 · paid last 24h −0.024%

Price spread now: Phoenix against Reya−0.340%59s7-day average +0.104% · you buy dearer than you sell

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

Long on Reya Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.092%+$9 on $10k

Price spread, last 4 days (all we have)+0.403%+$40 · spread now −0.340%, 7d avg +0.104%

Together, before fees+0.495%+ Points / potential airdropReya: Active · farm board+$50 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phoenix is 0.445% cheaper against Reya than usual: you would sell low and buy high (−$44 if the spread goes back to its 7-day average of +0.104%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.092%, so the current rate has only just turned against you. The two prices were read 59 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	Reya HYPERUSDPERP	93.944	0.0269	pay 0.0034% / 1h	20m 19s	$80K	$127K	15x
Short	Phoenix HYPE	93.624	0.0026	get 0.0003% / 1h	20m 19s	$208K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Reya. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 ReyabpFee PhoenixbpOrdersPrice spread, now −0.340%Rate

Funding earned: −$51.2
Price spread: −0.340% → +0.104%: −$44.49
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$108.69
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Phoenix: live order book, 3 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 3 min ago	1.07 bp	5.6 bp −$6	9.6 bp −$96	122.7 bp −$12.3K	doesn't fit

Reya: 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	−0.1392%	1h	93.393	−0.587%	$197K	$238K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0422%	1h	93.426	−0.551%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.930	−0.015%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0044%	1h	93.935	−0.009%	$112K	$581K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	93.885	−0.063%	$146K	$672K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.915	−0.031%	$129K	$29K	5x	as long as short
01 Exchange HYPEUSD	0.0000%	1h	93.976	+0.034%	$88K	$365K	20x	as long as short
Perpl HYPE	0.0000%	43m	93.934	−0.011%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.957	+0.014%	$62K	—	150x	as long as short
Arcus HYPE-USD	+0.0011%	1h	93.911	−0.035%	$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	+0.0014%	4h	93.946	+0.002%	$226.7M	$99.1M	75x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.873	−0.075%	$318.7M	$283.0M	75x	as long as short
Phoenix HYPEshort	+0.0026%	1h	93.624	−0.340%	$208K	$1.2M	10x
Phemex HYPEUSDT	+0.0029%	8h	93.881	−0.067%	$12.8M	$2.8M	50x	as long as short
Ondo Perps HYPE-USD.P	+0.0035%	1h	93.900	−0.047%	$704K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0094%	4h	93.211	−0.780%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0094%	8h	93.983	+0.041%	$342K	$157K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.924	−0.021%	$16.2M	$63.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.918	−0.028%	$3.1M	$11.5M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.936	−0.008%	$73K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.900	−0.047%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.948	+0.005%	$7.9M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.999	+0.059%	$2.05B	$669.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.935	−0.009%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.941	−0.003%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.933	−0.012%	$376.7M	$915.1M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.897	−0.050%	$115.8M	$313.1M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.358	−0.624%	$216K	$15K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.934	−0.011%	$47.3M	$54.6M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.907	−0.039%	$90.5M	$81.6M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.917	−0.029%	$46.4M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.943	−0.001%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.778	−0.177%	$7.2M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.699	−0.261%	$28.6M	$56.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.275	−0.712%	$7.5M	$47.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.227	−0.763%	$342K	$997K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.706	−0.253%	$670K	$2.8M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.946	+0.002%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.963	+0.020%	$482K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.953	+0.010%	$80K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.902	−0.045%	$16.2M	$7.4M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.967	+0.025%	$33K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.918	−0.028%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.051	+0.114%	$1.4M	$6.5M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.886	−0.062%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.939	−0.006%	$397K	$158K	20x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.839	−0.112%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.620	−0.345%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.000	+0.060%	$4.6M	$5.8M	50x	as long as short
Reya HYPERUSDPERPlong	+0.0269%	1h	93.944	long leg	$80K	$127K	15x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0154%	1h	93.948	+0.005%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0339%	1h	93.984	+0.043%	$21.0M	$29.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.730	−0.228%	$16.8M	$12.0M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0378%	1h	93.998	+0.058%	$7.5M	$4.1M	50x	as long as short
RISEx HYPE/USDC	+0.0527%	1h	94.000	+0.060%	$3.2M	$6.3M	20x	as long as short