HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0398%/8h= −43.6% APRnext payment −$0.50 per $10,000 · paid last 24h −0.005%

Price spread now: Phoenix against RISEx−0.119%50s7-day average +0.107% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$190.192% of the position

Long on RISEx Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.010%+$1 on $10k

Price spread, last 7 days+0.218%+$22 · spread now −0.119%, 7d avg +0.107%

Together, before fees+0.228%+$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Phoenix is 0.226% cheaper against RISEx than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +0.107%). Swap the legs. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.010% in total (about 1.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.50 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx HYPE/USDC	93.702	0.0467	pay 0.0058% / 1h	25m 44s	$2.8M	$6.8M	20x
Short	Phoenix HYPE	93.590	0.0068	get 0.0009% / 1h	25m 44s	$216K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against RISEx. 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 RISExbpFee PhoenixbpOrdersPrice spread, now −0.119%Rate

Funding earned: −$83.68
Price spread: −0.119% → +0.107%: −$22.62
Slippage, 4 orders: −$6.25
Fee RISEx: 3 bp × 2 orders: −$6
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$125.55
Costs to cover: 0.192%
Break-even: never at this rate

Slippage from RISEx: live order book, 3 min ago; Phoenix: live order book, 2 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 RISEx live order book, 3 min ago	0.64 bp	3.9 bp −$4	5.7 bp −$57	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	1.28 bp	5.9 bp −$6	9.6 bp −$96	135.7 bp −$13.6K	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	−0.1016%	1h	93.493	−0.223%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0286%	1h	93.576	−0.135%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0243%	1h	93.570	−0.141%	$702K	$939K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.557	−0.155%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.688	−0.015%	$90K	$349K	20x	as long as short
Bullet HYPE-USD	−0.0035%	1h	93.676	−0.028%	$112K	$583K	20x	as long as short
Derive HYPE-PERP	−0.0009%	1h	93.629	−0.078%	$16.4M	$7.1M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.721	+0.020%	$128K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.671	−0.033%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.718	+0.017%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0024%	4h	93.703	+0.001%	$9.0M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0032%	4h	93.685	−0.018%	$44.1M	$57.0M	75x	as long as short
Bybit HYPEUSDT	+0.0037%	8h	93.680	−0.023%	$326.3M	$287.0M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0066%	4h	93.677	−0.026%	$176K	$535K	20x	as long as short
Phoenix HYPEshort	+0.0068%	1h	93.590	−0.119%	$216K	$1.2M	10x
Popdex HYPEUSDT	+0.0072%	1h	93.653	−0.052%	$57K	$1.2M	50x	as long as short
Lighter HYPE	+0.0096%	1h	93.732	+0.032%	$18.6M	$59.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.716	+0.015%	$3.1M	$12.3M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.676	−0.027%	$340K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.640	−0.066%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.653	−0.053%	$6.0M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.770	+0.073%	$2.04B	$670.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.673	−0.031%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.696	−0.007%	$386.5M	$887.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.674	−0.030%	$115.1M	$315.8M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.613	−0.095%	$1.2M	$4.0M	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.713	+0.012%	$93.8M	$82.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.712	+0.011%	$46.5M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.702	0.000%	$227.5M	$102.2M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.684	−0.019%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.719	+0.018%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.541	−0.172%	$28.9M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.580	−0.130%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	−0.153%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.586	−0.124%	$677K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.668	−0.036%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.696	−0.006%	$495K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.694	−0.008%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.696	−0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.679	−0.024%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.656	−0.049%	$12.8M	$2.6M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.556	−0.155%	$204K	$12K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.679	−0.024%	$18.3M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.677	−0.026%	$398K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	93.544	−0.169%	$5.1M	$29.6M	30x	as long as short
Kalshi KXHYPEPERP	+0.0133%	8h	93.760	+0.062%	$1.9M	$5.3M	2.3x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0166%	1h	93.783	+0.087%	$7.4M	$4.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.690	−0.013%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0245%	1h	93.665	−0.039%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.500	−0.215%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0316%	4h	93.850	+0.158%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0164%	1h	93.697	−0.005%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.597	−0.112%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDClong	+0.0467%	1h	93.702	long leg	$2.8M	$6.8M	20x
Kraken Futures PF_HYPEUSD	+0.0572%	1h	93.790	+0.094%	$19.2M	$26.0M	50x	as long as short