HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0300%/8h= −32.8% APRnext payment −$0.37 per $10,000 · paid last 24h +0.043%

Price spread now: Bluefin against 01 Exchange−0.011%7-day average −0.033% · 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−$38as in the Price arb table

costs, in and out, $10k−$400.400% of the position

Long on 01 Exchange Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.009%−$1 on $10k

Price spread, last 4 days (all we have)−0.082%−$8 · spread now −0.011%, 7d avg −0.033%

Together, before fees−0.091%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bluefin is 0.023% dearer against 01 Exchange than usual: you sell high and buy low (spread −0.011% now, against its 7-day average of −0.033%): +$2 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 4 days (−0.009% in total) that is about 9.8 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.009% in total (about -0.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.37 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	01 Exchange HYPEUSD	94.587	−0.0080	get 0.0010% / 1h	59m 39s	$87K	$364K	20x
Short	Bluefin HYPE-PERP	94.577	−0.0380	pay 0.0047% / 1h	59m 39s	$80K	$151K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against 01 Exchange. 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 01 ExchangebpFee BluefinbpOrdersPrice spread, now −0.011%Rate

Funding earned: −$62.97
Price spread: −0.011% → −0.033%: $2.27
Slippage, 4 orders: −$25.97
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$100.67
Costs to cover: 0.400%
Break-even: never at this rate

Slippage from 01 Exchange: live order book, 39 min ago; Bluefin: live order book, 39 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 01 Exchange live order book, 39 min ago	0.11 bp	6.8 bp −$7	8.4 bp −$84	doesn't fit	doesn't fit
Sell Bluefin live order book, 39 min ago	1.75 bp	13.6 bp −$14	doesn't fit	doesn't fit	doesn't fit

HYPE on 54 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	−0.1488%	1h	94.543	−0.046%	$207K	$268K	7x	as long as short
Bluefin HYPE-PERPshort	−0.0380%	1h	94.577	−0.011%	$80K	$151K	20x
Aftermath Perps HYPEUSD	−0.0211%	1h	94.522	−0.069%	$22K	$20K	10x	as long as short
Bullet HYPE-USD	−0.0180%	1h	94.595	+0.009%	$112K	$575K	20x	as long as short
01 Exchange HYPEUSDlong	−0.0080%	1h	94.587	long leg	$87K	$364K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	94.572	−0.016%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.582	−0.005%	$1.0M	$3.5M	10x	as long as short
Bybit HYPEUSDT	−0.0017%	8h	94.622	+0.037%	$318.4M	$288.4M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.569	−0.019%	$147K	$686K	20x	as long as short
Derive HYPE-PERP	−0.0001%	1h	94.468	−0.126%	$16.3M	$7.3M	10x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter HYPE	0.0000%	1h	94.635	+0.051%	$16.3M	$61.6M	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.679	+0.097%	$130K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.626	+0.041%	$1.9M	$5.5M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.567	−0.021%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.562	−0.026%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.613	+0.028%	$124K	—	150x	as long as short
Bitget HYPEUSDT	+0.0014%	4h	94.602	+0.016%	$227.1M	$100.5M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0027%	1h	94.570	−0.018%	$712K	$1.2M	10x	as long as short
Polymarket Perps HYPE-USD	+0.0033%	1h	94.646	+0.062%	$499K	$2.8M	20x	as long as short
Phemex HYPEUSDT	+0.0041%	8h	94.586	−0.001%	$12.9M	$2.8M	50x	as long as short
SoDEX HYPE-USD	+0.0046%	1h	94.601	+0.015%	$2.1M	$1.9M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0047%	8h	94.665	+0.082%	$338K	$154K	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0064%	8h	94.612	+0.026%	$117.9M	$326.6M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.550	−0.039%	$4.7M	$6.2M	50x	as long as short
Vest HYPE-PERP	+0.0076%	1h	94.635	+0.050%	—	$190K	5x	as long as short
Gate HYPE_USDT	+0.0078%	4h	94.614	+0.029%	$50.7M	$53.4M	75x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.460	−0.134%	$5.0M	$30.7M	30x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.632	+0.048%	$3.2M	$10.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.549	−0.040%	$85K	$1.2M	50x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.545	−0.044%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.723	+0.144%	$2.08B	$688.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.632	+0.048%	$8.9M	$37.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.673	+0.091%	$10.2M	$14.8M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.658	+0.075%	$379.6M	$933.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.428	−0.168%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.641	+0.057%	$93.7M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.616	+0.031%	$46.8M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.640	+0.056%	—	$53.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.552	−0.037%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.532	−0.058%	$29.7M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.513	−0.078%	$7.6M	$44.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.461	−0.133%	$350K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.532	−0.058%	$695K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.712	+0.132%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.724	+0.145%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.587	0.000%	$18.4M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.671	+0.089%	$400K	$153K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.597	+0.011%	$3.2M	$6.4M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0141%	1h	94.676	+0.094%	$7.5M	$4.4M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.162%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0222%	1h	94.640	+0.056%	$20.3M	$30.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.571	−0.017%	$83K	$121K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0327% / S −0.0152%	1h	94.628	+0.043%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.490	−0.103%	$17.1M	$12.4M	75x	as long as short