HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0322%/8h= +35.3% APRnext payment +$0.40 per $10,000 · paid last 24h +0.031%

Price spread now: Deribit against 01 Exchange+0.078%7-day average +0.012% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$310.314% of the position

Long on 01 Exchange Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.009%+$1 on $10k

Price spread, last 3 days (all we have)−0.207%−$21 · spread now +0.078%, 7d avg +0.012%

Together, before fees−0.198%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Deribit is 0.066% dearer against 01 Exchange than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.012%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.009% in total (about 1.0% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.40 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	93.422	−0.0080	get 0.0010% / 1h	44m 54s	$89K	$345K	20x
Short	Deribit HYPE_USDC-PERPETUAL	93.495	0.0242	get 0.0030% / 1h	44m 54s	$7.4M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.078%Rate

Funding earned: $67.62
Price spread: +0.078% → +0.012%: $6.58
Slippage, 4 orders: −$17.44
Fee 01 Exchange: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $42.76
Costs to cover: 0.314%
Break-even: 2.6 days

Slippage from 01 Exchange: live order book, 44 min ago; Deribit: live order book, 4 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, 44 min ago	0.21 bp	8.8 bp −$9	20.7 bp −$207	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	0.21 bp	7.6 bp −$8	13.8 bp −$138	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-P	−0.1240%	1h	93.386	−0.038%	$197K	$233K	7x	as long as short
Ondo Perps HYPE-USD.P	−0.0202%	1h	93.330	−0.098%	$701K	$943K	10x	as long as short
Aftermath Perps HYPEUSD	−0.0188%	1h	93.399	−0.025%	$22K	$22K	10x	as long as short
01 Exchange HYPEUSDlong	−0.0080%	1h	93.422	long leg	$89K	$345K	20x
Hotstuff HYPE-PERP	−0.0080%	1h	93.423	+0.001%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.504	+0.087%	$127K	$33K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.504	+0.088%	$1.9M	$5.4M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.434	+0.013%	$23K	$343K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.430	+0.009%	$19K	—	150x	as long as short
Aster HYPEUSDT	+0.0012%	4h	93.413	−0.010%	$8.9M	$36.1M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Derive HYPE-PERP	+0.0017%	1h	93.351	−0.076%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	+0.0019%	1h	93.411	−0.012%	$113K	$583K	20x	as long as short
Gate HYPE_USDT	+0.0022%	4h	93.390	−0.034%	$44.2M	$56.3M	75x	as long as short
Bybit HYPEUSDT	+0.0039%	8h	93.370	−0.056%	$325.2M	$287.9M	75x	as long as short
Phoenix HYPE	+0.0068%	1h	93.408	−0.015%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0075%	4h	93.419	−0.003%	$180K	$536K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.435	+0.014%	$18.5M	$59.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.413	−0.010%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.397	−0.027%	$56K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.440	+0.019%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.396	−0.027%	$6.0M	$44.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.455	+0.035%	$2.03B	$669.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.428	+0.007%	$10.0M	$14.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.374	−0.051%	$385.7M	$888.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.365	−0.061%	$114.7M	$315.3M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.396	−0.028%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.335	−0.093%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.374	−0.051%	$93.0M	$81.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.395	−0.029%	$46.3M	$19.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.392	−0.032%	$226.8M	$102.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.387	−0.037%	—	$54.3M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.415	−0.007%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.375	−0.050%	$28.8M	$49.9M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.445	+0.024%	$7.5M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.456	+0.036%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.481	+0.063%	$676K	$2.4M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.462	+0.043%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.447	+0.027%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.402	−0.021%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.445	+0.025%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.375	−0.050%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.407	−0.016%	$12.7M	$2.6M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	93.450	+0.030%	$339K	$171K	20x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.366	−0.060%	$18.4M	$41.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.420	−0.002%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0107%	4h	93.435	+0.013%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.500	+0.083%	$4.9M	$5.7M	50x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0242%	1h	93.495	+0.078%	$7.4M	$4.6M	50x
Reya HYPERUSDPERP	+0.0245%	1h	93.404	−0.019%	$77K	$157K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.330	−0.098%	$30K	$231K	12x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.445	+0.025%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.018%	$17.1M	$12.5M	75x	as long as short
HTX HYPE-USDT	+0.0381%	4h	93.573	+0.162%	$1.5M	$7.6M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.474	+0.056%	$2.7M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.481	+0.063%	$19.2M	$25.8M	50x	as long as short