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Funding arb · Price arb /

HYPE

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 07:00 UTC+0.0377%/8h= +41.3% APRnext payment +$0.47 per $10,000 · paid last 24h +0.056%
Price spread now: Deribit against Bullet+0.104%7-day average +0.039% · 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−$21as in the Price arb table
costs, in and out, $10k−$280.277% of the position
Long on BulletShort on Deribit
What this pair did over the last
the charts below follow
Funding, last 3 days (all we have)+0.026%+$3 on $10k
Price spread, last 4 days (all we have)−0.111%−$11 · spread now +0.104%, 7d avg +0.039%
Together, before fees−0.085%−$9 on $10k · with fees, hour by hour
Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Deribit is 0.065% dearer against Bullet than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.039%.
The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.026% in total (about 2.8% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.47 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongBullet HYPE-USD93.703−0.0040get 0.0005% / 1h50m 44s$111K$581K20x
ShortDeribit HYPE_USDC-PERPETUAL93.8000.0337get 0.0042% / 1h50m 44s$7.4M$4.2M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Deribit against Bullet. 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

Funding earned
$79.17
Price spread: +0.104% → +0.039%
$6.45
Slippage, 4 orders
−$12.7
Fee Bullet: 4 bp × 2 orders
−$8
Fee Deribit: 3.5 bp × 2 orders
−$7
Net
$57.92
Costs to cover
0.277%
Break-even
1.9 days
Slippage from Bullet: live order book, 58 min ago; Deribit: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Bullet live order book, 58 min ago0.48 bp8.1 bp −$813.2 bp −$132doesn't fitdoesn't fit
Sell Deribit live order book, 3 min ago0.53 bp8.9 bp −$913.7 bp −$137doesn't fitdoesn't fit

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Hibachi HYPE/USDT-P−0.1160%1h93.719+0.017%$199K$242K7xas long as short
Aftermath Perps HYPEUSD−0.0263%1h93.883+0.192%$22K$21K10xas long as short
Ondo Perps HYPE-USD.P−0.0109%1h93.630−0.078%$706K$1.2M10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.712+0.010%$3K$33125xas long as short
01 Exchange HYPEUSD−0.0064%1h93.732+0.031%$86K$372K20xas long as short
Bullet HYPE-USDlong−0.0040%1h93.703long leg$111K$581K20x
Bluefin HYPE-PERP−0.0036%1h93.694−0.010%$79K$156K20xas long as short
Orderly PERP_HYPE_USDC−0.0019%4h93.672−0.033%$149K$681K20xas long as short
dYdX HYPE-USD0.0000%1h93.734+0.033%$129K$29K5xas long as short
Perpl HYPE0.0000%43m93.729+0.028%$22K$285K10xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0002%1h93.737+0.036%$63K—150xas long as short
BingX HYPE-USDT+0.0010%4h93.762+0.063%—$53.8M—as long as short
Bybit HYPEUSDT+0.0013%8h93.746+0.046%$316.7M$287.6M75xas long as short
Phoenix HYPE+0.0017%1h93.780+0.082%$210K$1.1M10xas long as short
Bitget HYPEUSDT+0.0040%4h93.807+0.111%$226.0M$99.5M75xas long as short
Phemex HYPEUSDT+0.0066%8h93.752+0.052%$12.8M$2.8M50xas long as short
ApeX Omni HYPEUSDT+0.0074%1h93.801+0.105%$348K$1.0M50xas long as short
Arcus HYPE-USD+0.0084%1h93.681−0.023%$1.0M$4.0M10xas long as short
Paradex HYPE-USD-PERP+0.0086%8h93.740+0.040%$335K$161K20xas long as short
edgeX HYPEUSDC+0.0091%4h93.758+0.059%$5.0M$30.5M30xas long as short
Derive HYPE-PERP+0.0092%1h93.670−0.035%$16.3M$7.5M10xas long as short
Lighter HYPE+0.0096%1h93.719+0.018%$16.2M$63.5M20xas long as short
Lighter RH HYPE+0.0096%1h93.711+0.009%$3.1M$11.1M20xas long as short
Popdex HYPEUSDT+0.0096%1h93.724+0.022%$78K$1.2M50xas long as short
Katana Perps HYPE-USD+0.0100%8h93.700−0.003%$23K$1.7M10xas long as short
Nado HYPE-PERP+0.0100%1h93.698−0.005%$7.4M$50.9M10xas long as short
Hyperliquid HYPE+0.0100%1h93.854+0.161%$2.05B$681.3M10xas long as short
Aster HYPEUSDT+0.0100%4h93.765+0.066%$8.9M$37.4M300xas long as short
Pacifica HYPE+0.0100%1h93.735+0.034%$10.1M$15.4M20xas long as short
Binance HYPEUSDT+0.0100%4h93.754+0.055%$375.9M$930.0M75xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.753+0.053%$115.8M$316.5M50xas long as short
Gate HYPE_USDT+0.0100%4h93.744+0.044%$48.4M$54.9M75xas long as short
MEXC HYPE_USDT+0.0100%4h93.774+0.076%$89.0M$83.2M100xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.793+0.096%$46.3M$18.8M75xas long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.780+0.082%$7.2M$10.8M20xas long as short
Variational Omni HYPE+0.0100%8h93.670−0.036%$28.6M$56.1M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.822+0.126%$7.6M$48.1M10xas long as short
StandX HYPE-USD+0.0100%1h93.767+0.068%$679K$2.8M20xas long as short
Vest HYPE-PERP+0.0100%1h93.768+0.069%—$243K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.725+0.023%$470K$2.8M20xas long as short
SunX HYPE-USDT+0.0100%4h93.774+0.076%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.700−0.003%$2.0M$1.9M10xas long as short
HTX HYPE-USDT+0.0100%4h93.850+0.157%$1.4M$6.7M75xas long as short
Bulk HYPE-USD+0.0100%1h93.731+0.030%$216K$15K10xas long as short
Extended HYPE-USD+0.0104%1h93.737+0.037%$18.2M$43.3M50xas long as short
Aevo HYPE-PERP+0.0104%1h93.697−0.006%$396K$159K20xas long as short
Kalshi KXHYPEPERP+0.0106%8h93.778+0.080%$1.8M$5.6M2.3xas long as short
Coinbase International HYPE-PERP-INTX+0.0120%1h93.700−0.003%$4.7M$6.1M50xas long as short
Injective HYPE/USDC PERP+0.0205%1h94.610+0.968%$31K$339K12xas long as short
Reya HYPERUSDPERP+0.0271%1h93.683−0.021%$77K$130K15xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0333% / S −0.0154%1h93.736+0.035%$1.4M—100xas long as short
Deribit HYPE_USDC-PERPETUALshort+0.0337%1h93.800+0.104%$7.4M$4.2M50x
BloFin HYPE-USDT+0.0340%4h93.701−0.002%$17.0M$12.2M75xas long as short
Kraken Futures PF_HYPEUSD+0.0415%1h93.768+0.070%$20.9M$29.6M50xas long as short
RISEx HYPE/USDC+0.0559%1h93.753+0.053%$3.2M$6.4M20xas long as short