HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0471%/8h= −51.6% APRnext payment −$0.59 per $10,000 · paid last 24h −0.063%

Price spread now: Arcus against Deribit−0.191%7-day average −0.077% · 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−$32as in the Price arb table

costs, in and out, $10k−$200.205% of the position

Long on Deribit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.054%−$5 on $10k

Price spread, last 3 days (all we have)+0.213%+$21 · spread now −0.191%, 7d avg −0.077%

Together, before fees+0.159%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and Arcus is 0.114% cheaper against Deribit than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.077%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.054% in total (about -5.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.59 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	Deribit HYPE_USDC-PERPETUAL	93.326	0.0340	pay 0.0043% / 1h	14m 42s	$7.4M	$4.6M	50x
Short	Arcus HYPE-USD	93.148	−0.0131	pay 0.0016% / 1h	14m 42s	$1.2M	$4.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Deribit. 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 DeribitbpFee ArcusbpOrdersPrice spread, now −0.191%Rate

Funding earned: −$98.89
Price spread: −0.191% → −0.077%: −$11.36
Slippage, 4 orders: −$8.97
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$130.71
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Arcus: 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 Deribit live order book, 4 min ago	1.55 bp	5.2 bp −$5	9.8 bp −$98	doesn't fit	doesn't fit
Sell Arcus live order book, 4 min ago	0.75 bp	3.5 bp −$4	6.5 bp −$65	26.6 bp −$2,661	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
Aftermath Perps HYPEUSD	−0.0438%	1h	93.188	−0.148%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0344%	1h	93.258	−0.073%	$197K	$230K	7x	as long as short
Arcus HYPE-USDshort	−0.0131%	1h	93.148	−0.191%	$1.2M	$4.0M	10x
Ondo Perps HYPE-USD.P	−0.0123%	1h	93.210	−0.124%	$699K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.195	−0.140%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.247	−0.085%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.278	−0.052%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.212	−0.122%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.201	−0.134%	$23K	$331K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	93.272	−0.058%	$8.9M	$35.8M	300x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.242	−0.090%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0020%	4h	93.218	−0.116%	$172K	$517K	20x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	93.256	−0.075%	$323.1M	$286.2M	75x	as long as short
Bullet HYPE-USD	+0.0033%	1h	93.210	−0.124%	$112K	$579K	20x	as long as short
Phoenix HYPE	+0.0034%	1h	93.249	−0.083%	$214K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.170	−0.167%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.265	−0.065%	$44.0M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.279	−0.050%	$90.2M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.274	−0.056%	$381.8M	$894.1M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.166%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.323	−0.004%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.317	−0.010%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.217	−0.117%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.282	−0.048%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.210	−0.124%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.209	−0.125%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.313	−0.014%	$2.03B	$669.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.293	−0.035%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.250	−0.081%	$114.2M	$313.7M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.100%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.295	−0.033%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.280	−0.049%	$226.2M	$103.1M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.271	−0.059%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.265	−0.065%	$7.8M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.203	−0.131%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.199	−0.136%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.185%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.239	−0.093%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.247	−0.085%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.238	−0.094%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.204	−0.131%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.249	−0.083%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.243	−0.089%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.215	−0.119%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.232	−0.100%	$18.2M	$41.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.294	−0.034%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.310	−0.017%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0232%	4h	93.405	+0.085%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.140	−0.199%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.204	−0.130%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0260%	4h	93.211	−0.123%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.271	−0.059%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.237	−0.095%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0340%	1h	93.326	long leg	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.364	+0.041%	$20.9M	$29.0M	50x	as long as short