HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0294%/8h= −32.2% APRnext payment −$0.37 per $10,000 · paid last 24h −0.024%

Price spread now: Bulk against Deribit−0.067%7-day average −0.002% · 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−$28as in the Price arb table

costs, in and out, $10k−$210.215% of the position

Long on Deribit Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.008%+$1 on $10k

Price spread, last 4 days (all we have)+0.407%+$41 · spread now −0.067%, 7d avg −0.002%

Together, before fees+0.415%+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bulk is 0.065% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.002%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.008% 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	Deribit HYPE_USDC-PERPETUAL	93.217	0.0394	pay 0.0049% / 1h	11m 32s	$7.4M	$4.4M	50x
Short	Bulk HYPE-USD	93.155	0.0100	get 0.0013% / 1h	11m 32s	$203K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.067%Rate

Funding earned: −$61.74
Price spread: −0.067% → −0.002%: −$6.48
Slippage, 4 orders: −$7.49
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$89.71
Costs to cover: 0.215%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 min ago; Bulk: live order book, 52 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, 3 min ago	0.48 bp	8.1 bp −$8	12.5 bp −$125	doesn't fit	doesn't fit
Sell Bulk live order book, 52 min ago	0.54 bp	4.0 bp −$4	7.0 bp −$70	14.5 bp −$1,447	27.4 bp −$13.7K

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	−0.1000%	1h	93.101	−0.125%	$197K	$227K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	93.117	−0.107%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.170	−0.050%	$698K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.234	+0.018%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.262	+0.048%	$85K	$345K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0050%	1h	93.224	+0.008%	$22K	$21K	10x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.120	−0.104%	$155K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.241	+0.026%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.132	−0.091%	$23K	$319K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.151	−0.070%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0012%	1h	93.095	−0.131%	$111K	$579K	20x	as long as short
Phemex HYPEUSDT	+0.0015%	8h	93.131	−0.092%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0018%	4h	93.235	+0.019%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPE	+0.0026%	1h	93.156	−0.065%	$212K	$1.2M	10x	as long as short
BingX HYPE-USDT	+0.0036%	4h	93.238	+0.023%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0046%	4h	93.227	+0.011%	$44.5M	$55.5M	75x	as long as short
Bybit HYPEUSDT	+0.0047%	8h	93.239	+0.024%	$320.7M	$277.0M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0076%	8h	93.243	+0.028%	$113.7M	$299.4M	50x	as long as short
Derive HYPE-PERP	+0.0094%	1h	93.100	−0.125%	$16.1M	$7.5M	10x	as long as short
Lighter HYPE	+0.0096%	1h	93.243	+0.028%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.248	+0.033%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.243	+0.028%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.280	+0.067%	$339K	$162K	20x	as long as short
MEXC HYPE_USDT	+0.0098%	4h	93.240	+0.025%	$89.5M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0098%	4h	93.243	+0.028%	$377.0M	$880.1M	75x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.230	+0.014%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.095	−0.131%	$5.8M	$43.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.287	+0.075%	$2.03B	$657.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.252	+0.038%	$10.0M	$14.8M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.263	+0.049%	$45.9M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.233	+0.017%	$225.5M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.115	−0.109%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.377	+0.171%	$31.1M	$53.8M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.122	−0.102%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.125	−0.099%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.148	−0.074%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.139	−0.083%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.139	−0.084%	$481K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.107	−0.118%	$79K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.158	−0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.125	−0.099%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USDshort	+0.0100%	1h	93.155	−0.067%	$203K	$10K	10x
Extended HYPE-USD	+0.0104%	1h	93.191	−0.028%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.121	−0.103%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0112%	4h	93.083	−0.144%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0138%	4h	93.247	+0.032%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.150	−0.072%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.092	−0.134%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0269%	8h	93.154	−0.068%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.137	−0.085%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0339%	4h	93.088	−0.138%	$17.0M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0394%	1h	93.217	long leg	$7.4M	$4.4M	50x
RISEx HYPE/USDC	+0.0510%	1h	93.338	+0.130%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.730	+0.550%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.182	−0.038%	$20.7M	$29.8M	50x	as long as short