HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0404%/8h= −44.2% APRnext payment −$0.50 per $10,000 · paid last 24h −0.066%

Price spread now: Bullet against Deribit−0.096%7-day average −0.041% · 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−$29as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Deribit Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.037%−$4 on $10k

Price spread, last 4 days (all we have)+0.235%+$23 · spread now −0.096%, 7d avg −0.041%

Together, before fees+0.197%+$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Bullet is 0.055% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.041%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.037% in total (about -3.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.50 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	95.009	0.0161	pay 0.0020% / 1h	22m 08s	$7.5M	$4.4M	50x
Short	Bullet HYPE-USD	94.918	−0.0243	pay 0.0030% / 1h	22m 08s	$113K	$577K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet 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 BulletbpOrdersPrice spread, now −0.096%Rate

Funding earned: −$84.8
Price spread: −0.096% → −0.041%: −$5.49
Slippage, 4 orders: −$8.22
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$113.51
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; Bullet: live order book, 12 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, 2 min ago	2.21 bp	5.7 bp −$6	11.6 bp −$116	doesn't fit	doesn't fit
Sell Bullet live order book, 12 min ago	0.48 bp	5.9 bp −$6	11.5 bp −$115	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	−0.0816%	1h	94.764	−0.258%	$211K	$267K	7x	as long as short
Bluefin HYPE-PERP	−0.0562%	1h	94.895	−0.120%	$80K	$149K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0299%	1h	94.573	−0.459%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0259%	8h	94.872	−0.144%	$12.9M	$2.9M	50x	as long as short
Bullet HYPE-USDshort	−0.0243%	1h	94.918	−0.096%	$113K	$577K	20x
Ondo Perps HYPE-USD.P	−0.0156%	1h	94.570	−0.462%	$702K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.866	−0.151%	$90K	$364K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.870	−0.146%	$1.0M	$3.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.838	−0.180%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	94.900	−0.115%	$18.9M	$35.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0010%	8h	94.910	−0.104%	$319.9M	$293.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0007%	4h	94.927	−0.086%	$147K	$676K	20x	as long as short
Gate HYPE_USDT	−0.0002%	4h	94.926	−0.087%	$52.0M	$55.5M	75x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.826	−0.193%	$130K	$92K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.983	−0.027%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.956	−0.056%	$19K	$275K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.947	−0.065%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.372	−0.670%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.893%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	94.900	−0.115%	$4.7M	$5.9M	50x	as long as short
Bitget HYPEUSDT	+0.0032%	4h	94.944	−0.068%	$228.1M	$97.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0039%	1h	94.905	−0.109%	$7.6M	$10.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0040%	8h	94.925	−0.088%	$118.4M	$328.4M	50x	as long as short
Vest HYPE-PERP	+0.0042%	1h	94.945	−0.068%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0042%	8h	94.923	−0.091%	$339K	$39K	20x	as long as short
SoDEX HYPE-USD	+0.0058%	1h	94.922	−0.092%	$2.1M	$2.0M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.915	−0.099%	$16.3M	$63.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.918	−0.096%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.891	−0.124%	$150K	$1.2M	50x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	94.374	−0.668%	$5.0M	$30.8M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.880	−0.136%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.873	−0.143%	$7.2M	$51.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	95.056	+0.049%	$2.09B	$672.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.909	−0.105%	$9.0M	$38.3M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.905	−0.109%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.940	−0.072%	$381.7M	$930.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.837%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.950	−0.062%	$97.4M	$87.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.938	−0.075%	$47.4M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.919	−0.095%	—	$52.6M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	94.267	−0.781%	$29.8M	$56.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.416	−0.624%	$7.6M	$44.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.358	−0.685%	$344K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.612	−0.418%	$691K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.962	−0.049%	$501K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.914	−0.100%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.001	−0.008%	$1.4M	$6.9M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.884	−0.132%	$18.3M	$42.9M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.972	−0.039%	$401K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.927	−0.086%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.169%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0161%	1h	95.009	long leg	$7.5M	$4.4M	50x
Reya HYPERUSDPERP	+0.0271%	1h	94.882	−0.134%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0156%	1h	94.895	−0.120%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.864	−0.153%	$17.4M	$12.5M	75x	as long as short