HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0452%/8h= −49.5% APRnext payment −$0.57 per $10,000 · paid last 24h −0.042%

Price spread now: Derive against Deribit−0.149%7-day average −0.076% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days+0.008%+$1 on $10k

Price spread, last 3 days (all we have)+0.109%+$11 · spread now −0.149%, 7d avg −0.076%

Together, before fees+0.117%+$12 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 Derive is 0.074% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.076%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.008% in total (about 0.4% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.57 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	93.476	0.0510	pay 0.0064% / 1h	47m 27s	$7.5M	$4.5M	50x
Short	Derive HYPE-PERP	93.336	0.0058	get 0.0007% / 1h	47m 27s	$16.2M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Deribit. 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

Position, each leg$Hold fordaysFee DeribitbpFee DerivebpOrdersPrice spread, now −0.149%Rate

Funding earned: −$94.97
Price spread: −0.149% → −0.076%: −$7.36
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Derive: 3 bp × 2 orders: −$6
Net: −$115.33
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 2 min ago; Derive: no order-book sample. Net counts fees only.

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	2.09 bp	7.0 bp −$7	9.4 bp −$94	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.1064%	1h	93.383	−0.099%	$197K	$229K	7x	as long as short
Arcus HYPE-USD	−0.0786%	1h	93.276	−0.214%	$1.2M	$3.9M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0184%	1h	93.371	−0.112%	$22K	$21K	10x	as long as short
Backpack HYPE_USDC_PERP	−0.0133%	1h	93.339	−0.147%	$7.8M	$10.6M	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0112%	1h	93.340	−0.145%	$699K	$978K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.377	−0.106%	$3K	$331	25x	as long as short
Gate HYPE_USDT	−0.0080%	4h	93.356	−0.128%	$44.3M	$53.8M	75x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.404	−0.077%	$85K	$361K	20x	as long as short
Phemex HYPEUSDT	−0.0057%	8h	93.340	−0.145%	$12.7M	$2.7M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0052%	4h	93.304	−0.184%	$158K	$646K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	−0.0025%	4h	93.370	−0.113%	$8.9M	$36.2M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.427	−0.053%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.426	−0.053%	$22K	$333K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	93.382	−0.101%	$26K	—	150x	as long as short
BingX HYPE-USDT	+0.0016%	4h	93.360	−0.124%	—	$54.2M	—	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.350	−0.135%	$319.4M	$283.0M	75x	as long as short
Bullet HYPE-USD	+0.0029%	1h	93.346	−0.139%	$111K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0033%	1h	93.337	−0.149%	$79K	$174K	20x	as long as short
Binance HYPEUSDT	+0.0044%	4h	93.367	−0.117%	$380.6M	$905.0M	75x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	93.357	−0.127%	$88.2M	$82.3M	100x	as long as short
Derive HYPE-PERPshort	+0.0058%	1h	93.336	−0.149%	$16.2M	$7.6M	10x
Phoenix HYPE	+0.0060%	1h	93.190	−0.306%	$212K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0062%	4h	93.437	−0.042%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	93.288	−0.201%	$115.1M	$315.4M	50x	as long as short
Aevo HYPE-PERP	+0.0088%	1h	93.354	−0.131%	$397K	$177K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.368	−0.116%	$16.4M	$62.2M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.391	−0.091%	$3.1M	$11.8M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.407	−0.074%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	93.406	−0.075%	$339K	$165K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.420	−0.060%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.334	−0.151%	$6.6M	$44.7M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.479	+0.003%	$2.04B	$675.0M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.385	−0.098%	$10.0M	$14.7M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.404	−0.078%	$203K	$10K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.418	−0.062%	$46.0M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.380	−0.103%	$226.0M	$100.7M	75x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.281	−0.209%	$30.9M	$55.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.420	−0.060%	$7.5M	$47.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.460	−0.017%	$338K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.508	+0.034%	$667K	$2.6M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.437	−0.042%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.417	−0.063%	$467K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.424	−0.056%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.363	−0.121%	$2.0M	$2.0M	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.371	−0.112%	$18.4M	$44.4M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0136%	1h	93.410	−0.071%	$4.9M	$5.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0137%	1h	93.440	−0.039%	$30K	$338K	12x	as long as short
BloFin HYPE-USDT	+0.0175%	4h	93.407	−0.074%	$17.0M	$12.1M	75x	as long as short
RISEx HYPE/USDC	+0.0210%	1h	93.452	−0.026%	$2.7M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0253%	1h	93.357	−0.127%	$79K	$142K	15x	as long as short
Kalshi KXHYPEPERP	+0.0258%	8h	93.427	−0.052%	$1.9M	$5.2M	2.3x	as long as short
HTX HYPE-USDT	+0.0264%	4h	93.500	+0.026%	$1.4M	$6.1M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0158%	1h	93.379	−0.104%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0510%	1h	93.476	long leg	$7.5M	$4.5M	50x
Kraken Futures PF_HYPEUSD	+0.0682%	1h	93.456	−0.021%	$20.8M	$29.9M	50x	as long as short