HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0237%/8h= −26.0% APRnext payment −$0.30 per $10,000 · paid last 24h −0.074%

Price spread now: dYdX against Deribit−0.003%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$88as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$750.755% of the position

Long on Deribit Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.127%−$13 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now −0.003%, 7d avg −0.042%

Together, before fees−0.108%−$11 on $10k · with fees, hour by hour

The price spread pays, funding is against you. dYdX is 0.038% dearer against Deribit than usual: you sell high and buy low (spread −0.003% now, against its 7-day average of −0.042%): +$4 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 13 hours. At the pace of the last 7 days (−0.127% in total) that is about 2.1 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.127% in total (about -6.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.30 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	94.467	0.0237	pay 0.0030% / 1h	12m 13s	$7.4M	$4.3M	50x
Short	dYdX HYPE-USD	94.464	0	get 0.0000% / 1h	12m 13s	$130K	$94K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$49.77
Price spread: −0.003% → −0.042%: $3.84
Slippage, 4 orders: −$58.47
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$121.4
Costs to cover: 0.755%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; dYdX: live order book, 27 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	2.64 bp	8.2 bp −$8	12.2 bp −$122	doesn't fit	doesn't fit
Sell dYdX live order book, 27 min ago	25.49 bp	30.5 bp −$31	109.8 bp −$1,098	172.4 bp −$17.2K	411.7 bp −$205.9K

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	−0.1672%	1h	94.413	−0.057%	$204K	$266K	7x	as long as short
Bluefin HYPE-PERP	−0.0393%	1h	94.351	−0.123%	$80K	$151K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0215%	1h	94.390	−0.082%	$712K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0186%	1h	94.400	−0.071%	$112K	$575K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0166%	1h	94.421	−0.049%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0112%	1h	94.428	−0.041%	$88K	$365K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.442	−0.026%	$3K	$331	25x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.413	−0.057%	$1.0M	$3.5M	10x	as long as short
Derive HYPE-PERP	−0.0036%	1h	94.320	−0.156%	$16.4M	$7.4M	10x	as long as short
Lighter HYPE	−0.0032%	1h	94.379	−0.093%	$16.4M	$64.6M	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0021%	8h	94.361	−0.112%	$317.1M	$288.8M	75x	as long as short
BingX HYPE-USDT	−0.0019%	4h	94.367	−0.106%	—	$52.8M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.355	−0.119%	$147K	$686K	20x	as long as short
dYdX HYPE-USDshort	0.0000%	1h	94.464	−0.003%	$130K	$94K	5x
Kalshi KXHYPEPERP	0.0000%	8h	94.507	+0.042%	$1.9M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.527	+0.064%	$209K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.422	−0.048%	$19K	$286K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.410	−0.060%	$124K	—	150x	as long as short
Polymarket Perps HYPE-USD	+0.0014%	1h	94.443	−0.025%	$498K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0022%	4h	94.351	−0.123%	$226.5M	$100.1M	75x	as long as short
Phemex HYPEUSDT	+0.0035%	8h	94.376	−0.096%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0038%	8h	94.449	−0.019%	$337K	$154K	20x	as long as short
Vest HYPE-PERP	+0.0048%	1h	94.495	+0.029%	—	$190K	5x	as long as short
SoDEX HYPE-USD	+0.0054%	1h	94.375	−0.097%	$2.1M	$1.9M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.420	−0.050%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0065%	8h	94.374	−0.098%	$117.7M	$325.1M	50x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	94.403	−0.067%	$5.0M	$30.8M	30x	as long as short
Gate HYPE_USDT	+0.0090%	4h	94.371	−0.102%	$50.3M	$56.8M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.379	−0.093%	$3.2M	$10.9M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.416	−0.054%	$79K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.400	−0.071%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.412	−0.059%	$7.2M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.464	−0.003%	$2.08B	$688.5M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.397	−0.075%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.444	−0.025%	$10.2M	$15.0M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.378	−0.094%	$378.4M	$932.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.307	−0.170%	$218K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.374	−0.098%	$89.6M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.360	−0.113%	$46.9M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.344	−0.130%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.390	−0.081%	$29.6M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.449	−0.019%	$7.6M	$45.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.394	−0.077%	$353K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.454	−0.014%	$683K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.493	+0.028%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.512	+0.048%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.342	−0.132%	$18.3M	$43.1M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.364	−0.109%	$399K	$153K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0022%	1h	94.434	−0.035%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.740	+0.289%	$31K	$340K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.408	−0.062%	$20.2M	$30.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0237%	1h	94.467	long leg	$7.4M	$4.3M	50x
RISEx HYPE/USDC	+0.0249%	1h	94.446	−0.022%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.398	−0.073%	$83K	$122K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.436	−0.033%	$17.1M	$12.4M	75x	as long as short