HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.2270%/8h= −248.6% APRnext payment −$2.84 per $10,000 · paid last 24h −0.300%

Price spread now: Hibachi against Deribit−0.355%7-day average −0.126% · you buy dearer than you sell

Net, funding: paid 7d − costs−$242as in the Funding arb table

Net, price: spread back to 7d avg − costs−$97as in the Price arb table

costs, in and out, $10k−$740.737% of the position

Long on Deribit Short on Hibachi

What this pair did over the last

the charts below follow

Funding, last 7 days−1.688%−$169 on $10k

Price spread, last 4 days (all we have)+0.186%+$19 · spread now −0.355%, 7d avg −0.126%

Together, before fees−1.502%+ Points / potential airdropHibachi: Active · farm board−$150 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$68 a day on $10k at the current rate, and Hibachi is 0.229% cheaper against Deribit than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.126%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	93.751	0.0422	pay 0.0053% / 1h	47m 50s	$7.5M	$4.0M	50x
Short	Hibachi HYPE/USDT-P	93.418	−0.1848	pay 0.0231% / 1h	47m 50s	$196K	$232K	7x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hibachi 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 HibachibpOrdersPrice spread, now −0.355%Rate

Funding earned: −$476.7
Price spread: −0.355% → −0.126%: −$22.91
Slippage, 4 orders: −$57.67
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Hibachi: 4.5 bp × 2 orders: −$9
Net: −$573.28
Costs to cover: 0.737%
Break-even: never at this rate

Slippage from Deribit: live order book, 1 min ago; Hibachi: live order book, 1 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, 1 min ago	1.23 bp	5.8 bp −$6	10.6 bp −$106	doesn't fit	doesn't fit
Sell Hibachi live order book, 1 min ago	24.38 bp	28.9 bp −$29	48.6 bp −$486	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-Pshort	−0.1848%	1h	93.418	−0.355%	$196K	$232K	7x
Aftermath Perps HYPEUSD	−0.0371%	1h	93.566	−0.197%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.494	−0.274%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0031%	4h	93.675	−0.081%	$146K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0029%	1h	93.707	−0.046%	$112K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	93.727	−0.026%	$88K	$365K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0001%	1h	93.510	−0.257%	$704K	$1.2M	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.635	−0.124%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.704	−0.051%	$22K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.730	−0.022%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	+0.0011%	1h	93.686	−0.069%	$1.0M	$3.9M	10x	as long as short
Phemex HYPEUSDT	+0.0014%	8h	93.681	−0.075%	$12.6M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0018%	4h	93.594	−0.167%	$226.5M	$98.8M	75x	as long as short
Bybit HYPEUSDT	+0.0025%	8h	93.601	−0.160%	$318.3M	$283.7M	75x	as long as short
Phoenix HYPE	+0.0026%	1h	93.701	−0.053%	$210K	$1.2M	10x	as long as short
edgeX HYPEUSDC	+0.0083%	4h	93.497	−0.271%	$5.0M	$29.9M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0095%	8h	93.723	−0.030%	$341K	$162K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.666	−0.090%	$16.2M	$63.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.679	−0.077%	$3.1M	$11.4M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.722	−0.031%	$77K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.690	−0.065%	$28K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.717	−0.036%	$7.8M	$48.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.668	−0.088%	$2.04B	$667.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.627	−0.133%	$8.8M	$36.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.722	−0.031%	$10.1M	$15.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.619	−0.141%	$375.3M	$911.2M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.618	−0.142%	$114.8M	$309.8M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.614	−0.146%	$204K	$3K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.608	−0.153%	$46.5M	$54.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.610	−0.150%	$92.0M	$80.3M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.619	−0.141%	$46.9M	$18.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.605	−0.156%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.649	−0.109%	$7.3M	$10.9M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.649	−0.109%	$28.7M	$56.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.675	−0.081%	$7.6M	$47.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.596	−0.165%	$343K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.626	−0.133%	$670K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.731	−0.021%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.728	−0.025%	$491K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.701	−0.053%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	93.654	−0.103%	$16.2M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.687	−0.068%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.657	−0.100%	$2.0M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.800	+0.052%	$1.4M	$6.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.561	−0.203%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.704	−0.050%	$396K	$161K	20x	as long as short
Kalshi KXHYPEPERP	+0.0113%	8h	93.740	−0.012%	$1.8M	$5.6M	2.3x	as long as short
Injective HYPE/USDC PERP	+0.0122%	1h	93.440	−0.332%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.790	+0.042%	$4.8M	$5.6M	50x	as long as short
Reya HYPERUSDPERP	+0.0268%	1h	93.697	−0.058%	$80K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0332% / S −0.0154%	1h	93.724	−0.028%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0340%	1h	93.733	−0.019%	$20.9M	$29.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.529	−0.237%	$16.9M	$11.9M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0422%	1h	93.751	long leg	$7.5M	$4.0M	50x
RISEx HYPE/USDC	+0.0527%	1h	93.788	+0.040%	$3.2M	$6.3M	20x	as long as short