HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0291%/8h= −31.9% APRnext payment −$0.36 per $10,000 · paid last 24h −0.014%

Price spread now: Lighter RH against Deribit−0.090%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$210.211% of the position

Long on Deribit Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.020%−$2 on $10k

Price spread, last 3 days (all we have)+0.070%+$7 · spread now −0.090%, 7d avg −0.027%

Together, before fees+0.050%+ Points / potential airdropLighter RH: Points live · farm board+$5 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 Lighter RH is 0.064% cheaper against Deribit than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.027%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.020% in total (about -1.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.36 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	94.310	0.0387	pay 0.0048% / 1h	45m 11s	$7.4M	$4.6M	50x
Short	Lighter RH HYPE	94.225	0.0096	get 0.0012% / 1h	45m 11s	$3.1M	$12.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$61.11
Price spread: −0.090% → −0.027%: −$6.35
Slippage, 4 orders: −$14.12
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$88.58
Costs to cover: 0.211%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Lighter RH: live order book, 4 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, 4 min ago	1.86 bp	8.4 bp −$8	13.0 bp −$130	doesn't fit	doesn't fit
Sell Lighter RH live order book, 4 min ago	0.05 bp	0.4 bp $0	4.0 bp −$40	31.3 bp −$3,128	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	−0.0600%	1h	94.204	−0.113%	$199K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0438%	1h	94.104	−0.218%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	94.132	−0.189%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.203	−0.113%	$3K	$331	25x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.266	−0.046%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.205	−0.111%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.237	−0.077%	$27K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	94.301	−0.010%	$216K	$1.2M	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0012%	4h	94.196	−0.121%	$165K	$552K	20x	as long as short
Bybit HYPEUSDT	+0.0022%	8h	94.172	−0.146%	$324.9M	$281.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0035%	1h	94.150	−0.170%	$705K	$909K	10x	as long as short
Aster HYPEUSDT	+0.0043%	4h	94.225	−0.090%	$9.0M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	94.184	−0.134%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	+0.0056%	1h	94.216	−0.100%	$87K	$364K	20x	as long as short
Gate HYPE_USDT	+0.0074%	4h	94.181	−0.137%	$44.3M	$58.4M	75x	as long as short
MEXC HYPE_USDT	+0.0078%	4h	94.208	−0.108%	$89.0M	$81.1M	100x	as long as short
Binance HYPEUSDT	+0.0079%	4h	94.203	−0.113%	$386.0M	$889.4M	75x	as long as short
edgeX HYPEUSDC	+0.0079%	4h	94.119	−0.202%	$5.1M	$29.8M	30x	as long as short
Derive HYPE-PERP	+0.0095%	1h	94.174	−0.145%	$16.5M	$6.9M	10x	as long as short
Lighter HYPE	+0.0096%	1h	94.244	−0.070%	$19.1M	$59.3M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	94.225	−0.090%	$3.1M	$12.2M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.205	−0.111%	$64K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.210	−0.106%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.240	−0.074%	$30K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.204	−0.112%	$5.8M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.235	−0.080%	$10.2M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.162	−0.157%	$116.1M	$319.5M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	−0.227%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.208	−0.108%	$47.2M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.173	−0.145%	$228.0M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.162	−0.157%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.216	−0.100%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.203	−0.113%	$31.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.151	−0.168%	$7.6M	$45.4M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.196	−0.121%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.199	−0.118%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.247	−0.067%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.236	−0.078%	$486K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.216	−0.100%	$113K	$577K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.199	−0.118%	$76K	$166K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.200	−0.117%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.201	−0.116%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.160	−0.159%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.189	−0.129%	$18.7M	$42.0M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.238	−0.077%	$401K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0126%	8h	94.267	−0.046%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.210	−0.106%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0231%	4h	94.360	+0.053%	$1.5M	$7.7M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.202	−0.115%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.259	−0.054%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0315%	4h	94.211	−0.105%	$17.0M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.233	−0.081%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0387%	1h	94.310	long leg	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0575%	1h	94.297	−0.014%	$21.1M	$29.2M	50x	as long as short
Hyperliquid HYPE	+0.0604%	1h	94.277	−0.035%	$2.06B	$668.0M	10x	as long as short