HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0264%/8h= −28.9% APRnext payment −$0.33 per $10,000 · paid last 24h −0.033%

Price spread now: Pacifica against Deribit−0.049%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$220.224% of the position

Long on Deribit Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.066%−$7 on $10k

Price spread, last 4 days (all we have)+0.103%+$10 · spread now −0.049%, 7d avg −0.025%

Together, before fees+0.037%+ Points / potential airdropPacifica: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Pacifica is 0.025% cheaper against Deribit than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.025%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.066% in total (about -3.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.33 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	92.948	0.0364	pay 0.0046% / 1h	29m 10s	$7.5M	$4.5M	50x
Short	Pacifica HYPE	92.902	0.0100	get 0.0013% / 1h	29m 10s	$10.0M	$15.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.049%Rate

Funding earned: −$55.44
Price spread: −0.049% → −0.025%: −$2.49
Slippage, 4 orders: −$7.36
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$80.29
Costs to cover: 0.224%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; Pacifica: live order book, 5 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, 5 min ago	1.35 bp	5.0 bp −$5	9.5 bp −$95	doesn't fit	doesn't fit
Sell Pacifica live order book, 5 min ago	0.22 bp	4.6 bp −$5	doesn't fit	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	−0.1544%	1h	92.711	−0.255%	$193K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0302%	1h	92.864	−0.090%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.849	−0.107%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.988	+0.043%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.842	−0.114%	$145K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.906	−0.045%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.891	−0.061%	$22K	$295K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.890	−0.062%	$62K	—	150x	as long as short
Phoenix HYPE	+0.0026%	1h	92.857	−0.098%	$210K	$1.2M	10x	as long as short
Bullet HYPE-USD	+0.0026%	1h	92.845	−0.111%	$111K	$577K	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	+0.0033%	8h	92.856	−0.099%	$315.7M	$282.6M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0036%	1h	92.840	−0.116%	$699K	$1.1M	10x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	92.901	−0.051%	$12.5M	$2.7M	50x	as long as short
01 Exchange HYPEUSD	+0.0048%	1h	92.886	−0.067%	$86K	$363K	20x	as long as short
Bitget HYPEUSDT	+0.0056%	4h	92.869	−0.085%	$225.0M	$99.2M	75x	as long as short
Popdex HYPEUSDT	+0.0072%	1h	92.868	−0.086%	$70K	$1.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.875	−0.078%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.886	−0.067%	$3.1M	$11.6M	20x	as long as short
edgeX HYPEUSDC	+0.0097%	4h	92.935	−0.014%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0097%	8h	92.922	−0.028%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.870	−0.084%	$34K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.880	−0.073%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.906	−0.045%	$2.02B	$666.6M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.871	−0.083%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPEshort	+0.0100%	1h	92.902	−0.049%	$10.0M	$15.2M	20x
Binance HYPEUSDT	+0.0100%	4h	92.850	−0.105%	$373.4M	$905.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.861	−0.094%	$113.9M	$304.1M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	92.856	−0.099%	$44.9M	$54.1M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.851	−0.104%	$91.4M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.863	−0.091%	$46.0M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.859	−0.096%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.879	−0.074%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.959	+0.012%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.003	+0.059%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.975	+0.029%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.929	−0.020%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.930	−0.019%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.910	−0.041%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.864	−0.090%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.847	−0.108%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.942	−0.006%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.864	−0.090%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.005	+0.061%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.192%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.824	−0.133%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.847	−0.109%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.040	+0.099%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0175%	8h	92.939	−0.010%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.925	−0.025%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.790	−0.170%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.865	−0.090%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.885	−0.068%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.881	−0.072%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0364%	1h	92.948	long leg	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0598%	1h	92.939	−0.010%	$3.2M	$6.4M	20x	as long as short