HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0127%/8h= −13.9% APRnext payment −$0.16 per $10,000 · paid last 24h −0.042%

Price spread now: SoDEX against Deribit−0.084%7-day average −0.048% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$270.267% of the position

Long on Deribit Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.013%−$1 on $10k

Price spread, last 4 days (all we have)+0.052%+$5 · spread now −0.084%, 7d avg −0.048%

Together, before fees+0.039%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and SoDEX is 0.036% cheaper against Deribit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.048%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit HYPE_USDC-PERPETUAL	94.370	0.0227	pay 0.0028% / 1h	18m 58s	$7.5M	$4.3M	50x
Short	SoDEX HYPE-USD	94.291	0.0100	get 0.0013% / 1h	18m 58s	$2.1M	$1.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$26.67
Price spread: −0.084% → −0.048%: −$3.55
Slippage, 4 orders: −$11.67
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$56.9
Costs to cover: 0.267%
Break-even: never at this rate

Slippage from Deribit: live order book, 5 min ago; SoDEX: 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	0.85 bp	4.5 bp −$5	10.1 bp −$101	doesn't fit	doesn't fit
Sell SoDEX live order book, 5 min ago	0.05 bp	6.8 bp −$7	13.5 bp −$135	doesn't fit	doesn't fit

HYPE on 54 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	−0.1072%	1h	94.168	−0.214%	$200K	$237K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0186%	1h	94.134	−0.251%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.264	−0.112%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0063%	1h	94.140	−0.244%	$709K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0059%	1h	94.278	−0.098%	$112K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.314	−0.059%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0014%	4h	94.259	−0.118%	$146K	$686K	20x	as long as short
Bluefin HYPE-PERP	−0.0004%	1h	94.282	−0.093%	$80K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.292	−0.083%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.280	−0.095%	$317.4M	$289.2M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	94.265	−0.111%	$19K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.290	−0.084%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.378	+0.008%	$207K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	94.293	−0.082%	$227.3M	$99.3M	75x	as long as short
Phemex HYPEUSDT	+0.0058%	8h	94.228	−0.150%	$12.9M	$2.9M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0078%	8h	94.318	−0.055%	$337K	$157K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.249	−0.128%	$1.0M	$4.0M	10x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	94.344	−0.028%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.285	−0.090%	$16.3M	$64.3M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.298	−0.076%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.259	−0.118%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.270	−0.106%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.258	−0.118%	$7.5M	$50.5M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.386	+0.017%	$2.08B	$687.0M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.297	−0.078%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.297	−0.077%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.319	−0.054%	$377.4M	$932.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.285	−0.090%	$116.3M	$317.0M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.283	−0.092%	$48.9M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.340	−0.032%	$89.9M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.285	−0.090%	$46.9M	$18.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.280	−0.095%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.308	−0.066%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.229	−0.150%	$29.0M	$56.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.424	+0.057%	$7.6M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.205	−0.175%	$362K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.221	−0.158%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.344	−0.027%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.287	−0.088%	$498K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.311	−0.063%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDshort	+0.0100%	1h	94.291	−0.084%	$2.1M	$1.9M	10x
HTX HYPE-USDT	+0.0100%	4h	94.409	+0.041%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.101%	$218K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0101%	8h	94.333	−0.039%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.282	−0.093%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.306	−0.067%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.330	−0.042%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.326	−0.046%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.610	+0.254%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0227%	1h	94.370	long leg	$7.5M	$4.3M	50x
Reya HYPERUSDPERP	+0.0272%	1h	94.249	−0.128%	$78K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.278	−0.097%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.354	−0.017%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.310	−0.063%	$3.2M	$6.4M	20x	as long as short