HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0338%/8h= −37.0% APRnext payment −$0.42 per $10,000 · paid last 24h −0.035%

Price spread now: StandX against Deribit−0.279%7-day average −0.045% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$230.232% of the position

Long on Deribit Short on StandX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)+0.312%+$31 · spread now −0.279%, 7d avg −0.045%

Together, before fees+0.340%+ Points / potential airdropStandX: Active · farm board+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and StandX is 0.234% cheaper against Deribit than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of −0.045%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.028% in total (about 1.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.42 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	93.106	0.0438	pay 0.0055% / 1h	19m 44s	$7.5M	$4.5M	50x
Short	StandX HYPE-USD	92.846	0.0100	get 0.0013% / 1h	19m 44s	$668K	$2.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

StandX 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 StandXbpOrdersPrice spread, now −0.279%Rate

Funding earned: −$70.98
Price spread: −0.279% → −0.045%: −$23.44
Slippage, 4 orders: −$8.22
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee StandX: 4 bp × 2 orders: −$8
Net: −$117.64
Costs to cover: 0.232%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; StandX: 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	0.05 bp	6.2 bp −$6	11.2 bp −$112	doesn't fit	doesn't fit
Sell StandX live order book, 4 min ago	1.13 bp	5.2 bp −$5	5.5 bp −$55	12.8 bp −$1,276	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	−0.1720%	1h	92.759	−0.373%	$194K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0299%	1h	92.824	−0.303%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.866	−0.258%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.882	−0.241%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0057%	4h	92.954	−0.163%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0003%	1h	92.929	−0.190%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.029	−0.082%	$128K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.876	−0.247%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.967	−0.150%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0018%	1h	92.860	−0.264%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.923	−0.197%	$87K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	−0.199%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.890	−0.232%	$316.0M	$283.1M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	92.900	−0.221%	$81K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	92.941	−0.177%	$225.0M	$99.0M	75x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	92.978	−0.137%	$12.6M	$2.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.969	−0.148%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.976	−0.140%	$3.1M	$11.6M	20x	as long as short
Gate HYPE_USDT	+0.0096%	4h	92.958	−0.159%	$45.2M	$54.5M	75x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	92.694	−0.443%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.948	−0.170%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.900	−0.221%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.875	−0.248%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.979	−0.136%	$2.02B	$667.8M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.944	−0.174%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.939	−0.179%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.930	−0.190%	$373.9M	$906.5M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.892	−0.230%	$114.0M	$304.4M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.427%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.905	−0.216%	$91.4M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.950	−0.168%	$46.2M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.956	−0.161%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.981	−0.134%	$7.3M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.839	−0.287%	$28.5M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	−0.320%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.725	−0.409%	$340K	$1.0M	50x	as long as short
StandX HYPE-USDshort	+0.0100%	1h	92.846	−0.279%	$668K	$2.9M	20x
Vest HYPE-PERP	+0.0100%	1h	92.943	−0.175%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.935	−0.184%	$487K	$2.7M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.978	−0.137%	$79K	$166K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.950	−0.167%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.921	−0.199%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.008	−0.105%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	93.137	+0.033%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.958	−0.159%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.976	−0.139%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	92.980	−0.135%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	93.060	−0.049%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	93.086	−0.022%	$20.7M	$29.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.047%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.952	−0.166%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.965	−0.152%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.872	−0.251%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0438%	1h	93.106	long leg	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0598%	1h	92.959	−0.158%	$3.2M	$6.3M	20x	as long as short