HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0375%/8h= +41.0% APRnext payment +$0.47 per $10,000 · paid last 24h +0.020%

Price spread now: Deribit against Derive+0.183%7-day average +0.071% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 3 days (all we have)−0.146%−$15 · spread now +0.183%, 7d avg +0.071%

Together, before fees−0.177%−$18 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Deribit is 0.113% dearer against Derive than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.071%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.031% in total (about -1.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.47 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	Derive HYPE-PERP	93.179	−0.0035	get 0.0004% / 1h	6m 07s	$16.3M	$7.1M	10x
Short	Deribit HYPE_USDC-PERPETUAL	93.350	0.0340	get 0.0043% / 1h	6m 07s	$7.4M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Derive. 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 DerivebpFee DeribitbpOrdersPrice spread, now +0.183%Rate

Funding earned: $78.71
Price spread: +0.183% → +0.071%: $11.27
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $76.98
Costs to cover: 0.130%
Break-even: 0.2 days

Slippage unknown: Derive: no order-book sample; Deribit: live order book, 3 min ago. Net counts fees only.

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 Derive no order-book sample	—	—	—	—	—
Sell Deribit live order book, 3 min ago	0.27 bp	5.4 bp −$5	12.7 bp −$127	doesn't fit	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0848%	1h	93.321	+0.152%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0253%	1h	93.394	+0.230%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0230%	1h	93.210	+0.033%	$700K	$934K	10x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	93.237	+0.062%	$90K	$358K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.236	+0.061%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0036%	1h	93.202	+0.025%	$111K	$580K	20x	as long as short
Derive HYPE-PERPlong	−0.0035%	1h	93.179	long leg	$16.3M	$7.1M	10x
dYdX HYPE-USD	0.0000%	1h	93.280	+0.108%	$127K	$32K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.335	+0.167%	$1.9M	$5.2M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.264	+0.090%	$23K	$334K	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.270	+0.097%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0011%	4h	93.220	+0.044%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0030%	8h	93.220	+0.044%	$324.6M	$287.1M	75x	as long as short
Gate HYPE_USDT	+0.0030%	4h	93.223	+0.047%	$43.9M	$57.8M	75x	as long as short
Popdex HYPEUSDT	+0.0032%	1h	93.232	+0.057%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0053%	4h	93.228	+0.052%	$165K	$538K	20x	as long as short
Phoenix HYPE	+0.0068%	1h	93.345	+0.178%	$215K	$1.2M	10x	as long as short
SoDEX HYPE-USD	+0.0084%	1h	93.220	+0.044%	$2.0M	$2.0M	10x	as long as short
Vest HYPE-PERP	+0.0086%	1h	93.267	+0.094%	—	$454K	5x	as long as short
Bluefin HYPE-PERP	+0.0096%	1h	93.230	+0.054%	$75K	$168K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.270	+0.097%	$18.6M	$60.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.256	+0.082%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.244	+0.070%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.250	+0.076%	$36K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.219	+0.043%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.305	+0.135%	$2.03B	$670.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.264	+0.091%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.222	+0.046%	$384.7M	$889.8M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.215	+0.038%	$114.6M	$314.4M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.199	+0.021%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.285	+0.113%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.221	+0.045%	$93.0M	$82.5M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.228	+0.052%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.238	+0.063%	$226.5M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.218	+0.042%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.262	+0.089%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.263	+0.089%	$29.1M	$50.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.304	+0.134%	$7.5M	$45.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.276	+0.104%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.340	+0.172%	$675K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.262	+0.089%	$492K	$2.6M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.270	+0.097%	$32K	$1.6M	20x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.274	+0.102%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.208	+0.031%	$18.4M	$41.7M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.196	+0.018%	$396K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0113%	4h	93.268	+0.095%	$5.1M	$29.4M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0208%	1h	93.260	+0.087%	$4.9M	$5.7M	50x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.219	+0.043%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.910	+0.784%	$31K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0292%	4h	93.450	+0.291%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.268	+0.095%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0340%	1h	93.350	+0.183%	$7.4M	$4.6M	50x
BloFin HYPE-USDT	+0.0340%	4h	93.275	+0.103%	$17.1M	$12.5M	75x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.292	+0.121%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.388	+0.224%	$19.2M	$26.3M	50x	as long as short