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Funding arb · Price arb /

HYPE

all HYPE markets
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Alert: funding
Measured
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Alert: spread
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Checked every minute; it has to hold two checks in a row. Delivery to Telegram comes later, so for now alerts appear on the alerts page.

Funding you earn now, next payment 22:00 UTC+0.0005%/8h= +0.5% APRnext payment +$0.01 per $10,000 · paid last 24h +0.033%
Price spread now: Phoenix against Derive+0.160%52s7-day average +0.112% · you sell dearer than you buy
to open and closeno order booka leg has no order-book sample
Long on DeriveShort on Phoenix
What this pair did over the last
the charts below follow
Funding, last 7 days+0.287%+$29 on $10k
Price spread, last 3 days (all we have)−0.015%−$2 · spread now +0.160%, 7d avg +0.112%
Together, before fees+0.271%+$27 on $10k · with fees, hour by hour
Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phoenix is 0.048% dearer against Derive than usual: you sell high and buy low, +$5 on $10k if it goes back to its 7-day average of +0.112%. The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongDerive HYPE-PERP93.1440.0029pay 0.0004% / 1h19m 33s$16.3M$7.1M10x
ShortPhoenix HYPE93.2930.0034get 0.0004% / 1h19m 33s$214K$1.2M10x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phoenix 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

Funding earned
$1.02
Price spread: +0.160% → +0.112%
$4.77
Slippage, 4 orders
no order book: not counted
Fee Derive: 3 bp × 2 orders
−$6
Fee Phoenix: 3.5 bp × 2 orders
−$7
Net
−$7.2
Costs to cover
0.130%
Break-even
56.2 days
Slippage unknown: Derive: no order-book sample; Phoenix: live order book, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Derive no order-book sample—————
Sell Phoenix live order book, 4 min ago0.97 bp5.4 bp −$59.6 bp −$96119.3 bp −$11.9Kdoesn'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.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Aftermath Perps HYPEUSD−0.0428%1h93.121−0.025%$22K$22K10xas long as short
Hibachi HYPE/USDT-P−0.0336%1h93.216+0.076%$197K$230K7xas long as short
Arcus HYPE-USD−0.0131%1h93.133−0.012%$1.2M$4.0M10xas long as short
Ondo Perps HYPE-USD.P−0.0130%1h93.130−0.015%$699K$928K10xas long as short
Hotstuff HYPE-PERP−0.0080%1h93.198+0.058%$3K$33125xas long as short
01 Exchange HYPEUSD−0.0032%1h93.259+0.123%$90K$361K20xas long as short
Popdex HYPEUSDT−0.0008%1h93.221+0.082%$58K$1.2M50xas long as short
dYdX HYPE-USD0.0000%1h93.276+0.141%$127K$32K5xas long as short
Perpl HYPE0.0000%43m93.248+0.111%$23K$331K10xas long as short
Aster HYPEUSDT+0.0001%4h93.204+0.064%$8.9M$35.9M300xas long as short
Show all 55 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
gTrade (Gains Network) HYPE/USDL +0.0002% / S −0.0001%1h93.231+0.093%$20K—150xas long as short
Bybit HYPEUSDT+0.0021%8h93.200+0.060%$323.0M$286.9M75xas long as short
Orderly PERP_HYPE_USDC+0.0022%4h93.212+0.073%$172K$518K20xas long as short
Derive HYPE-PERPlong+0.0029%1h93.144long leg$16.3M$7.1M10x
Phoenix HYPEshort+0.0034%1h93.293+0.160%$214K$1.2M10x
Bullet HYPE-USD+0.0052%1h93.186+0.044%$112K$580K20xas long as short
Gate HYPE_USDT+0.0054%4h93.181+0.039%$43.9M$58.6M75xas long as short
MEXC HYPE_USDT+0.0066%4h93.187+0.046%$90.3M$82.2M100xas long as short
Binance HYPEUSDT+0.0067%4h93.225+0.087%$381.8M$895.4M75xas long as short
edgeX HYPEUSDC+0.0079%4h93.210+0.070%$5.1M$29.7M30xas long as short
Lighter HYPE+0.0096%1h93.231+0.092%$18.6M$59.0M20xas long as short
Lighter RH HYPE+0.0096%1h93.238+0.101%$3.1M$12.2M20xas long as short
Aevo HYPE-PERP+0.0096%1h93.187+0.046%$396K$318K20xas long as short
Paradex HYPE-USD-PERP+0.0099%8h93.203+0.063%$339K$170K20xas long as short
Katana Perps HYPE-USD+0.0100%8h93.170+0.028%$35K$1.6M10xas long as short
Nado HYPE-PERP+0.0100%1h93.216+0.077%$5.9M$44.1M10xas long as short
Hyperliquid HYPE+0.0100%1h93.234+0.096%$2.03B$669.1M10xas long as short
Pacifica HYPE+0.0100%1h93.208+0.068%$10.0M$14.4M20xas long as short
OKX HYPE-USDT-SWAP+0.0100%8h93.228+0.090%$113.8M$314.3M50xas long as short
Bulk HYPE-USD+0.0100%1h93.232+0.094%$204K$8K10xas long as short
KuCoin HYPEUSDTM+0.0100%4h93.220+0.081%$47.0M$18.8M75xas long as short
Bitget HYPEUSDT+0.0100%4h93.256+0.120%$226.0M$103.0M75xas long as short
BingX HYPE-USDT+0.0100%4h93.190+0.049%—$53.9M—as long as short
Backpack HYPE_USDC_PERP+0.0100%1h93.203+0.063%$7.8M$11.1M20xas long as short
Variational Omni HYPE+0.0100%8h93.153+0.010%$29.0M$50.6M—as long as short
GRVT HYPE_USDT_Perp+0.0100%4h93.258+0.122%$7.5M$46.1M10xas long as short
ApeX Omni HYPEUSDT+0.0100%1h93.262+0.126%$415K$1.0M50xas long as short
StandX HYPE-USD+0.0100%1h93.227+0.089%$674K$2.5M20xas long as short
Vest HYPE-PERP+0.0100%1h93.268+0.133%—$454K5xas long as short
Polymarket Perps HYPE-USD+0.0100%1h93.253+0.117%$493K$2.5M20xas long as short
Bluefin HYPE-PERP+0.0100%1h93.182+0.040%$76K$167K20xas long as short
SunX HYPE-USDT+0.0100%4h93.238+0.101%$32K$1.6M20xas long as short
SoDEX HYPE-USD+0.0100%1h93.175+0.033%$2.0M$2.0M10xas long as short
Phemex HYPEUSDT+0.0100%8h93.170+0.028%$12.7M$2.6M50xas long as short
Extended HYPE-USD+0.0104%1h93.168+0.026%$18.2M$42.0M50xas long as short
Kalshi KXHYPEPERP+0.0113%8h93.301+0.168%$1.9M$5.3M2.3xas long as short
Coinbase International HYPE-PERP-INTX+0.0176%1h93.220+0.081%$4.9M$5.7M50xas long as short
Injective HYPE/USDC PERP+0.0239%1h93.320+0.189%$30K$338K12xas long as short
HTX HYPE-USDT+0.0239%4h93.374+0.247%$1.5M$7.7M75xas long as short
Reya HYPERUSDPERP+0.0247%1h93.241+0.104%$77K$159K15xas long as short
BloFin HYPE-USDT+0.0257%4h93.255+0.119%$16.9M$12.5M75xas long as short
RISEx HYPE/USDC+0.0280%1h93.247+0.110%$2.7M$6.8M20xas long as short
GMX HYPE/USD [WBTC.b-USDC]L +0.0339% / S −0.0158%1h93.226+0.088%$1.5M—100xas long as short
Deribit HYPE_USDC-PERPETUAL+0.0340%1h93.287+0.153%$7.4M$4.6M50xas long as short
Kraken Futures PF_HYPEUSD+0.0466%1h93.289+0.155%$20.9M$29.0M50xas long as short