HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0068%/8h= +7.5% APRnext payment +$0.09 per $10,000 · paid last 24h +0.045%

Price spread now: Phoenix against dYdX+0.190%46s7-day average +0.085% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$720.722% of the position

Long on dYdX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.405%+$40 on $10k

Price spread, last 4 days (all we have)−0.142%−$14 · spread now +0.190%, 7d avg +0.085%

Together, before fees+0.262%+$26 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.105% dearer against dYdX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.085%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX HYPE-USD	93.181	0	get 0.0000% / 1h	58m 35s	$127K	$32K	5x
Short	Phoenix HYPE	93.358	0.0068	get 0.0009% / 1h	58m 35s	$216K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against dYdX. 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 dYdXbpFee PhoenixbpOrdersPrice spread, now +0.190%Rate

Funding earned: $14.38
Price spread: +0.190% → +0.085%: $10.45
Slippage, 4 orders: −$55.16
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$47.33
Costs to cover: 0.722%
Break-even: 30.0 days

Slippage from dYdX: live order book, 25 min ago; Phoenix: 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 dYdX live order book, 25 min ago	25.29 bp	30.3 bp −$30	42.7 bp −$427	131.3 bp −$13.1K	547.5 bp −$273.7K
Sell Phoenix live order book, 5 min ago	1.18 bp	5.8 bp −$6	11.2 bp −$112	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	−0.0760%	1h	93.287	+0.113%	$197K	$231K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0276%	1h	93.283	+0.109%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.131	−0.054%	$1.2M	$4.1M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.214	+0.035%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0037%	1h	93.209	+0.030%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0033%	1h	93.243	+0.066%	$111K	$580K	20x	as long as short
dYdX HYPE-USDlong	0.0000%	1h	93.181	long leg	$127K	$32K	5x
01 Exchange HYPEUSD	0.0000%	1h	93.186	+0.005%	$90K	$360K	20x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	93.335	+0.165%	$1.9M	$5.3M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	93.179	−0.002%	$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	93.299	+0.126%	$20K	—	150x	as long as short
Aster HYPEUSDT	+0.0008%	4h	93.173	−0.009%	$8.9M	$35.8M	300x	as long as short
Bybit HYPEUSDT	+0.0029%	8h	93.130	−0.055%	$324.4M	$286.3M	75x	as long as short
Ondo Perps HYPE-USD.P	+0.0034%	1h	93.120	−0.066%	$701K	$932K	10x	as long as short
Gate HYPE_USDT	+0.0036%	4h	93.170	−0.012%	$44.0M	$56.3M	75x	as long as short
Orderly PERP_HYPE_USDC	+0.0049%	4h	93.281	+0.107%	$167K	$512K	20x	as long as short
Popdex HYPEUSDT	+0.0064%	1h	93.157	−0.026%	$56K	$1.2M	50x	as long as short
Phoenix HYPEshort	+0.0068%	1h	93.358	+0.190%	$216K	$1.2M	10x
Vest HYPE-PERP	+0.0082%	1h	93.186	+0.005%	—	$454K	5x	as long as short
Lighter HYPE	+0.0096%	1h	93.208	+0.029%	$18.6M	$58.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.185	+0.004%	$3.1M	$12.0M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.160	−0.023%	$338K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.170	−0.012%	$40K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.156	−0.026%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.191	+0.011%	$2.03B	$672.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.181	0.000%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.164	−0.019%	$384.4M	$889.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.138	−0.046%	$114.6M	$314.2M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.271	+0.097%	$204K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.170	−0.012%	$92.6M	$80.9M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.204	+0.025%	$46.1M	$18.8M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.160	−0.023%	$226.2M	$102.7M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.152	−0.031%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.290	+0.117%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.252	+0.076%	$29.1M	$50.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.313	+0.141%	$7.5M	$44.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.276	+0.102%	$405K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.294	+0.121%	$674K	$2.5M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.184	+0.003%	$492K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.278	+0.104%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.299	+0.127%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.265	+0.090%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.263	+0.088%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.142	−0.042%	$18.3M	$41.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.291	+0.118%	$397K	$318K	20x	as long as short
edgeX HYPEUSDC	+0.0111%	4h	93.275	+0.101%	$5.1M	$29.5M	30x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.360	+0.192%	$4.9M	$5.7M	50x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.160	−0.023%	$30K	$291K	12x	as long as short
Reya HYPERUSDPERP	+0.0246%	1h	93.145	−0.039%	$78K	$158K	15x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.221	+0.042%	$2.8M	$6.8M	20x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0296%	1h	93.375	+0.208%	$7.4M	$4.6M	50x	as long as short
HTX HYPE-USDT	+0.0301%	4h	93.485	+0.326%	$1.5M	$7.6M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.291	+0.117%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.267	+0.092%	$17.0M	$12.4M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.432	+0.269%	$19.8M	$27.0M	50x	as long as short