HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0633%/8h= +69.3% APRnext payment +$0.79 per $10,000 · paid last 24h +0.241%

Price spread now: Phoenix against Hibachi+0.146%7-day average +0.162% · you sell dearer than you buy

Net, funding: paid 7d − costs+$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$710.711% of the position

Long on Hibachi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+1.888%+$189 on $10k

Price spread, last 3 days (all we have)+0.029%+$3 · spread now +0.146%, 7d avg +0.162%

Together, before fees+1.916%+ Points / potential airdropHibachi: Active · farm board+$192 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.162%, so right now this pair is about funding alone: +$19 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hibachi HYPE/USDT-P	93.979	−0.0624	get 0.0078% / 1h	41m 07s	$199K	$230K	7x
Short	Phoenix HYPE	94.116	0.0009	get 0.0001% / 1h	41m 07s	$215K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Hibachi. 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 HibachibpFee PhoenixbpOrdersPrice spread, now +0.146%Rate

Funding earned: $132.83
Price spread: +0.146% → +0.162%: −$1.62
Slippage, 4 orders: −$55.11
Fee Hibachi: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: $60.1
Costs to cover: 0.711%
Break-even: 3.8 days

Slippage from Hibachi: live order book, 38 min ago; Phoenix: live order book, 2 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 Hibachi live order book, 38 min ago	16.26 bp	20.8 bp −$21	40.3 bp −$403	doesn't fit	doesn't fit
Sell Phoenix live order book, 2 min ago	1.49 bp	6.2 bp −$6	11.2 bp −$112	140.8 bp −$14.1K	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-Plong	−0.0624%	1h	93.979	long leg	$199K	$230K	7x
Aftermath Perps HYPEUSD	−0.0420%	1h	94.098	+0.127%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.980	+0.001%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.065	+0.092%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0002%	1h	94.030	+0.055%	$704K	$908K	10x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.120	+0.151%	$128K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	94.087	+0.116%	$23K	$329K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.119	+0.149%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0008%	4h	94.077	+0.105%	$164K	$578K	20x	as long as short
Phoenix HYPEshort	+0.0009%	1h	94.116	+0.146%	$215K	$1.2M	10x

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0016%	1h	94.071	+0.098%	$86K	$364K	20x	as long as short
Bybit HYPEUSDT	+0.0021%	8h	94.130	+0.161%	$324.1M	$282.6M	75x	as long as short
Aster HYPEUSDT	+0.0034%	4h	94.116	+0.146%	$8.9M	$35.9M	300x	as long as short
Phemex HYPEUSDT	+0.0061%	8h	94.071	+0.098%	$12.8M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0072%	4h	94.128	+0.159%	$44.6M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0072%	4h	94.101	+0.130%	$88.9M	$81.2M	100x	as long as short
Binance HYPEUSDT	+0.0074%	4h	94.138	+0.170%	$385.4M	$891.3M	75x	as long as short
Derive HYPE-PERP	+0.0076%	1h	94.054	+0.080%	$16.5M	$7.1M	10x	as long as short
edgeX HYPEUSDC	+0.0087%	4h	94.189	+0.224%	$5.1M	$29.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.147	+0.179%	$19.0M	$59.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.132	+0.163%	$3.1M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.084	+0.112%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.112	+0.141%	$400K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.064	+0.090%	$342K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.120	+0.150%	$29K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.053	+0.080%	$5.7M	$44.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.073	+0.100%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.126	+0.157%	$116.1M	$320.3M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.095	+0.124%	$205K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.124	+0.155%	$47.3M	$18.4M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.144	+0.176%	$228.0M	$102.8M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.121	+0.151%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.154	+0.187%	$7.9M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.203	+0.239%	$31.9M	$53.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.106	+0.135%	$7.6M	$45.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.200	+0.235%	$336K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.233	+0.271%	$681K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.097	+0.125%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.082	+0.110%	$491K	$2.5M	20x	as long as short
Bullet HYPE-USD	+0.0100%	1h	94.070	+0.097%	$113K	$579K	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.119	+0.149%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.054	+0.080%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.100	+0.129%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERP	+0.0104%	1h	94.410	+0.459%	$31K	$338K	12x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.083	+0.111%	$18.4M	$42.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	94.148	+0.180%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	94.150	+0.182%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0225%	4h	94.241	+0.279%	$1.5M	$7.8M	75x	as long as short
Reya HYPERUSDPERP	+0.0248%	1h	94.052	+0.078%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	94.117	+0.147%	$2.8M	$6.9M	20x	as long as short
BloFin HYPE-USDT	+0.0296%	4h	94.070	+0.097%	$17.0M	$12.7M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0340% / S −0.0165%	1h	94.112	+0.142%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0419%	1h	94.201	+0.237%	$7.4M	$4.6M	50x	as long as short
Hyperliquid HYPE	+0.0476%	1h	94.190	+0.225%	$2.05B	$668.9M	10x	as long as short
Kraken Futures PF_HYPEUSD	+0.0576%	1h	94.213	+0.249%	$21.1M	$29.2M	50x	as long as short