HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0120%/8h= −13.2% APRnext payment −$0.15 per $10,000 · paid last 24h −0.075%

Price spread now: Derive against Injective−1.004%61s7-day average −0.211% · you buy dearer than you sell

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

Long on Injective Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−2.301%−$230 on $10k

Price spread, last 3 days (all we have)+1.139%+$114 · spread now −1.004%, 7d avg −0.211%

Together, before fees−1.162%−$116 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Derive is 0.794% cheaper against Injective than usual: you would sell low and buy high (−$79 if the spread goes back to its 7-day average of −0.211%). Swap the legs. The two prices were read 61 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	Injective HYPE/USDC PERP	94.410	0.0104	pay 0.0013% / 1h	26m 18s	$31K	$338K	12x
Short	Derive HYPE-PERP	93.462	−0.0017	pay 0.0002% / 1h	26m 18s	$16.3M	$7.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee DerivebpOrdersPrice spread, now −1.004%Rate

Funding earned: −$25.25
Price spread: −1.004% → −0.211%: −$79.38
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Derive: 3 bp × 2 orders: −$6
Net: −$110.65
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Injective: live order book, 53 min ago; Derive: no order-book sample. 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 Injective live order book, 53 min ago	9.65 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

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	−0.0904%	1h	93.545	−0.916%	$198K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0376%	1h	93.683	−0.770%	$22K	$22K	10x	as long as short
Arcus HYPE-USD	−0.0233%	1h	93.480	−0.985%	$1.2M	$3.8M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.592	−0.866%	$3K	$331	25x	as long as short
Ondo Perps HYPE-USD.P	−0.0070%	1h	93.550	−0.911%	$703K	$910K	10x	as long as short
01 Exchange HYPEUSD	−0.0048%	1h	93.525	−0.937%	$86K	$366K	20x	as long as short
Derive HYPE-PERPshort	−0.0017%	1h	93.462	−1.004%	$16.3M	$7.1M	10x
dYdX HYPE-USD	0.0000%	1h	93.663	−0.792%	$127K	$30K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.577	−0.882%	$23K	$329K	10x	as long as short
Orderly PERP_HYPE_USDC	+0.0002%	4h	93.540	−0.922%	$166K	$583K	20x	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 −0.0003%	1h	93.554	−0.907%	$26K	—	150x	as long as short
Phoenix HYPE	+0.0009%	1h	93.687	−0.766%	$214K	$1.2M	10x	as long as short
Aster HYPEUSDT	+0.0013%	4h	93.575	−0.885%	$8.9M	$36.0M	300x	as long as short
Bybit HYPEUSDT	+0.0018%	8h	93.510	−0.953%	$321.3M	$283.3M	75x	as long as short
Binance HYPEUSDT	+0.0056%	4h	93.526	−0.936%	$382.2M	$895.5M	75x	as long as short
MEXC HYPE_USDT	+0.0056%	4h	93.542	−0.919%	$87.7M	$81.8M	100x	as long as short
edgeX HYPEUSDC	+0.0064%	4h	93.635	−0.820%	$5.1M	$29.7M	30x	as long as short
Phemex HYPEUSDT	+0.0070%	8h	93.537	−0.925%	$12.7M	$2.6M	50x	as long as short
Gate HYPE_USDT	+0.0084%	4h	93.531	−0.931%	$43.9M	$59.1M	75x	as long as short
Bullet HYPE-USD	+0.0090%	1h	93.531	−0.932%	$113K	$577K	20x	as long as short
Lighter HYPE	+0.0096%	1h	93.638	−0.818%	$18.8M	$60.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.539	−0.923%	$3.0M	$12.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.545	−0.916%	$64K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.527	−0.935%	$398K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.597	−0.861%	$340K	$171K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	93.540	−0.922%	$43K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.605	−0.853%	$5.7M	$44.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.610	−0.847%	$10.1M	$14.5M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.505	−0.959%	$115.2M	$319.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.625	−0.832%	$204K	$7K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.558	−0.902%	$46.4M	$18.6M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.519	−0.944%	$226.5M	$102.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.515	−0.948%	—	$54.1M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.639	−0.817%	$7.8M	$10.5M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.574	−0.885%	$31.2M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	−0.824%	$7.6M	$45.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.646	−0.809%	$346K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.611	−0.846%	$677K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.603	−0.854%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.560	−0.900%	$490K	$2.4M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.510	−0.953%	$76K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.567	−0.893%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.511	−0.952%	$2.0M	$2.0M	10x	as long as short
Injective HYPE/USDC PERPlong	+0.0104%	1h	94.410	long leg	$31K	$338K	12x
Extended HYPE-USD	+0.0104%	1h	93.494	−0.970%	$18.3M	$42.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0132%	8h	93.660	−0.794%	$1.9M	$5.0M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0152%	1h	93.550	−0.911%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0211%	4h	93.712	−0.739%	$1.5M	$7.8M	75x	as long as short
Hyperliquid HYPE	+0.0213%	1h	93.599	−0.859%	$2.03B	$676.5M	10x	as long as short
BloFin HYPE-USDT	+0.0229%	4h	93.600	−0.858%	$17.1M	$12.6M	75x	as long as short
Reya HYPERUSDPERP	+0.0249%	1h	93.529	−0.933%	$77K	$142K	15x	as long as short
RISEx HYPE/USDC	+0.0284%	1h	93.601	−0.856%	$2.8M	$6.9M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0337% / S −0.0163%	1h	93.549	−0.912%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0381%	1h	93.619	−0.838%	$7.4M	$4.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0580%	1h	93.608	−0.850%	$20.9M	$29.5M	50x	as long as short