HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0656%/8h= −71.9% APRnext payment −$0.82 per $10,000 · paid last 24h +0.015%

Price spread now: Bluefin against Nado+0.044%7-day average 0.000% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$370.371% of the position

Long on Nado Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.039%−$4 on $10k

Price spread, last 4 days (all we have)−0.326%−$33 · spread now +0.044%, 7d avg 0.000%

Together, before fees−0.365%+ Points / potential airdropNado: Active · farm board−$37 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bluefin is 0.043% dearer against Nado than usual: you sell high and buy low (spread +0.044% now, against its 7-day average of 0.000%): +$4 on $10k if it goes back. Holding the pair costs −$20 a day in funding at the current rate, which eats that in about 5 hours. At the pace of the last 4 days (−0.039% in total) that is about 4.0 days.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.039% in total (about -4.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.82 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	Nado HYPE-PERP	94.965	0.0100	pay 0.0012% / 1h	20m 55s	$7.3M	$51.6M	10x
Short	Bluefin HYPE-PERP	95.007	−0.0556	pay 0.0070% / 1h	20m 55s	$79K	$150K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin against Nado. 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 NadobpFee BluefinbpOrdersPrice spread, now +0.044%Rate

Funding earned: −$137.8
Price spread: +0.044% → 0.000%: $4.33
Slippage, 4 orders: −$23.05
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$170.52
Costs to cover: 0.371%
Break-even: never at this rate

Slippage from Nado: live order book, 3 min ago; Bluefin: live order book, 13 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 Nado live order book, 3 min ago	0.05 bp	3.9 bp −$4	7.7 bp −$77	30.4 bp −$3,045	doesn't fit
Sell Bluefin live order book, 13 min ago	4.08 bp	14.2 bp −$14	doesn't fit	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	−0.0816%	1h	94.834	−0.138%	$211K	$268K	7x	as long as short
Bluefin HYPE-PERPshort	−0.0556%	1h	95.007	+0.044%	$79K	$150K	20x
Aftermath Perps HYPEUSD	−0.0295%	1h	94.654	−0.328%	$22K	$20K	10x	as long as short
Phemex HYPEUSDT	−0.0286%	8h	94.968	+0.003%	$13.0M	$2.8M	50x	as long as short
Bullet HYPE-USD	−0.0237%	1h	95.015	+0.052%	$113K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0150%	1h	94.920	−0.048%	$705K	$1.3M	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	95.009	+0.046%	$90K	$355K	20x	as long as short
Arcus HYPE-USD	−0.0112%	1h	94.985	+0.021%	$1.0M	$3.3M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.963	−0.003%	$3K	$331	25x	as long as short
Kraken Futures PF_HYPEUSD	−0.0047%	1h	95.019	+0.056%	$18.9M	$35.6M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0010%	8h	95.032	+0.070%	$319.6M	$292.0M	75x	as long as short
dYdX HYPE-USD	−0.0008%	1h	95.006	+0.042%	$130K	$92K	5x	as long as short
Orderly PERP_HYPE_USDC	−0.0006%	4h	95.002	+0.038%	$147K	$676K	20x	as long as short
Gate HYPE_USDT	−0.0004%	4h	95.043	+0.082%	$52.1M	$55.6M	75x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	95.108	+0.150%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.996	+0.032%	$19K	$275K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.947	−0.019%	$85K	—	150x	as long as short
Phoenix HYPE	+0.0008%	1h	94.372	−0.625%	$209K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0010%	1h	94.160	−0.848%	$16.3M	$7.5M	10x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0016%	1h	95.070	+0.110%	$4.7M	$5.8M	50x	as long as short
Bitget HYPEUSDT	+0.0034%	4h	95.052	+0.091%	$228.4M	$96.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0040%	8h	95.047	+0.086%	$118.6M	$326.8M	50x	as long as short
Backpack HYPE_USDC_PERP	+0.0041%	1h	95.015	+0.052%	$7.6M	$10.3M	20x	as long as short
Vest HYPE-PERP	+0.0043%	1h	95.048	+0.087%	—	$190K	5x	as long as short
Paradex HYPE-USD-PERP	+0.0044%	8h	95.000	+0.037%	$339K	$39K	20x	as long as short
SoDEX HYPE-USD	+0.0065%	1h	95.031	+0.069%	$2.1M	$1.9M	10x	as long as short
edgeX HYPEUSDC	+0.0088%	4h	94.719	−0.260%	$5.0M	$30.9M	30x	as long as short
Lighter HYPE	+0.0096%	1h	95.011	+0.048%	$16.3M	$63.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.018	+0.055%	$3.2M	$10.3M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.985	+0.021%	$150K	$1.2M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0097%	1h	95.110	+0.152%	$7.5M	$4.4M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.970	+0.005%	$40K	$1.7M	10x	as long as short
Nado HYPE-PERPlong	+0.0100%	1h	94.965	long leg	$7.3M	$51.6M	10x
Hyperliquid HYPE	+0.0100%	1h	95.181	+0.227%	$2.09B	$674.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	95.048	+0.086%	$9.0M	$38.4M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.990	+0.026%	$10.2M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	95.065	+0.105%	$382.2M	$932.5M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.213	−0.792%	$219K	$14K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	95.063	+0.103%	$96.8M	$88.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.032	+0.070%	$47.4M	$18.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.044	+0.083%	—	$52.8M	—	as long as short
Variational Omni HYPE	+0.0100%	8h	95.031	+0.069%	$29.8M	$56.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.860	−0.111%	$7.7M	$44.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.780	−0.195%	$355K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.917	−0.051%	$696K	$2.7M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.055	+0.094%	$500K	$2.7M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.034	+0.072%	$33K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.090	+0.131%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.003	+0.040%	$18.3M	$42.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.051	+0.090%	$402K	$148K	20x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	94.927	−0.040%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0153%	1h	95.170	+0.215%	$31K	$340K	12x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	94.979	+0.014%	$83K	$105K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0155%	1h	95.069	+0.109%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	95.000	+0.036%	$17.3M	$12.4M	75x	as long as short