HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0021%/8h= −2.3% APRnext payment −$0.03 per $10,000 · paid last 24h −0.023%

Price spread now: Bullet against Phoenix−0.171%62s7-day average −0.075% · you buy dearer than you sell

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

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

costs, in and out, $10k−$240.245% of the position

Long on Phoenix Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.114%−$11 on $10k

Price spread, last 4 days (all we have)−0.013%−$1 · spread now −0.171%, 7d avg −0.075%

Together, before fees−0.127%−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bullet is 0.097% cheaper against Phoenix than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.075%). Swap the legs. The two prices were read 62 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	Phoenix HYPE	93.210	0.0026	pay 0.0003% / 1h	7m 48s	$213K	$1.2M	10x
Short	Bullet HYPE-USD	93.050	0.0004	get 0.0001% / 1h	7m 48s	$111K	$579K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Phoenix. 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 PhoenixbpFee BulletbpOrdersPrice spread, now −0.171%Rate

Funding earned: −$4.47
Price spread: −0.171% → −0.075%: −$9.66
Slippage, 4 orders: −$9.49
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$38.61
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from Phoenix: live order book, just now; Bullet: live order book, 56 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 Phoenix live order book, just now	1.07 bp	5.5 bp −$6	10.3 bp −$103	doesn't fit	doesn't fit
Sell Bullet live order book, 56 min ago	0.48 bp	7.4 bp −$7	10.8 bp −$108	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	−0.0976%	1h	93.211	+0.001%	$197K	$226K	7x	as long as short
Arcus HYPE-USD	−0.0899%	1h	92.930	−0.300%	$1.2M	$3.8M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0130%	1h	93.080	−0.139%	$698K	$1.0M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.082	−0.137%	$3K	$331	25x	as long as short
Aftermath Perps HYPEUSD	−0.0078%	1h	93.224	+0.015%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0056%	1h	93.039	−0.183%	$85K	$345K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0049%	4h	93.042	−0.180%	$154K	$654K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.148	−0.066%	$128K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.064	−0.157%	$23K	$316K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	93.093	−0.126%	$62K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USDshort	+0.0004%	1h	93.050	−0.171%	$111K	$579K	20x
Phemex HYPEUSDT	+0.0007%	8h	93.097	−0.121%	$12.6M	$2.7M	50x	as long as short
Aster HYPEUSDT	+0.0022%	4h	93.037	−0.186%	$8.8M	$35.9M	300x	as long as short
Phoenix HYPElong	+0.0026%	1h	93.210	long leg	$213K	$1.2M	10x
BingX HYPE-USDT	+0.0037%	4h	93.017	−0.207%	—	$52.9M	—	as long as short
Gate HYPE_USDT	+0.0044%	4h	93.019	−0.205%	$44.5M	$55.6M	75x	as long as short
Bybit HYPEUSDT	+0.0048%	8h	93.012	−0.212%	$320.0M	$276.7M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0074%	8h	93.000	−0.225%	$113.4M	$298.4M	50x	as long as short
Derive HYPE-PERP	+0.0087%	1h	93.019	−0.205%	$16.1M	$7.5M	10x	as long as short
Binance HYPEUSDT	+0.0095%	4h	93.007	−0.218%	$376.2M	$880.0M	75x	as long as short
Lighter HYPE	+0.0096%	1h	93.051	−0.171%	$16.2M	$62.1M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.049	−0.173%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.036	−0.187%	$67K	$1.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0096%	8h	93.123	−0.093%	$339K	$162K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.040	−0.182%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.047	−0.174%	$5.8M	$43.0M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.102	−0.116%	$2.03B	$653.7M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.087	−0.132%	$10.0M	$14.8M	20x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.011	−0.213%	$89.3M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.027	−0.196%	$45.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.014	−0.210%	$224.9M	$96.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.016	−0.208%	$7.3M	$10.0M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.197	−0.014%	$31.4M	$53.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.289	+0.084%	$7.5M	$46.2M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.125	−0.091%	$338K	$998K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.310	+0.107%	$667K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.109	−0.108%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.084	−0.135%	$470K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.017	−0.207%	$79K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.048	−0.174%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.042	−0.180%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.155	−0.059%	$203K	$10K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.985	−0.241%	$18.3M	$42.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.026	−0.197%	$396K	$162K	20x	as long as short
edgeX HYPEUSDC	+0.0104%	4h	93.205	−0.006%	$5.0M	$28.9M	30x	as long as short
HTX HYPE-USDT	+0.0124%	4h	93.200	−0.011%	$1.4M	$6.0M	75x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.120	−0.097%	$4.8M	$5.5M	50x	as long as short
Reya HYPERUSDPERP	+0.0259%	1h	93.037	−0.186%	$79K	$140K	15x	as long as short
Kalshi KXHYPEPERP	+0.0271%	8h	93.109	−0.108%	$1.9M	$5.2M	2.3x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0156%	1h	93.078	−0.142%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.118	−0.099%	$16.9M	$11.5M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0416%	1h	93.152	−0.062%	$7.4M	$4.3M	50x	as long as short
RISEx HYPE/USDC	+0.0510%	1h	93.137	−0.078%	$3.2M	$6.3M	20x	as long as short
Injective HYPE/USDC PERP	+0.0519%	1h	93.390	+0.193%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0687%	1h	93.109	−0.108%	$20.7M	$29.8M	50x	as long as short