HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0401%/8h= +43.9% APRnext payment +$0.50 per $10,000 · paid last 24h −0.008%

Price spread now: Deribit against Phoenix+0.225%70s7-day average −0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as 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−$240.244% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.312%−$31 on $10k

Price spread, last 3 days (all we have)−0.321%−$32 · spread now +0.225%, 7d avg −0.039%

Together, before fees−0.633%−$63 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Deribit is 0.264% dearer against Phoenix than usual: you sell high and buy low: +$26 more if the spread goes back to its 7-day average of −0.039%. Mind the row above: over the last 7 days funding on this pair cost −0.312%, so the current rate has only just turned in your favour. The two prices were read 70 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	93.249	0.0034	pay 0.0004% / 1h	14m 25s	$214K	$1.2M	10x
Short	Deribit HYPE_USDC-PERPETUAL	93.459	0.0435	get 0.0054% / 1h	14m 25s	$7.4M	$4.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.225%Rate

Funding earned: $84.15
Price spread: +0.225% → −0.039%: $26.43
Slippage, 4 orders: −$10.35
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $86.23
Costs to cover: 0.244%
Break-even: from the start

Slippage from Phoenix: live order book, 9 min ago; Deribit: 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 Phoenix live order book, 9 min ago	0.97 bp	5.4 bp −$5	9.8 bp −$98	doesn't fit	doesn't fit
Sell Deribit live order book, 5 min ago	1.55 bp	8.3 bp −$8	12.6 bp −$126	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
Aftermath Perps HYPEUSD	−0.0441%	1h	93.211	−0.040%	$22K	$22K	10x	as long as short
Hibachi HYPE/USDT-P	−0.0352%	1h	93.222	−0.029%	$197K	$230K	7x	as long as short
Arcus HYPE-USD	−0.0131%	1h	93.205	−0.047%	$1.2M	$4.0M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0123%	1h	93.210	−0.042%	$699K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.272	+0.025%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	93.292	+0.046%	$90K	$361K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.278	+0.031%	$127K	$32K	5x	as long as short
Popdex HYPEUSDT	0.0000%	1h	93.260	+0.012%	$58K	$1.2M	50x	as long as short
Perpl HYPE	0.0000%	43m	93.251	+0.003%	$23K	$330K	10x	as long as short
Aster HYPEUSDT	+0.0001%	4h	93.312	+0.068%	$8.9M	$35.8M	300x	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 −0.0002%	1h	93.336	+0.094%	$27K	—	150x	as long as short
Orderly PERP_HYPE_USDC	+0.0020%	4h	93.329	+0.086%	$172K	$517K	20x	as long as short
Bybit HYPEUSDT	+0.0023%	8h	93.306	+0.061%	$323.2M	$285.5M	75x	as long as short
Phoenix HYPElong	+0.0034%	1h	93.249	long leg	$214K	$1.2M	10x
Bullet HYPE-USD	+0.0035%	1h	93.304	+0.059%	$112K	$578K	20x	as long as short
Derive HYPE-PERP	+0.0047%	1h	93.269	+0.021%	$16.3M	$7.0M	10x	as long as short
Gate HYPE_USDT	+0.0064%	4h	93.315	+0.071%	$44.0M	$58.6M	75x	as long as short
MEXC HYPE_USDT	+0.0064%	4h	93.275	+0.028%	$90.2M	$82.3M	100x	as long as short
Binance HYPEUSDT	+0.0065%	4h	93.320	+0.076%	$382.0M	$893.4M	75x	as long as short
edgeX HYPEUSDC	+0.0085%	4h	93.171	−0.083%	$5.1M	$29.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.323	+0.079%	$18.6M	$59.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.317	+0.073%	$3.1M	$12.2M	20x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	93.331	+0.088%	$397K	$318K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.282	+0.035%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.240	−0.010%	$35K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.255	+0.007%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.294	+0.048%	$2.03B	$669.5M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.293	+0.047%	$10.0M	$14.4M	20x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.315	+0.071%	$114.2M	$313.9M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.232	−0.018%	$204K	$8K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.279	+0.032%	$47.0M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.377	+0.137%	$226.5M	$103.0M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.295	+0.049%	—	$53.8M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.265	+0.017%	$7.8M	$10.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.203	−0.049%	$29.0M	$50.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.199	−0.054%	$7.5M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.153	−0.103%	$414K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.206	−0.046%	$674K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.284	+0.038%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.293	+0.047%	$493K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.336	+0.093%	$76K	$167K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.353	+0.112%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.354	+0.113%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.215	−0.036%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.236	−0.014%	$18.2M	$41.8M	50x	as long as short
Kalshi KXHYPEPERP	+0.0117%	8h	93.294	+0.048%	$1.9M	$5.3M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0176%	1h	93.310	+0.065%	$4.9M	$5.7M	50x	as long as short
HTX HYPE-USDT	+0.0232%	4h	93.405	+0.167%	$1.5M	$7.7M	75x	as long as short
Injective HYPE/USDC PERP	+0.0239%	1h	93.140	−0.117%	$30K	$338K	12x	as long as short
Reya HYPERUSDPERP	+0.0247%	1h	93.257	+0.009%	$77K	$159K	15x	as long as short
BloFin HYPE-USDT	+0.0260%	4h	93.211	−0.041%	$16.8M	$12.4M	75x	as long as short
RISEx HYPE/USDC	+0.0280%	1h	93.325	+0.082%	$2.7M	$6.8M	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0339% / S −0.0165%	1h	93.313	+0.068%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0435%	1h	93.459	+0.225%	$7.4M	$4.6M	50x
Kraken Futures PF_HYPEUSD	+0.0465%	1h	93.364	+0.124%	$20.9M	$29.0M	50x	as long as short