HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0057%/8h= +6.2% APRnext payment +$0.07 per $10,000 · paid last 24h −0.028%

Price spread now: Derive against Phoenix+0.100%7-day average −0.114% · you sell dearer than you buy

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

Long on Phoenix Short on Derive

What this pair did over the last

the charts below follow

Funding, last 7 days−0.281%−$28 on $10k

Price spread, last 4 days (all we have)−0.283%−$28 · spread now +0.100%, 7d avg −0.114%

Together, before fees−0.563%−$56 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Derive is 0.214% dearer against Phoenix than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.114%. Mind the row above: over the last 7 days funding on this pair cost −0.281%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix HYPE	92.652	0.0043	pay 0.0005% / 1h	21m 05s	$210K	$1.2M	10x
Short	Derive HYPE-PERP	92.744	0.0100	get 0.0013% / 1h	21m 05s	$16.1M	$7.5M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive 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 DerivebpOrdersPrice spread, now +0.100%Rate

Funding earned: $11.93
Price spread: +0.100% → −0.114%: $21.39
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Derive: 3 bp × 2 orders: −$6
Net: $20.32
Costs to cover: 0.130%
Break-even: from the start

Slippage unknown: Phoenix: live order book, 2 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 Phoenix live order book, 2 min ago	1.19 bp	5.8 bp −$6	11.1 bp −$111	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
Arcus HYPE-USD	−0.0948%	1h	92.659	+0.008%	$1.1M	$3.9M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0240%	1h	92.701	+0.053%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0227%	1h	92.666	+0.015%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.756	+0.112%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.738	+0.093%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	92.767	+0.124%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	+0.128%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.755	+0.111%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.773	+0.131%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	92.718	+0.071%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0030%	1h	92.750	+0.106%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0035%	1h	92.680	+0.030%	$697K	$1.1M	10x	as long as short
Aster HYPEUSDT	+0.0039%	4h	92.772	+0.130%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.776	+0.134%	—	$53.4M	—	as long as short
Phoenix HYPElong	+0.0043%	1h	92.652	long leg	$210K	$1.2M	10x
Bybit HYPEUSDT	+0.0049%	8h	92.770	+0.127%	$316.8M	$281.9M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0087%	8h	92.780	+0.138%	$113.7M	$304.4M	50x	as long as short
Gate HYPE_USDT	+0.0088%	4h	92.767	+0.124%	$44.5M	$55.3M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.766	+0.123%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.784	+0.143%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.797	+0.156%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.733	+0.087%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.660	+0.009%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.746	+0.102%	$7.1M	$45.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.815	+0.176%	$2.02B	$663.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.775	+0.133%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.782	+0.140%	$372.6M	$904.0M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.773	+0.131%	$87.6M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.785	+0.144%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.771	+0.128%	$224.6M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.769	+0.126%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.026%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.707	+0.060%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.679	+0.029%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.729	+0.083%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.803	+0.163%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.770	+0.127%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.733	+0.087%	$79K	$170K	20x	as long as short
Derive HYPE-PERPshort	+0.0100%	1h	92.744	+0.100%	$16.1M	$7.5M	10x
SunX HYPE-USDT	+0.0100%	4h	92.714	+0.067%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.778	+0.136%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.268%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	+0.053%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.751	+0.107%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.773	+0.131%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0116%	4h	92.666	+0.015%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.376%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.780	+0.138%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0240%	8h	92.796	+0.155%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.754	+0.110%	$79K	$132K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.766	+0.123%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.840	+0.203%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.771	+0.128%	$16.7M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0472%	1h	92.865	+0.230%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.782	+0.140%	$3.2M	$6.4M	20x	as long as short