HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0123%/8h= −13.5% APRnext payment −$0.15 per $10,000 · paid last 24h −0.067%

Price spread now: Hotstuff against Phoenix−0.044%53s7-day average — · you buy dearer than you sell

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

Long on Phoenix Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Hotstuff is 0.044% cheaper against Phoenix than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 53 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	92.246	0.0043	pay 0.0005% / 1h	41m 47s	$209K	$1.2M	10x
Short	Hotstuff HYPE-PERP	92.205	−0.0080	pay 0.0010% / 1h	41m 47s	$3K	$331	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.044%Rate

Funding earned: −$25.87
Price spread: −0.044% → 0.000%: −$4.44
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$42.31
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 1 min ago; Hotstuff: 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, 1 min ago	1.52 bp	6.3 bp −$6	12.8 bp −$128	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	92.226	−0.022%	$1.2M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0520%	1h	92.314	+0.074%	$193K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0165%	1h	92.313	+0.072%	$22K	$21K	10x	as long as short
01 Exchange HYPEUSD	−0.0128%	1h	92.222	−0.026%	$85K	$355K	20x	as long as short
Hotstuff HYPE-PERPshort	−0.0080%	1h	92.205	−0.044%	$3K	$331	25x
Orderly PERP_HYPE_USDC	−0.0070%	4h	92.195	−0.055%	$157K	$663K	20x	as long as short
Bullet HYPE-USD	−0.0059%	1h	92.203	−0.047%	$110K	$579K	20x	as long as short
Aster HYPEUSDT	−0.0007%	4h	92.264	+0.019%	$8.7M	$36.4M	300x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.312	+0.072%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.214	−0.035%	$22K	$310K	10x	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	92.231	−0.016%	$61K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0020%	1h	92.240	−0.007%	$695K	$1.1M	10x	as long as short
BingX HYPE-USDT	+0.0030%	4h	92.290	+0.048%	—	$53.3M	—	as long as short
Phoenix HYPElong	+0.0043%	1h	92.246	long leg	$209K	$1.2M	10x
Bybit HYPEUSDT	+0.0050%	8h	92.290	+0.048%	$315.6M	$281.2M	75x	as long as short
Gate HYPE_USDT	+0.0056%	4h	92.282	+0.039%	$44.3M	$54.9M	75x	as long as short
Derive HYPE-PERP	+0.0070%	1h	92.190	−0.061%	$16.0M	$7.5M	10x	as long as short
Phemex HYPEUSDT	+0.0074%	8h	92.240	−0.007%	$12.5M	$2.7M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0077%	8h	92.300	+0.059%	$112.9M	$301.9M	50x	as long as short
edgeX HYPEUSDC	+0.0078%	4h	92.205	−0.045%	$4.9M	$29.5M	30x	as long as short
MEXC HYPE_USDT	+0.0080%	4h	92.295	+0.053%	$87.1M	$80.5M	100x	as long as short
Binance HYPEUSDT	+0.0081%	4h	92.295	+0.053%	$370.0M	$899.7M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0091%	8h	92.331	+0.092%	$338K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.305	+0.064%	$16.0M	$62.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.305	+0.064%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.216	−0.033%	$68K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.200	−0.050%	$31K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.188	−0.063%	$6.0M	$43.3M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.338	+0.099%	$2.01B	$665.2M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.320	+0.080%	$10.0M	$15.0M	20x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.245	−0.001%	$201K	$13K	10x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.299	+0.057%	$45.8M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.308	+0.067%	$223.9M	$98.4M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.237	−0.010%	$7.3M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.158	−0.095%	$28.3M	$57.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.209	−0.040%	$7.5M	$45.9M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.186	−0.065%	$337K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.325	+0.086%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.272	+0.028%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.228	−0.020%	$474K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.218	−0.030%	$78K	$169K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.252	+0.007%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.230	−0.017%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.368	+0.132%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.234	−0.014%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.221	−0.028%	$390K	$164K	20x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.817%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.230	−0.017%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0257%	8h	92.242	−0.004%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0261%	1h	92.201	−0.049%	$79K	$138K	15x	as long as short
BloFin HYPE-USDT	+0.0304%	4h	92.211	−0.038%	$16.7M	$11.5M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.234	−0.013%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0333%	1h	92.295	+0.053%	$20.5M	$30.4M	50x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0552%	1h	92.324	+0.085%	$7.5M	$4.4M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.286	+0.044%	$3.1M	$6.4M	20x	as long as short