HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0083%/8h= −9.1% APRnext payment −$0.10 per $10,000 · paid last 24h +0.009%

Price spread now: Phoenix against SoDEX−0.040%7-day average +0.083% · 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−$38as in the Price arb table

costs, in and out, $10k−$260.255% of the position

Long on SoDEX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.096%+$10 on $10k

Price spread, last 4 days (all we have)+0.061%+$6 · spread now −0.040%, 7d avg +0.083%

Together, before fees+0.157%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.123% cheaper against SoDEX than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.083%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.096%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX HYPE-USD	93.545	0.0100	pay 0.0013% / 1h	29m 23s	$2.0M	$1.9M	10x
Short	Phoenix HYPE	93.508	0.0017	get 0.0002% / 1h	29m 23s	$208K	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SoDEX. 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 SoDEXbpFee PhoenixbpOrdersPrice spread, now −0.040%Rate

Funding earned: −$17.42
Price spread: −0.040% → +0.083%: −$12.26
Slippage, 4 orders: −$10.52
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$55.21
Costs to cover: 0.255%
Break-even: never at this rate

Slippage from SoDEX: live order book, 5 min ago; Phoenix: live order book, 4 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 SoDEX live order book, 5 min ago	0.64 bp	7.4 bp −$7	13.1 bp −$131	98.8 bp −$9,878	doesn't fit
Sell Phoenix live order book, 4 min ago	1.18 bp	5.7 bp −$6	10.1 bp −$101	121.2 bp −$12.1K	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	−0.1000%	1h	93.453	−0.098%	$198K	$240K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0194%	1h	93.516	−0.031%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0083%	1h	93.420	−0.134%	$703K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.565	+0.021%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0079%	1h	93.558	+0.014%	$111K	$579K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	93.613	+0.073%	$86K	$367K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0019%	4h	93.531	−0.015%	$145K	$685K	20x	as long as short
Bluefin HYPE-PERP	−0.0012%	1h	93.561	+0.017%	$79K	$155K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.519	−0.028%	$128K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	93.540	−0.005%	$315.7M	$287.3M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Perpl HYPE	0.0000%	43m	93.608	+0.067%	$20K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.520	−0.027%	$83K	—	150x	as long as short
BingX HYPE-USDT	+0.0002%	4h	93.561	+0.017%	—	$53.6M	—	as long as short
Derive HYPE-PERP	+0.0007%	1h	93.302	−0.259%	$16.2M	$7.5M	10x	as long as short
Phoenix HYPEshort	+0.0017%	1h	93.508	−0.040%	$208K	$1.1M	10x
Bitget HYPEUSDT	+0.0046%	4h	93.551	+0.006%	$225.4M	$99.5M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0077%	8h	93.618	+0.078%	$334K	$161K	20x	as long as short
Arcus HYPE-USD	+0.0084%	1h	93.570	+0.027%	$1.0M	$4.0M	10x	as long as short
Phemex HYPEUSDT	+0.0092%	8h	93.566	+0.022%	$12.8M	$2.8M	50x	as long as short
edgeX HYPEUSDC	+0.0095%	4h	93.451	−0.100%	$5.0M	$30.6M	30x	as long as short
Lighter HYPE	+0.0096%	1h	93.574	+0.031%	$16.1M	$64.0M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.587	+0.045%	$3.1M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	93.593	+0.051%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.570	+0.027%	$21K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.573	+0.030%	$7.5M	$50.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.659	+0.122%	$2.05B	$682.4M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	93.580	+0.037%	$8.8M	$37.0M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	93.613	+0.073%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.570	+0.027%	$374.4M	$929.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.535	−0.011%	$115.5M	$314.6M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	93.555	+0.011%	$48.6M	$55.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.573	+0.030%	$90.5M	$84.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.576	+0.033%	$46.3M	$18.7M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.561	+0.017%	$7.2M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.449	−0.103%	$28.7M	$56.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.492	−0.056%	$7.5M	$48.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.494	−0.055%	$354K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.548	+0.003%	$678K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.628	+0.089%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.597	+0.056%	$470K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.644	+0.106%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USDlong	+0.0100%	1h	93.545	long leg	$2.0M	$1.9M	10x
HTX HYPE-USDT	+0.0100%	4h	93.700	+0.166%	$1.4M	$6.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.438	−0.114%	$216K	$15K	10x	as long as short
Kalshi KXHYPEPERP	+0.0104%	8h	93.542	−0.003%	$1.8M	$5.6M	2.3x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.526	−0.020%	$18.2M	$43.2M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.559	+0.015%	$395K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	93.560	+0.016%	$4.7M	$6.1M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0152% / S +0.0022%	1h	93.515	−0.032%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	93.530	−0.016%	$30K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0241%	1h	93.637	+0.098%	$7.5M	$4.2M	50x	as long as short
Reya HYPERUSDPERP	+0.0271%	1h	93.535	−0.011%	$77K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.489	−0.060%	$16.9M	$12.2M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0415%	1h	93.619	+0.079%	$20.9M	$29.5M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	93.563	+0.020%	$3.2M	$6.4M	20x	as long as short