HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0350%/8h= +38.3% APRnext payment +$0.44 per $10,000 · paid last 24h +0.020%

Price spread now: Deribit against Bluefin+0.081%7-day average +0.051% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$460.455% of the position

Long on Bluefin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.088%+$9 on $10k

Price spread, last 4 days (all we have)−0.030%−$3 · spread now +0.081%, 7d avg +0.051%

Together, before fees+0.057%+$6 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$11 a day on $10k at the current rate, and Deribit is 0.029% dearer against Bluefin than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.051%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.088% in total (about 4.6% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.44 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bluefin HYPE-PERP	92.892	0.0100	pay 0.0013% / 1h	20m 41s	$79K	$166K	20x
Short	Deribit HYPE_USDC-PERPETUAL	92.967	0.0450	get 0.0056% / 1h	20m 41s	$7.5M	$4.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bluefin. 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 BluefinbpFee DeribitbpOrdersPrice spread, now +0.081%Rate

Funding earned: $73.5
Price spread: +0.081% → +0.051%: $2.94
Slippage, 4 orders: −$31.52
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $30.92
Costs to cover: 0.455%
Break-even: 4.1 days

Slippage from Bluefin: live order book, 33 min ago; Deribit: live order book, 3 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 Bluefin live order book, 33 min ago	5.54 bp	16.6 bp −$17	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 3 min ago	0.05 bp	6.6 bp −$7	11.7 bp −$117	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	−0.1712%	1h	92.605	−0.309%	$193K	$232K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0292%	1h	92.729	−0.175%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.866	−0.028%	$1.0M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.882	−0.011%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0058%	4h	92.851	−0.044%	$145K	$681K	20x	as long as short
Bullet HYPE-USD	−0.0002%	1h	92.854	−0.041%	$112K	$577K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.850	−0.045%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.870	−0.024%	$22K	$293K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.894	+0.002%	$62K	—	150x	as long as short
Ondo Perps HYPE-USD.P	+0.0018%	1h	92.860	−0.034%	$697K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
01 Exchange HYPEUSD	+0.0024%	1h	92.923	+0.033%	$87K	$364K	20x	as long as short
Phoenix HYPE	+0.0026%	1h	92.921	+0.031%	$208K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.883	−0.010%	$315.9M	$283.2M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	92.900	+0.009%	$81K	$1.1M	50x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	92.900	+0.009%	$224.9M	$98.9M	75x	as long as short
Phemex HYPEUSDT	+0.0049%	8h	92.862	−0.032%	$12.5M	$2.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	92.893	+0.001%	$16.0M	$62.7M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.890	−0.002%	$3.1M	$11.6M	20x	as long as short
Gate HYPE_USDT	+0.0096%	4h	92.894	+0.002%	$45.2M	$54.5M	75x	as long as short
edgeX HYPEUSDC	+0.0098%	4h	92.694	−0.213%	$4.9M	$29.6M	30x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	92.917	+0.027%	$339K	$163K	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.900	+0.009%	$39K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.805	−0.094%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.901	+0.010%	$2.02B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.890	−0.002%	$8.7M	$36.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.927	+0.037%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.903	+0.012%	$373.8M	$906.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.899	+0.008%	$114.1M	$304.0M	50x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.709	−0.197%	$202K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.890	−0.002%	$91.3M	$81.2M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.876	−0.017%	$46.1M	$18.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.891	−0.001%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.879	−0.014%	$7.2M	$11.2M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.839	−0.057%	$28.5M	$57.2M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.808	−0.090%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.725	−0.180%	$340K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.765	−0.137%	$667K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.877	−0.016%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.908	+0.017%	$487K	$2.7M	20x	as long as short
Bluefin HYPE-PERPlong	+0.0100%	1h	92.892	long leg	$79K	$166K	20x
Derive HYPE-PERP	+0.0100%	1h	92.858	−0.037%	$16.0M	$7.6M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.903	+0.012%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.874	−0.019%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.995	+0.111%	$1.4M	$6.3M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.874	−0.019%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.861	−0.033%	$393K	$164K	20x	as long as short
Kalshi KXHYPEPERP	+0.0121%	8h	92.725	−0.180%	$1.8M	$5.4M	2.3x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.900	+0.009%	$4.7M	$5.6M	50x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.956	+0.069%	$20.7M	$29.6M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	93.150	+0.278%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0266%	1h	92.873	−0.021%	$79K	$131K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.893	+0.001%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.872	−0.022%	$16.8M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0450%	1h	92.967	+0.081%	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0598%	1h	92.959	+0.072%	$3.2M	$6.3M	20x	as long as short