HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0485%/8h= +53.1% APRnext payment +$0.61 per $10,000 · paid last 24h −0.015%

Price spread now: Popdex against Bluefin−0.063%46s7-day average +0.011% · 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—prices read too far apart to compare

costs, in and out, $10k−$340.345% of the position

Long on Bluefin Short on Popdex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.046%+$5 on $10k

Price spread, last 4 days (all we have)+0.118%+$12 · spread now −0.063%, 7d avg +0.011%

Together, before fees+0.164%+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Popdex is 0.073% cheaper against Bluefin than usual: you would sell low and buy high (spread −0.063% now, against its 7-day average of +0.011%). If the spread goes back, that is −$7 on $10k: about 12 hours of funding at the current rate (+$15 a day). At the pace of the last 4 days (+0.046% in total) that is about 5.9 days. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.046% in total (about 4.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.61 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	94.150	−0.0389	get 0.0049% / 1h	35m 27s	$80K	$154K	20x
Short	Popdex HYPEUSDT	94.091	0.0096	get 0.0012% / 1h	35m 27s	$81K	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Popdex 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 PopdexbpOrdersPrice spread, now −0.063%Rate

Funding earned: $101.92
Price spread: −0.063% → +0.011%: −$7.33
Slippage, 4 orders: −$21.07
Fee Bluefin: 3.5 bp × 2 orders: −$7
Fee Popdex: 3.2 bp × 2 orders: −$6.4
Net: $60.13
Costs to cover: 0.345%
Break-even: 2.9 days

Slippage from Bluefin: live order book, 4 min ago; Popdex: 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 Bluefin live order book, 4 min ago	1.75 bp	14.0 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell Popdex live order book, 4 min ago	0.21 bp	3.4 bp −$3	4.2 bp −$42	21.2 bp −$2,119	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	−0.1648%	1h	93.965	−0.196%	$201K	$251K	7x	as long as short
Bluefin HYPE-PERPlong	−0.0389%	1h	94.150	long leg	$80K	$154K	20x
Ondo Perps HYPE-USD.P	−0.0230%	1h	94.100	−0.053%	$710K	$1.2M	10x	as long as short
Bullet HYPE-USD	−0.0205%	1h	94.170	+0.021%	$111K	$576K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0133%	1h	94.372	+0.236%	$22K	$20K	10x	as long as short
01 Exchange HYPEUSD	−0.0120%	1h	94.107	−0.046%	$86K	$367K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.118	−0.034%	$3K	$331	25x	as long as short
Derive HYPE-PERP	−0.0054%	1h	94.092	−0.061%	$16.4M	$7.5M	10x	as long as short
Arcus HYPE-USD	−0.0045%	1h	94.092	−0.062%	$1.0M	$3.6M	10x	as long as short
Bybit HYPEUSDT	−0.0018%	8h	94.080	−0.074%	$316.3M	$289.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX HYPE-USDT	−0.0016%	4h	94.100	−0.053%	—	$53.2M	—	as long as short
Orderly PERP_HYPE_USDC	−0.0002%	4h	94.159	+0.010%	$146K	$684K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.135	−0.016%	$129K	$94K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.221	+0.075%	$1.8M	$5.6M	2.3x	as long as short
Phoenix HYPE	0.0000%	1h	94.186	+0.038%	$208K	$1.1M	10x	as long as short
Perpl HYPE	0.0000%	43m	94.137	−0.014%	$19K	$288K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.195	+0.047%	$122K	—	150x	as long as short
Lighter HYPE	+0.0016%	1h	94.115	−0.037%	$16.3M	$64.2M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0033%	1h	94.116	−0.036%	$494K	$2.8M	20x	as long as short
Bitget HYPEUSDT	+0.0038%	4h	94.078	−0.076%	$226.1M	$99.8M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0044%	8h	94.149	−0.001%	$336K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0052%	8h	94.162	+0.013%	$12.8M	$2.9M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0064%	1h	94.180	+0.032%	$4.7M	$6.2M	50x	as long as short
OKX HYPE-USDT-SWAP	+0.0078%	8h	94.073	−0.082%	$117.4M	$323.7M	50x	as long as short
SoDEX HYPE-USD	+0.0082%	1h	94.134	−0.017%	$2.0M	$1.9M	10x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.129	−0.022%	$3.2M	$10.8M	20x	as long as short
Popdex HYPEUSDTshort	+0.0096%	1h	94.091	−0.063%	$81K	$1.2M	50x
edgeX HYPEUSDC	+0.0098%	4h	94.144	−0.006%	$5.0M	$30.7M	30x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.120	−0.032%	$30K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.125	−0.027%	$6.9M	$52.9M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.218	+0.072%	$2.07B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.101	−0.053%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.140	−0.010%	$10.1M	$15.3M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.107	−0.046%	$376.9M	$934.7M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.280	+0.138%	$218K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.098	−0.055%	$49.7M	$56.5M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.110	−0.042%	$89.2M	$83.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.113	−0.039%	$46.7M	$18.9M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.126	−0.025%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.087	−0.067%	$29.4M	$54.7M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.380	+0.244%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.095	−0.058%	$368K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.190	+0.042%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.185	+0.037%	—	$190K	5x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.232	+0.087%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.250	+0.106%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.068	−0.087%	$18.3M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.175	+0.027%	$398K	$159K	20x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0150% / S +0.0021%	1h	94.212	+0.065%	$1.4M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0185%	1h	94.250	+0.106%	$7.4M	$4.3M	50x	as long as short
Injective HYPE/USDC PERP	+0.0185%	1h	94.130	−0.021%	$30K	$339K	12x	as long as short
Kraken Futures PF_HYPEUSD	+0.0223%	1h	94.200	+0.053%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0249%	1h	94.133	−0.018%	$3.2M	$6.4M	20x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.077	−0.077%	$84K	$125K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.143	−0.007%	$17.0M	$12.3M	75x	as long as short