HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0285%/8h= +31.2% APRnext payment +$0.36 per $10,000 · paid last 24h +0.035%

Price spread now: Deribit against Coinbase International+0.067%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$350.346% of the position

Long on Coinbase International Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.060%+$6 on $10k

Price spread, last 3 days (all we have)−0.008%−$1 · spread now +0.067%, 7d avg +0.071%

Together, before fees+0.052%+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.071%, so right now this pair is about funding alone: +$9 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.060% in total (about 3.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.36 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	Coinbase International HYPE-PERP-INTX	94.310	0.0144	pay 0.0018% / 1h	34m 11s	$5.0M	$5.5M	50x
Short	Deribit HYPE_USDC-PERPETUAL	94.373	0.0429	get 0.0054% / 1h	34m 11s	$7.5M	$4.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Coinbase International. 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 Coinbase InternationalbpFee DeribitbpOrdersPrice spread, now +0.067%Rate

Funding earned: $59.85
Price spread: +0.067% → +0.071%: −$0.44
Slippage, 4 orders: −$17.59
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $24.82
Costs to cover: 0.346%
Break-even: 4.1 days

Slippage from Coinbase International: live order book, 5 min ago; Deribit: live order book, 5 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 Coinbase International live order book, 5 min ago	0.53 bp	11.4 bp −$11	16.6 bp −$166	37.3 bp −$3,729	doesn't fit
Sell Deribit live order book, 5 min ago	1.75 bp	9.1 bp −$9	14.8 bp −$148	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	−0.1448%	1h	94.155	−0.165%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.173	−0.145%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	94.176	−0.142%	$22K	$23K	10x	as long as short
Phemex HYPEUSDT	−0.0259%	8h	94.233	−0.082%	$12.8M	$2.6M	50x	as long as short
dYdX HYPE-USD	−0.0178%	1h	94.245	−0.069%	$129K	$31K	5x	as long as short
Ondo Perps HYPE-USD.P	−0.0152%	1h	94.200	−0.117%	$710K	$947K	10x	as long as short
Bullet HYPE-USD	−0.0090%	1h	94.274	−0.038%	$113K	$580K	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.293	−0.018%	$86K	$361K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.272	−0.040%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0013%	4h	94.276	−0.036%	$161K	$634K	20x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit HYPEUSDT	−0.0013%	8h	94.250	−0.064%	$323.8M	$280.7M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.304	−0.006%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.303	−0.007%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0024%	4h	94.284	−0.028%	$8.9M	$36.1M	300x	as long as short
Gate HYPE_USDT	+0.0030%	4h	94.274	−0.038%	$44.6M	$59.6M	75x	as long as short
Phoenix HYPE	+0.0034%	1h	94.173	−0.145%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0048%	1h	94.238	−0.076%	$16.5M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0050%	4h	94.282	−0.030%	$89.5M	$82.4M	100x	as long as short
Binance HYPEUSDT	+0.0051%	4h	94.271	−0.041%	$384.5M	$893.6M	75x	as long as short
edgeX HYPEUSDC	+0.0058%	4h	94.030	−0.297%	$5.1M	$29.8M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0082%	8h	94.275	−0.037%	$116.4M	$319.7M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.331	+0.022%	$19.1M	$58.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.295	−0.016%	$3.1M	$12.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.279	−0.033%	$63K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.266	−0.047%	$401K	$188K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.301	−0.010%	$343K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.280	−0.032%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.279	−0.032%	$6.7M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.370	+0.064%	$2.06B	$676.3M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.289	−0.022%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.292	−0.019%	$46.7M	$18.2M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.282	−0.030%	$228.7M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.272	−0.040%	—	$53.9M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.291	−0.020%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.220	−0.095%	$31.8M	$54.0M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.045	−0.281%	$7.6M	$45.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.252	−0.061%	$341K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.262	−0.051%	$682K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.299	−0.012%	—	$252K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.296	−0.015%	$481K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.279	−0.033%	$77K	$171K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.356	+0.049%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.262	−0.051%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.120	−0.201%	$205K	$4K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.263	−0.049%	$19.1M	$44.2M	50x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0144%	1h	94.310	long leg	$5.0M	$5.5M	50x
BloFin HYPE-USDT	+0.0204%	4h	94.247	−0.067%	$17.0M	$12.3M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.191%	$31K	$338K	12x	as long as short
Kalshi KXHYPEPERP	+0.0213%	8h	94.344	+0.036%	$1.9M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.323	+0.014%	$2.8M	$6.7M	20x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.274	−0.038%	$79K	$145K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0334% / S −0.0153%	1h	94.302	−0.008%	$1.5M	—	100x	as long as short
Deribit HYPE_USDC-PERPETUALshort	+0.0429%	1h	94.373	+0.067%	$7.5M	$4.7M	50x
HTX HYPE-USDT	+0.0448%	4h	94.450	+0.148%	$1.5M	$6.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0669%	1h	94.348	+0.041%	$21.1M	$29.7M	50x	as long as short