HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0140%/8h= −15.3% APRnext payment −$0.17 per $10,000 · paid last 24h +0.043%

Price spread now: Phoenix against Coinbase International+0.187%72s7-day average +0.113% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$300.296% of the position

Long on Coinbase International Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.368%+$37 on $10k

Price spread, last 3 days (all we have)−0.010%−$1 · spread now +0.187%, 7d avg +0.113%

Together, before fees+0.358%+$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.074% dearer against Coinbase International than usual: you sell high and buy low (spread +0.187% now, against its 7-day average of +0.113%): +$7 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 43 hours. Mind the row above: over the last 7 days funding on this pair paid +0.368%, so the current rate has only just turned against you. The two prices were read 72 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	Coinbase International HYPE-PERP-INTX	93.430	0.0208	pay 0.0026% / 1h	11m 46s	$4.9M	$5.7M	50x
Short	Phoenix HYPE	93.605	0.0068	get 0.0009% / 1h	11m 46s	$216K	$1.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.187%Rate

Funding earned: −$29.3
Price spread: +0.187% → +0.113%: $7.45
Slippage, 4 orders: −$12.58
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$51.43
Costs to cover: 0.296%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 2 min ago; Phoenix: live order book, 1 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, 2 min ago	2.67 bp	8.1 bp −$8	13.3 bp −$133	36.3 bp −$3,634	doesn't fit
Sell Phoenix live order book, 1 min ago	1.50 bp	6.3 bp −$6	12.8 bp −$128	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	−0.0928%	1h	93.452	+0.024%	$197K	$233K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0263%	1h	93.583	+0.163%	$22K	$22K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0234%	1h	93.410	−0.021%	$702K	$932K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	93.359	−0.076%	$3K	$331	25x	as long as short
01 Exchange HYPEUSD	−0.0072%	1h	93.364	−0.071%	$90K	$348K	20x	as long as short
Derive HYPE-PERP	−0.0025%	1h	93.309	−0.129%	$16.4M	$7.1M	10x	as long as short
Bullet HYPE-USD	−0.0019%	1h	93.364	−0.070%	$111K	$581K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	93.459	+0.031%	$127K	$32K	5x	as long as short
Perpl HYPE	0.0000%	43m	93.395	−0.038%	$23K	$337K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	93.391	−0.041%	$20K	—	150x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster HYPEUSDT	+0.0015%	4h	93.314	−0.124%	$8.9M	$35.8M	300x	as long as short
Gate HYPE_USDT	+0.0024%	4h	93.287	−0.153%	$43.9M	$57.6M	75x	as long as short
Bybit HYPEUSDT	+0.0033%	8h	93.276	−0.165%	$324.8M	$287.1M	75x	as long as short
Popdex HYPEUSDT	+0.0040%	1h	93.347	−0.089%	$58K	$1.2M	50x	as long as short
Orderly PERP_HYPE_USDC	+0.0057%	4h	93.357	−0.078%	$162K	$541K	20x	as long as short
Phoenix HYPEshort	+0.0068%	1h	93.605	+0.187%	$216K	$1.2M	10x
Lighter HYPE	+0.0096%	1h	93.376	−0.057%	$18.6M	$59.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	93.367	−0.067%	$3.1M	$12.4M	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	93.377	−0.057%	$339K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	93.380	−0.054%	$37K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	93.345	−0.091%	$5.9M	$44.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	93.387	−0.046%	$2.03B	$670.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	93.376	−0.058%	$10.0M	$14.4M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	93.280	−0.161%	$385.1M	$889.4M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	93.268	−0.173%	$114.5M	$314.9M	50x	as long as short
Arcus HYPE-USD	+0.0100%	1h	93.337	−0.100%	$1.2M	$4.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	93.690	+0.278%	$205K	$12K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	93.321	−0.117%	$93.3M	$82.4M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	93.331	−0.106%	$46.3M	$18.7M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	93.297	−0.142%	$226.7M	$102.5M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	93.284	−0.156%	—	$54.2M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	93.378	−0.056%	$7.9M	$11.7M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	93.561	+0.140%	$29.2M	$50.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	93.632	+0.217%	$7.5M	$45.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	93.558	+0.137%	$406K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	93.510	+0.086%	$676K	$2.5M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	93.415	−0.016%	—	$454K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	93.406	−0.026%	$493K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	93.346	−0.090%	$76K	$168K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	93.409	−0.022%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	93.328	−0.109%	$2.0M	$2.0M	10x	as long as short
Phemex HYPEUSDT	+0.0100%	8h	93.380	−0.054%	$12.7M	$2.6M	50x	as long as short
Extended HYPE-USD	+0.0104%	1h	93.316	−0.122%	$18.3M	$41.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	93.402	−0.030%	$397K	$318K	20x	as long as short
Kalshi KXHYPEPERP	+0.0112%	8h	93.442	+0.013%	$1.9M	$5.3M	2.3x	as long as short
edgeX HYPEUSDC	+0.0118%	4h	93.534	+0.112%	$5.1M	$29.7M	30x	as long as short
Coinbase International HYPE-PERP-INTXlong	+0.0208%	1h	93.430	long leg	$4.9M	$5.7M	50x
Reya HYPERUSDPERP	+0.0246%	1h	93.348	−0.088%	$78K	$158K	15x	as long as short
Injective HYPE/USDC PERP	+0.0285%	1h	93.400	−0.032%	$30K	$291K	12x	as long as short
HTX HYPE-USDT	+0.0296%	4h	93.550	+0.128%	$1.5M	$7.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0328%	1h	93.457	+0.029%	$7.4M	$4.6M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	93.405	−0.027%	$17.1M	$12.4M	75x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0346% / S −0.0171%	1h	93.401	−0.031%	$1.5M	—	100x	as long as short
RISEx HYPE/USDC	+0.0467%	1h	93.422	−0.009%	$2.8M	$6.8M	20x	as long as short
Kraken Futures PF_HYPEUSD	+0.0574%	1h	93.449	+0.021%	$19.1M	$26.1M	50x	as long as short