HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.1345%/8h= −147.3% APRnext payment −$1.68 per $10,000 · paid last 24h −0.111%

Price spread now: Arcus against Deribit−0.155%7-day average −0.086% · 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−$31as in the Price arb table

costs, in and out, $10k−$240.244% of the position

Long on Deribit Short on Arcus

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.108%−$11 on $10k

Price spread, last 4 days (all we have)+0.213%+$21 · spread now −0.155%, 7d avg −0.086%

Together, before fees+0.105%+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$40 a day on $10k at the current rate, and Arcus is 0.069% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.086%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.108% in total (about -11.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.68 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	Deribit HYPE_USDC-PERPETUAL	92.826	0.0397	pay 0.0050% / 1h	21m 44s	$7.5M	$4.5M	50x
Short	Arcus HYPE-USD	92.682	−0.0948	pay 0.0119% / 1h	21m 44s	$1.1M	$3.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Arcus against Deribit. 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 DeribitbpFee ArcusbpOrdersPrice spread, now −0.155%Rate

Funding earned: −$282.46
Price spread: −0.155% → −0.086%: −$6.95
Slippage, 4 orders: −$12.91
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Arcus: 2.25 bp × 2 orders: −$4.5
Net: −$313.82
Costs to cover: 0.244%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; Arcus: live order book, 2 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 Deribit live order book, 2 min ago	1.51 bp	7.7 bp −$8	10.8 bp −$108	doesn't fit	doesn't fit
Sell Arcus live order book, 2 min ago	1.84 bp	4.5 bp −$4	7.5 bp −$75	25.3 bp −$2,529	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
Arcus HYPE-USDshort	−0.0948%	1h	92.682	−0.155%	$1.1M	$3.9M	10x
Hibachi HYPE/USDT-P	−0.0248%	1h	92.684	−0.153%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0226%	1h	92.649	−0.191%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.679	−0.158%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0064%	4h	92.702	−0.134%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0024%	1h	92.787	−0.042%	$87K	$359K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.770	−0.060%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.736	−0.097%	$22K	$304K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.757	−0.075%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0020%	8h	92.672	−0.166%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet HYPE-USD	+0.0027%	1h	92.725	−0.109%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0035%	1h	92.680	−0.157%	$697K	$1.1M	10x	as long as short
Aster HYPEUSDT	+0.0039%	4h	92.741	−0.092%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0040%	4h	92.753	−0.079%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.652	−0.187%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0050%	8h	92.720	−0.114%	$316.7M	$281.9M	75x	as long as short
Gate HYPE_USDT	+0.0086%	4h	92.740	−0.093%	$44.5M	$55.3M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0086%	8h	92.740	−0.093%	$113.7M	$304.2M	50x	as long as short
Paradex HYPE-USD-PERP	+0.0093%	8h	92.766	−0.065%	$339K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.748	−0.084%	$16.0M	$62.6M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.749	−0.083%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.762	−0.069%	$69K	$1.1M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.710	−0.125%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.715	−0.120%	$6.8M	$45.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.772	−0.058%	$2.02B	$663.1M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.775	−0.055%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.740	−0.093%	$372.4M	$903.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.749	−0.083%	$87.5M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.765	−0.066%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.741	−0.092%	$224.5M	$98.8M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.720	−0.114%	$7.3M	$11.1M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.628	−0.213%	$28.5M	$57.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.667	−0.171%	$7.5M	$46.5M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.679	−0.158%	$350K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.691	−0.145%	$665K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.773	−0.057%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.752	−0.080%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.716	−0.119%	$79K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.722	−0.112%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.732	−0.101%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.753	−0.079%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.900	+0.080%	$1.4M	$6.2M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.701	−0.134%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.728	−0.105%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.734	−0.099%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0117%	4h	92.646	−0.193%	$5.0M	$29.5M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.187%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.780	−0.050%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0242%	8h	92.827	+0.001%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.737	−0.096%	$79K	$133K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.741	−0.091%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0332%	1h	92.811	−0.016%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.691	−0.145%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0397%	1h	92.826	long leg	$7.5M	$4.5M	50x
RISEx HYPE/USDC	+0.0687%	1h	92.823	−0.003%	$3.2M	$6.4M	20x	as long as short