HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0343%/8h= −37.6% APRnext payment −$0.43 per $10,000 · paid last 24h −0.028%

Price spread now: Bluefin against Deribit−0.134%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$51as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$410.412% of the position

Long on Deribit Short on Bluefin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.096%−$10 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now −0.134%, 7d avg −0.053%

Together, before fees−0.016%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bluefin is 0.081% cheaper against Deribit than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.053%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.096% in total (about -5.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.43 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	94.240	0.0238	pay 0.0030% / 1h	59m 41s	$7.4M	$4.3M	50x
Short	Bluefin HYPE-PERP	94.114	−0.0105	pay 0.0013% / 1h	59m 41s	$80K	$155K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bluefin 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 BluefinbpOrdersPrice spread, now −0.134%Rate

Funding earned: −$72.06
Price spread: −0.134% → −0.053%: −$8.11
Slippage, 4 orders: −$27.21
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bluefin: 3.5 bp × 2 orders: −$7
Net: −$121.38
Costs to cover: 0.412%
Break-even: never at this rate

Slippage from Deribit: live order book, 4 min ago; Bluefin: live order book, 44 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, 4 min ago	1.06 bp	4.7 bp −$5	6.7 bp −$67	doesn't fit	doesn't fit
Sell Bluefin live order book, 44 min ago	3.63 bp	14.9 bp −$15	doesn't fit	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	−0.1088%	1h	94.072	−0.178%	$201K	$235K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0175%	1h	94.237	−0.003%	$22K	$21K	10x	as long as short
Bluefin HYPE-PERPshort	−0.0105%	1h	94.114	−0.134%	$80K	$155K	20x
Ondo Perps HYPE-USD.P	−0.0103%	1h	93.980	−0.276%	$709K	$1.2M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.214	−0.028%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0080%	1h	94.163	−0.082%	$111K	$578K	20x	as long as short
01 Exchange HYPEUSD	−0.0064%	1h	94.155	−0.090%	$87K	$366K	20x	as long as short
Bybit HYPEUSDT	−0.0009%	8h	94.100	−0.149%	$317.1M	$289.6M	75x	as long as short
Orderly PERP_HYPE_USDC	−0.0008%	4h	94.127	−0.120%	$146K	$685K	20x	as long as short
BingX HYPE-USDT	−0.0006%	4h	94.110	−0.138%	—	$53.5M	—	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX HYPE-USD	0.0000%	1h	94.094	−0.155%	$129K	$26K	5x	as long as short
Kalshi KXHYPEPERP	0.0000%	8h	94.234	−0.006%	$1.8M	$5.5M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.177	−0.067%	$19K	$287K	10x	as long as short
Derive HYPE-PERP	+0.0001%	1h	94.110	−0.138%	$16.4M	$7.5M	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S 0.0000%	1h	94.186	−0.057%	$117K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.254	+0.015%	$206K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0044%	4h	94.085	−0.164%	$226.3M	$100.1M	75x	as long as short
Paradex HYPE-USD-PERP	+0.0059%	8h	94.094	−0.155%	$336K	$156K	20x	as long as short
Phemex HYPEUSDT	+0.0059%	8h	94.167	−0.077%	$12.8M	$2.9M	50x	as long as short
edgeX HYPEUSDC	+0.0082%	4h	94.160	−0.085%	$5.0M	$30.8M	30x	as long as short
Arcus HYPE-USD	+0.0084%	1h	94.087	−0.162%	$1.0M	$3.5M	10x	as long as short
OKX HYPE-USDT-SWAP	+0.0089%	8h	94.110	−0.138%	$117.4M	$322.1M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.114	−0.134%	$16.2M	$63.8M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.100	−0.149%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.166	−0.079%	$79K	$1.2M	50x	as long as short
SoDEX HYPE-USD	+0.0099%	1h	94.143	−0.103%	$2.0M	$1.9M	10x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.200	−0.042%	$14K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.114	−0.133%	$7.3M	$50.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.192	−0.051%	$2.07B	$689.1M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.106	−0.143%	$8.8M	$37.2M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.106	−0.142%	$10.1M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.119	−0.128%	$376.7M	$932.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.065	−0.186%	$217K	$12K	10x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.099	−0.150%	$49.4M	$57.3M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.117	−0.131%	$90.8M	$85.7M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.142	−0.104%	$46.9M	$18.6M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.147	−0.099%	$7.6M	$10.6M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.059	−0.193%	$29.1M	$55.3M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.203	−0.039%	$7.6M	$46.1M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.175	−0.069%	$347K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.233	−0.007%	$681K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.197	−0.045%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.173	−0.071%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.196	−0.047%	$32K	$1.6M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.272	+0.034%	$1.4M	$6.8M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.099	−0.149%	$18.3M	$43.4M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.132	−0.115%	$398K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.210	−0.032%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0021%	1h	94.196	−0.047%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.550	+0.329%	$31K	$340K	12x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0238%	1h	94.240	long leg	$7.4M	$4.3M	50x
Reya HYPERUSDPERP	+0.0272%	1h	94.129	−0.118%	$82K	$134K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.122	−0.125%	$17.0M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0413%	1h	94.214	−0.028%	$20.2M	$30.3M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.162	−0.083%	$3.2M	$6.4M	20x	as long as short