HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0143%/8h= +15.7% APRnext payment +$0.18 per $10,000 · paid last 24h −0.032%

Price spread now: GMX against Deribit−0.004%66s7-day average −0.033% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.051%+$5 on $10k

Price spread, last 4 days (all we have)+0.170%+$17 · spread now −0.004%, 7d avg −0.033%

Together, before fees+0.221%+$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and GMX is 0.029% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.033%. The two prices were read 66 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	Deribit HYPE_USDC-PERPETUAL	95.297	0.0012	pay 0.0002% / 1h	54m 18s	$7.5M	$4.3M	50x
Short	GMX HYPE/USD [WBTC.b-USDC]	95.293	L +0.0331% / S −0.0155%	get 0.0019% / 1h	54m 18s	$1.4M	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.004%Rate

Funding earned: $30.1
Price spread: −0.004% → −0.033%: $2.9
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee GMX: 6 bp × 2 orders: −$12
Net: $13.99
Costs to cover: 0.190%
Break-even: 3.7 days

Slippage unknown: Deribit: live order book, 3 min ago; GMX: no order-book sample. Net counts fees only.

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, 3 min ago	2.99 bp	6.7 bp −$7	12.4 bp −$124	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 54 exchanges

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	−0.1272%	1h	95.275	−0.023%	$213K	$261K	7x	as long as short
Phemex HYPEUSDT	−0.0283%	8h	95.208	−0.093%	$13.0M	$2.5M	50x	as long as short
Kraken Futures PF_HYPEUSD	−0.0251%	1h	95.218	−0.083%	$18.5M	$35.2M	50x	as long as short
Bullet HYPE-USD	−0.0146%	1h	95.222	−0.079%	$114K	$581K	20x	as long as short
Aftermath Perps HYPEUSD	−0.0135%	1h	95.258	−0.041%	$22K	$17K	10x	as long as short
Arcus HYPE-USD	−0.0130%	1h	95.220	−0.081%	$1.1M	$2.4M	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0124%	1h	95.160	−0.144%	$690K	$1.3M	10x	as long as short
Lighter HYPE	−0.0096%	1h	95.200	−0.101%	$16.3M	$57.5M	20x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	95.218	−0.083%	$92K	$337K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	95.191	−0.111%	$3K	$331	25x	as long as short

Show all 54 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate HYPE_USDT	−0.0072%	4h	95.212	−0.089%	$54.7M	$53.1M	75x	as long as short
Coinbase International HYPE-PERP-INTX	−0.0056%	1h	95.250	−0.049%	$4.7M	$5.6M	50x	as long as short
Orderly PERP_HYPE_USDC	−0.0040%	4h	95.180	−0.123%	$148K	$643K	20x	as long as short
Aster HYPEUSDT	−0.0028%	4h	95.225	−0.076%	$9.0M	$32.9M	300x	as long as short
OKX HYPE-USDT-SWAP	−0.0011%	8h	95.195	−0.107%	$119.3M	$303.3M	50x	as long as short
dYdX HYPE-USD	0.0000%	1h	95.259	−0.040%	$129K	$94K	5x	as long as short
Perpl HYPE	0.0000%	43m	95.197	−0.105%	$24K	$251K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	95.248	−0.052%	$100K	—	150x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0012%	1h	95.297	long leg	$7.5M	$4.3M	50x
Phoenix HYPE	+0.0017%	1h	95.333	+0.038%	$201K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0020%	4h	95.216	−0.085%	$228.8M	$86.9M	75x	as long as short
Popdex HYPEUSDT	+0.0024%	1h	95.218	−0.083%	$274K	$1.0M	50x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	95.212	−0.089%	$320.8M	$266.6M	75x	as long as short
SoDEX HYPE-USD	+0.0049%	1h	95.202	−0.100%	$2.1M	$373K	10x	as long as short
Bulk HYPE-USD	+0.0074%	1h	95.269	−0.030%	$232K	$12K	10x	as long as short
Paradex HYPE-USD-PERP	+0.0075%	8h	95.235	−0.065%	$340K	$35K	20x	as long as short
edgeX HYPEUSDC	+0.0092%	4h	95.253	−0.047%	$5.1M	$29.1M	30x	as long as short
Vest HYPE-PERP	+0.0093%	1h	95.297	0.000%	—	$80K	5x	as long as short
Bluefin HYPE-PERP	+0.0094%	1h	95.212	−0.089%	$79K	$136K	20x	as long as short
MEXC HYPE_USDT	+0.0094%	4h	95.205	−0.097%	$90.7M	$83.0M	100x	as long as short
Binance HYPEUSDT	+0.0096%	4h	95.208	−0.093%	$382.8M	$856.2M	75x	as long as short
Lighter RH HYPE	+0.0096%	1h	95.244	−0.056%	$3.3M	$10.0M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	95.200	−0.102%	$39K	$1.5M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	95.215	−0.086%	$7.3M	$51.9M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	95.255	−0.044%	$10.3M	$13.3M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	95.230	−0.070%	$48.1M	$17.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	95.224	−0.077%	—	$49.4M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	95.305	+0.008%	$7.9M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	95.251	−0.049%	$30.0M	$53.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	95.301	+0.004%	$7.7M	$39.8M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	95.191	−0.111%	$347K	$883K	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	95.269	−0.029%	$693K	$2.8M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	95.252	−0.047%	$504K	$2.5M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	95.291	−0.006%	$33K	$1.4M	20x	as long as short
HTX HYPE-USDT	+0.0100%	4h	95.326	+0.030%	$1.4M	$5.4M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	95.184	−0.119%	$18.4M	$39.8M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	95.219	−0.081%	$403K	$130K	20x	as long as short
Hyperliquid HYPE	+0.0114%	1h	95.334	+0.039%	$2.11B	$645.2M	10x	as long as short
Kalshi KXHYPEPERP	+0.0123%	8h	95.315	+0.019%	$1.8M	$5.1M	2.3x	as long as short
RISEx HYPE/USDC	+0.0133%	1h	95.261	−0.037%	$3.2M	$5.5M	20x	as long as short
Reya HYPERUSDPERP	+0.0270%	1h	95.188	−0.115%	$85K	$100K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]short	L +0.0331% / S −0.0155%	1h	95.293	−0.004%	$1.4M	—	100x
BloFin HYPE-USDT	+0.0338%	4h	95.266	−0.033%	$17.3M	$11.5M	75x	as long as short
Injective HYPE/USDC PERP	+0.0969%	1h	95.400	+0.108%	$31K	$334K	12x	as long as short