HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0225%/8h= −24.6% APRnext payment −$0.28 per $10,000 · paid last 24h −0.033%

Price spread now: Lighter against Deribit−0.108%7-day average −0.006% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$130.133% of the position

Long on Deribit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.176%+$18 · spread now −0.108%, 7d avg −0.006%

Together, before fees+0.186%+ Points / potential airdropLighter: Season 3 · farm board+$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Lighter is 0.102% cheaper against Deribit than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.006%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.010% in total (about 0.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.28 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	92.944	0.0321	pay 0.0040% / 1h	26m 34s	$7.5M	$4.5M	50x
Short	Lighter HYPE	92.844	0.0096	get 0.0012% / 1h	26m 34s	$16.0M	$62.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.108%Rate

Funding earned: −$47.25
Price spread: −0.108% → −0.006%: −$10.17
Slippage, 4 orders: −$6.28
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$70.7
Costs to cover: 0.133%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; Lighter: live order book, 12 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	0.59 bp	4.8 bp −$5	10.4 bp −$104	doesn't fit	doesn't fit
Sell Lighter live order book, 12 min ago	0.38 bp	0.4 bp $0	2.4 bp −$24	12.0 bp −$1,198	42.0 bp −$21.0K

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	−0.1632%	1h	92.727	−0.234%	$194K	$230K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0304%	1h	92.848	−0.104%	$22K	$21K	10x	as long as short
Arcus HYPE-USD	−0.0194%	1h	92.781	−0.175%	$1.1M	$3.9M	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	92.839	−0.113%	$3K	$331	25x	as long as short
Orderly PERP_HYPE_USDC	−0.0061%	4h	92.844	−0.108%	$145K	$681K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.906	−0.041%	$127K	$29K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.837	−0.115%	$22K	$295K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.880	−0.069%	$62K	—	150x	as long as short
Bullet HYPE-USD	+0.0009%	1h	92.830	−0.123%	$112K	$577K	20x	as long as short
Ondo Perps HYPE-USD.P	+0.0019%	1h	92.730	−0.230%	$698K	$1.1M	10x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix HYPE	+0.0026%	1h	92.917	−0.029%	$210K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0032%	8h	92.811	−0.143%	$315.5M	$282.7M	75x	as long as short
01 Exchange HYPEUSD	+0.0040%	1h	92.824	−0.129%	$86K	$363K	20x	as long as short
Phemex HYPEUSDT	+0.0048%	8h	92.894	−0.054%	$12.5M	$2.7M	50x	as long as short
Bitget HYPEUSDT	+0.0052%	4h	92.811	−0.143%	$224.8M	$99.1M	75x	as long as short
Popdex HYPEUSDT	+0.0056%	1h	92.814	−0.140%	$70K	$1.1M	50x	as long as short
Gate HYPE_USDT	+0.0078%	4h	92.815	−0.139%	$45.1M	$54.3M	75x	as long as short
edgeX HYPEUSDC	+0.0089%	4h	92.855	−0.095%	$4.9M	$29.6M	30x	as long as short
Lighter HYPEshort	+0.0096%	1h	92.844	−0.108%	$16.0M	$62.6M	20x
Lighter RH HYPE	+0.0096%	1h	92.846	−0.105%	$3.1M	$11.6M	20x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.810	−0.144%	$34K	$1.7M	10x	as long as short
Paradex HYPE-USD-PERP	+0.0100%	8h	92.850	−0.102%	$339K	$163K	20x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.832	−0.120%	$7.4M	$46.1M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.859	−0.091%	$2.02B	$666.7M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	92.820	−0.133%	$8.7M	$36.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	92.854	−0.097%	$10.0M	$15.2M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.810	−0.144%	$373.2M	$905.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	92.814	−0.140%	$113.8M	$303.9M	50x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.827	−0.126%	$91.4M	$81.0M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.832	−0.121%	$46.1M	$18.4M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	92.832	−0.121%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.864	−0.086%	$7.2M	$11.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.959	+0.016%	$28.6M	$57.4M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.886	−0.062%	$7.5M	$46.6M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.975	+0.033%	$341K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.843	−0.109%	$668K	$2.9M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.872	−0.078%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.847	−0.104%	$471K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.849	−0.102%	$79K	$167K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.843	−0.109%	$16.0M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.917	−0.029%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.855	−0.096%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.999	+0.059%	$1.4M	$6.3M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.770	−0.187%	$202K	$13K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.788	−0.168%	$18.0M	$43.6M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.843	−0.108%	$393K	$164K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	92.910	−0.037%	$4.7M	$5.6M	50x	as long as short
Kalshi KXHYPEPERP	+0.0161%	8h	92.931	−0.014%	$1.8M	$5.4M	2.3x	as long as short
Kraken Futures PF_HYPEUSD	+0.0197%	1h	92.919	−0.027%	$20.6M	$30.5M	50x	as long as short
Injective HYPE/USDC PERP	+0.0242%	1h	92.790	−0.166%	$30K	$339K	12x	as long as short
Reya HYPERUSDPERP	+0.0265%	1h	92.797	−0.158%	$79K	$131K	15x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0321%	1h	92.944	long leg	$7.5M	$4.5M	50x
GMX HYPE/USD [WBTC.b-USDC]	L +0.0331% / S −0.0154%	1h	92.876	−0.073%	$1.4M	—	100x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.846	−0.105%	$16.8M	$11.6M	75x	as long as short
RISEx HYPE/USDC	+0.0598%	1h	92.880	−0.068%	$3.1M	$6.4M	20x	as long as short