HYPE

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0344%/8h= −37.7% APRnext payment −$0.43 per $10,000 · paid last 24h −0.019%

Price spread now: Lighter RH against Deribit−0.077%7-day average −0.027% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$200.196% of the position

Long on Deribit Short on Lighter RH

What this pair did over the last

the charts below follow

Funding, last 7 days−0.025%−$3 on $10k

Price spread, last 3 days (all we have)+0.073%+$7 · spread now −0.077%, 7d avg −0.027%

Together, before fees+0.048%+ Points / potential airdropLighter RH: Points live · farm board+$5 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 Lighter RH is 0.050% cheaper against Deribit than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.027%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.025% in total (about -1.3% 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	94.221	0.0440	pay 0.0055% / 1h	27m 07s	$7.5M	$4.7M	50x
Short	Lighter RH HYPE	94.148	0.0096	get 0.0012% / 1h	27m 07s	$3.0M	$12.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter RH 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 Lighter RHbpOrdersPrice spread, now −0.077%Rate

Funding earned: −$72.24
Price spread: −0.077% → −0.027%: −$5.04
Slippage, 4 orders: −$12.63
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Lighter RH: 0 bp × 2 orders: $0
Net: −$96.91
Costs to cover: 0.196%
Break-even: never at this rate

Slippage from Deribit: live order book, 2 min ago; Lighter RH: 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	3.56 bp	7.6 bp −$8	11.6 bp −$116	doesn't fit	doesn't fit
Sell Lighter RH live order book, 2 min ago	0.58 bp	1.0 bp −$1	3.7 bp −$37	30.2 bp −$3,017	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	−0.1376%	1h	94.105	−0.123%	$199K	$228K	7x	as long as short
Arcus HYPE-USD	−0.0625%	1h	94.011	−0.223%	$1.2M	$3.8M	10x	as long as short
Aftermath Perps HYPEUSD	−0.0224%	1h	94.142	−0.084%	$22K	$21K	10x	as long as short
Ondo Perps HYPE-USD.P	−0.0153%	1h	94.040	−0.192%	$706K	$959K	10x	as long as short
dYdX HYPE-USD	−0.0139%	1h	94.123	−0.104%	$129K	$31K	5x	as long as short
Bullet HYPE-USD	−0.0099%	1h	94.128	−0.099%	$113K	$580K	20x	as long as short
Phemex HYPEUSDT	−0.0097%	8h	94.105	−0.123%	$12.8M	$2.6M	50x	as long as short
01 Exchange HYPEUSD	−0.0080%	1h	94.142	−0.084%	$86K	$359K	20x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.124	−0.103%	$3K	$331	25x	as long as short
Bybit HYPEUSDT	−0.0020%	8h	94.110	−0.118%	$323.2M	$280.6M	75x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Orderly PERP_HYPE_USDC	−0.0019%	4h	94.096	−0.133%	$160K	$645K	20x	as long as short
Gate HYPE_USDT	−0.0010%	4h	94.115	−0.113%	$44.5M	$59.8M	75x	as long as short
Perpl HYPE	0.0000%	43m	94.139	−0.087%	$23K	$327K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0003%	1h	94.157	−0.068%	$27K	—	150x	as long as short
Aster HYPEUSDT	+0.0020%	4h	94.113	−0.114%	$8.9M	$36.1M	300x	as long as short
Phoenix HYPE	+0.0034%	1h	94.121	−0.106%	$219K	$1.2M	10x	as long as short
Derive HYPE-PERP	+0.0040%	1h	94.081	−0.148%	$16.4M	$7.3M	10x	as long as short
MEXC HYPE_USDT	+0.0046%	4h	94.150	−0.075%	$89.3M	$82.7M	100x	as long as short
Binance HYPEUSDT	+0.0049%	4h	94.125	−0.102%	$383.9M	$893.2M	75x	as long as short
edgeX HYPEUSDC	+0.0059%	4h	94.004	−0.230%	$5.1M	$29.9M	30x	as long as short
OKX HYPE-USDT-SWAP	+0.0079%	8h	94.121	−0.106%	$116.1M	$318.6M	50x	as long as short
Lighter HYPE	+0.0096%	1h	94.158	−0.067%	$19.2M	$59.8M	20x	as long as short
Lighter RH HYPEshort	+0.0096%	1h	94.148	−0.077%	$3.0M	$12.1M	20x
Popdex HYPEUSDT	+0.0096%	1h	94.137	−0.089%	$66K	$1.2M	50x	as long as short
Aevo HYPE-PERP	+0.0096%	1h	94.114	−0.114%	$400K	$180K	20x	as long as short
Paradex HYPE-USD-PERP	+0.0099%	8h	94.123	−0.104%	$342K	$170K	20x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.100	−0.128%	$24K	$1.6M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.084	−0.146%	$6.6M	$44.8M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.227	+0.006%	$2.05B	$677.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	94.113	−0.115%	$10.2M	$14.6M	20x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.142	−0.084%	$46.6M	$18.1M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	94.135	−0.091%	$228.3M	$100.9M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.118	−0.109%	—	$54.0M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.143	−0.083%	$7.7M	$10.4M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.030	−0.202%	$31.5M	$54.1M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.088	−0.141%	$7.6M	$46.0M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	94.057	−0.174%	$340K	$1.1M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	94.137	−0.089%	$681K	$2.6M	20x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.146	−0.080%	$480K	$2.5M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	94.119	−0.108%	$76K	$170K	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.216	−0.005%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.125	−0.102%	$2.0M	$2.0M	10x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.151	−0.074%	$205K	$2K	10x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.158	−0.067%	—	$243K	5x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.104	−0.124%	$18.8M	$44.5M	50x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0144%	1h	94.030	−0.203%	$4.9M	$5.5M	50x	as long as short
BloFin HYPE-USDT	+0.0198%	4h	94.138	−0.088%	$17.0M	$12.2M	75x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.490	+0.285%	$31K	$338K	12x	as long as short
RISEx HYPE/USDC	+0.0222%	1h	94.147	−0.078%	$2.8M	$6.7M	20x	as long as short
Kalshi KXHYPEPERP	+0.0224%	8h	94.187	−0.036%	$1.9M	$5.1M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0251%	1h	94.130	−0.097%	$79K	$142K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0333% / S −0.0155%	1h	94.159	−0.066%	$1.4M	—	100x	as long as short
HTX HYPE-USDT	+0.0417%	4h	94.294	+0.077%	$1.5M	$6.3M	75x	as long as short
Deribit HYPE_USDC-PERPETUALlong	+0.0440%	1h	94.221	long leg	$7.5M	$4.7M	50x
Kraken Futures PF_HYPEUSD	+0.0670%	1h	94.225	+0.004%	$21.0M	$29.7M	50x	as long as short